IMMOFINANZ increases occupancy rate to record level of 96 per cent
IMMOFINANZ’s portfolio concentration on office and retail properties and the clear brand policy are producing sustainable success: The occupancy rate in the standing investment portfolio continued to improve in 2018 and, at 95.8%, reached a new record level in the company’s history. That represents an increase of 1.6 percentage points year-on-year or 6.2 percentage points over the past two years.
The occupancy rate in the office portfolio rose from 91.9% at the end of December 2017 to 93.7%. The myhive brand office properties have an even higher occupancy rate of 94.6% (12/2017: 93.0%). The retail portfolio was fully rented at year-end 2018 with an occupancy rate of 98.2% (12/2017: 97.2%). The occupancy rate rose to 98.8% (12/2017: 97.9%) in the STOP SHOP retail parks and to 97.9% (12/2017: 96.8%) in the VIVO! shopping centers. The core countries with the highest occupancy rates are Germany (99.4%), Slovakia (96.9%) and Hungary (96.0%).
“Our clear brand policy as the guarantee for quality and reliability combined with our high customer orientation formed the basis for this further increase in occupancy to a new record level“, commented Dietmar Reindl, COO of IMMOFINANZ, on the development. “We are currently continuing the roll-out of our myhive office brand in Vienna, Düsseldorf and Bucharest, which will give us a total of 26 locations, and we want to strengthen our positioning as the leading retail park operator in Europe with further acquisitions and our own STOP SHOP development projects.“
IMMOFINANZ again increased the take-up in 2018 and rented approximately 312,400 sqm of usable space (2017: 253,800 sqm). Of this total, 119,700 sqm represent new leases and 192,700 sqm the extension of existing contracts.
The most dynamic growth in 2018 was recorded in the Czech Republic, Slovakia and Hungary. The occupancy rate in these countries increased between 3.1 and 3.9 percentage points, while the take-up equaled between 23.4% and 29.2% of IMMOFINANZ’s rentable space in the respective core country.