The German Real Estate Association (IVD) took a closer look at the development of rents in the retail sector and identified four developments. First: Due to the Corona pandemic, there is a lot of vacant retail space, especially in city centers. Secondly: Particularly in Germany's seven largest cities, the higher the rents previously, the more they have fallen.
Third: Small and medium-sized cities are in a better position than large cities, as they benefit from more stable retail rents. Fourth: Due to the vacancy rate of many retail properties, the IVD expects them to be converted into residential space in the future, especially in small and medium-sized cities. To this end, IVD President Jürgen Michael Schick also makes demands of policymakers.
"Landlords must be enabled to convert retail spaces whose layout and lighting are suitable for residential use accordingly," says the IVD president. At present, however, the building code, among other things, stands in the way. Here the countries are to create exceptions according to Jürgen Michael Schick in favor of dwelling. Interested parties can find further information at ivd.net.
Source: ivd.net
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