In office letting, 2013 surpassed the previous year by 34 percent. Once again, the southern peripheral regions of Stuttgart benefited the most from this outstanding trend. The new rental transaction by Ernst & Young in the Airport City alone accounted for 25,500 square metres of the total turnover. But Vaihingen-Möhringen and Leinfelden-Echterdingen scored major gains as well. The biggest demand on Stuttgart’s office market came from the public sector and from industry. In contrast to past years in which transactions for small premises were dominant, 2013 was a year for big transactions. Eight tenants accounted for more than 120,000 square metres.

1. A LOOK INSIDE.
THE STUTTGART OFFICE MARKET 2013/2014

2. MILAN EO
Office + retail
To be completed 1st quarter of 2015
LO O K 2 1
Türlenstr. 2
Office + residential
To be completed 1st quarter of 2017
CITYGATE
Kriegsbergstr. 11
Office + retail
To be completed 4th quarter of 2014
BÜ L OW CARRÉ
Lautenschlagerstr. 21
Office + retail
Completed in 2013
80% let (office)
H OS P I TA L H OF
Hospitalplatz/Gymnasiumstr.
Office
Completed in 2013
100% let

3. 4
5
D O R O THEEN Q UAR T IE R
Dorotheenstr./Holzstr.
Office + retail + residential
To be completed 2nd quarter of 2017
90% let (office)
DAS GER BER
Marien-/Tübinger-/Paulinenstr.
Office + retail + residential
To be completed 4th quarter of 2014
15% let (office)
PA U L INE
Paulinenstr. 21
Office
completed in 2013
70% let (office)
CA L EIDO
Tübinger Str. 41– 43
Office + retail + residential
completed in 2013
60% let (offices)

4. OVERVIEW OF THE STUTTGART OFFICE MARKET
Year
Volume
Representative
Average central
Vacancies
Vacancies
Total space
Completion
Pre-leased
in sq. m
prime rents
business district
(sq. m)
(%)
(mill. sq. m)
volume
volume
(sq. m)
(sq. m)
rents
2000
205,000
€16.87
€14.90
100,000
1.50
6,356
60,000
No data
2001
160,000
€18.41
€15.34
137,000
2.00
6,516
160,000
130,000
2002
127,000
€17.89
€14.80
292,000
4.20
6,828
312,000
220,000
2003
149,000
€17.50
€14.50
379,000
5.30
6,973
145,000
80,000
2004
152,000
€17.00
€14.50
415,000
5.70
7,102
129,000
93,500
2005
145,000
€17.00
€13.50
402,000
5.60
7,170
68,500
51,400
2006
140,000
€17.50
€13.50
467,400
6.50
7,222*
52,500
20,500
2007
169,000
€17.50
€14.50
466,000
6.40
7,253
32,600
23,400
2008
180,000
€18.00
€14.50
460,000
6.20
7,367
117,000
116,000
2009
171,000
€18.00
€13.60
453,000
6.12
7,401
40,000
22,000
2010
194,000
€17.50
€14.30
480,000
6.46
7,425
42,400
22,400
2011
285,000
€18.80
€14.30
424,000
5.70
7,449
45,900
41,200
2012
191,500
€20.00
€14.60
399,000
5.40
7,416
37,000
36,300
2013
258,000
20.00
14.40
365,000
4.87
7,496
81,200
62,700
* Data from a survey by BulwienGesa AG + Baasner, Möller & Langwald GmbH
Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, figures as of 31 December 2013

5. CONTENTS.
Foreword 8
Stuttgart – well prepared for the future
10
Steady progress in the Europaviertel
11
Stuttgart’s office market delivers impressive performance
12
Strong demand from the public sector and from industry
14
Large rental transactions playing a significant role
15
Rents remaining steady at a high level
16
Vacancy rate falls below the 5-percent mark
18
Stuttgart leading Germany in growth
20
Stuttgart central business district / city centre:
New spaces have attracted many tenants
22
Northern Stuttgart: Increasingly attractive
23
Eastern Stuttgart: Making rapid progress
24
Southern Stuttgart: Record results in some areas
25
Overview of the Stuttgart office market
27
Another vibrant market year expected for 2014
28
Your contact partners
30
ELLWANGER & GEIGER Real Estate
31

6. FOREWORD.
Stuttgart’s future: Investments in infrastructure.
Stuttgart’s citizens find their city very attractive, as do the companies based there and those
c
­ ompanies drawn by the many opportunities in the economic region and planning to relocate
t
­ here. To preserve the city’s high quality as a place to live and work, the most recent budget was
based on the principle “save in order to invest” – and the city’s infrastructure will be a major area
for these investments.
The raft of investment measures will address the needs of Stuttgart’s citizens and businesses, with
the aim of improving living conditions in many areas, most importantly child care, mobility, energy
and the provision of affordable housing.
Industrial and economic policies will focus on those areas of business and industry where the region
is already strong. Stuttgart’s companies are widely known for their expertise in mobility, machine
manufacturing and information technology. The city, already a leading automotive manufacturing
location, is also on the way to becoming the major centre for jobs related to mobility. This process
will require close cooperation with the local automotive manufacturers and their suppliers. One figure
­
reflects the ongoing transition from industrial production to services: 79.9 percent of all employees
­
in the city paying into the social insurance system are employed in the service sector. The financial
­
sector is crucial in this connection. It is a major employer in the city, accounting for 8.2 percent
of all jobs in the city, putting Stuttgart in second place among German cities after Frankfurt.
The engineering industry is another area in which environmental protection and the efficient use
of ­ esources are gaining worldwide importance. Companies will have to develop energy-efficient
r
f
­acilities and meet the requirements of the Industry 4.0 Strategy by implementing the necessary
sensor technology and software.
The goal is to make Stuttgart, already renowned as a location for research and industry, just as
well known as a centre for environmental technologies, while ensuring it remains Germany’s most
attractive city.
Fritz Kuhn
Ines Aufrecht
Mayor of Stuttgart
Director of Business Development, Stuttgart

7. 8
9
A promising location.
In 2013 the turnover on Stuttgart’s office market was excellent, and the prospects for the coming
years look good too. The city continues to be attractive to investors as well as the working population.
Care was taken at an early date to set the right course for the future, and this has paid off. A good
example is electromobility, an area in which Stuttgart has been playing a pioneering role. In addition,
its universities are continually devising new study courses in renewable energy, and new business
clusters are sprouting up in medical technology. The city has taken important steps in these areas
to strengthen the links between research and education.
Given the current economic climate, the Stuttgart region can look forward to continued growth in
2014, as it will also continue to benefit from the export trade of locally-based companies. This means
that demand for energy-efficient, certified and optimally configured office space will likewise remain
strong. In view of developments in past years in the city centre, however, there will certainly be
f
­ewer opportunities there for new projects. This will make it all the more important to promote
growth in the peripheral parts of Stuttgart.
The following pages present detailed facts and figures on developments in Stuttgart’s office market
in 2013. We hope you will find the report informative and will be glad to respond to any questions
or suggestions you may have.
Mario Caroli
Björn Holzwarth

8. STUTTGART – WELL PREPARED FOR THE FUTURE.
When planning for the future, cities have always had to take a wide range of continually changing factors
into account. In this respect, Stuttgart has been very far-sighted, making itself equally attractive as a place
to work for both employees and investors. This has been greatly appreciated in a number of different studies.
For example, studies carried out by the HWWI and the Prognos Institute have recently commended the city
for its forward-looking planning.
CLOSE LINKS BETWEEN ACADEMIA AND BUSINESS
Höfe”, “Milaneo” and “Gerber”: a total of approximately
The demand for highly qualified personnel is steadily in-
750 new residential units have now been completed.
creasing in industries and service sectors where research
A
­ dditional projects will also help to meet the need to
and expertise play an important role. It was Stuttgart that
build housing in the coming years, which comes to about
recognised this trend at an early stage: in recent years, it
1,500 units annually. The last ten years have also seen
has encouraged the development of closer links between
e
­ fforts by Stuttgart’s Student Social Services to create
academia and business, for example by establishing new
housing for students. In the next three years alone, 1,000
business clusters in medical technology and new courses of
additional units will be built as student residences and will
study in the field of renewable energy.
cover the needs of the city’s students, who now number
more than 70,000.
IMPORTANCE OF ELECTROMOBILITY RECOGNISED
AT AN EARLY DATE
STUTTGART ONE OF GERMANY’S MOST ATTRAC­
A number of years ago already, the city started to give
TIVE RETAIL LOCATIONS
strong support to electromobility, becoming one of the
The retail sector is another major contributor to quality
four model regions in Germany’s ”Showcase for Electro-
of life in Stuttgart: with its 2.6 million consumers, the
mobility”. The Car2Go concept has now become well
city’s catchment area ranks fourth in the country in
e
­ stablished, and hybrid buses provide a regular service
a
­ ttractiveness for retailers, behind Berlin, Hamburg and
through the city.
Munich. The healthy state of Stuttgart’s economy is
r
­ eflected in its unemployment rate, which has been low
INSTITUTIONAL INVESTORS ACTIVE IN THE
for years: at 4.3 percent it is well below the national
HOUSING MARKET
a
­ verage of 6.8 percent.
A well-functioning housing market is also very important
for the future. In the last two years, major institutional
investors have put money into projects like the “Pariser
PER CAPITA PURCHASING POWER IN 2013, IN €:
CITIES WITH 500,000 OR MORE RESIDENTS
Munich
Düsseldorf
Frankfurt
Stuttgart
Hamburg
Cologne
28,920
25,566
24,920
24,297
23,469
23,236
Berlin
19,423
Source: GfK GeoMarketing, figures as of January 2014

9. 10
11
STEADY PROGRESS IN THE EUROPAVIERTEL.
The Europaviertel is now coming alive. The new City Library has opened, and the 240 apartments in the
“Pariser Höfe“ are now occupied. In 2014 the Sparkassenakademie and the Milaneo will be completed,
another milestone in the development of this area which will enhance its urban character.
The “Pariser Höfe“ project was completed in late 2012,
In addition, a number of projects have been launched in
and in the first quarter of 2014 the Sparkassenakademie
the areas adjacent to the Europaviertel. Two three-star
will be officially dedicated. The Sparkassenakademie has
hotels are being built: a Hampton by Hilton and a Holiday
some 12,600 square metres of new training and admini­
Inn Express with a total of about 321 rooms. In addition,
strative space and about 160 apartments. The “Milaneo“
an A&O hostel with some 400 beds is under construction.
project currently under construction will provide around
Completion of these projects is expected by 2015 at the
45,000 square metres of retail space, 7,400 square metres
latest. Development of the former Mercedes-Benz site is
of ­ ffice space and 450 apartments. It will also feature a
o
also under way. This project, called “Look 21”, consists
165-room hotel belonging to the Starwood chain. The
of an elongated building facing Heilbronnerstrasse and
r
­ etail premises will open in late 2014. Construction in the
Türlenstrasse, and a residential complex at the rear.
other areas, including the residential units, is scheduled
S
­ üdwestmetall (Baden-Württemberg’s metal industry
for the first two quarters of 2015.
a
­ ssociation) will have its future headquarters here.
Construction work for the “Cloud No. 7” project began
Part of the tram line is currently being relocated owing
in 2013. This residential and commercial high-rise will
to construction work on the Stuttgart 21 project. By
h
­ ave some 25 privately owned apartments a 175 room
2016 the new U12 line through the Europaviertel will be
hotel ­ elonging to the Steigenberger Group and about
b
finished, and the original line will have been modified.
52 ­ usiness apartments. It will probably be ready for
b
o
­ ccupancy by the summer of 2016.

10. STUTTGART’S OFFICE MARKET DELIVERS IMPRESSIVE PERFORMANCE.
With some 258,000 square metres of rented office space as of 31 December 2013, Stuttgart’s office market
exceeded all expectations. The result was already visible after the third quarter of the year. At that time the
rental turnover, at approximately 194,000 square metres, had already surpassed the previous year’s total of
some 191,500 square metres. Owner-occupiers accounted for about 36,000 square metres of the turnover,
and of this amount some 23,000 square metres were contributed by the new building of the German Pension
Insurance Association. The rental take-up for the whole year thus exceeded the previous year’s level by
about 34 percent.
HIGHEST TURNOVER IN THE SOUTHERN FRINGE AREAS
RENTAL TURNOVER IN STUTTGART’S CENTRAL
The highest turnover for 2013 was achieved in Stuttgart’s
BUSINESS DISTRICT NOT UP TO PREVIOUS LEVELS
southern fringe areas. The biggest transaction was the
The rental turnover in Stuttgart’s central business district
long-awaited rental contract of Ernst & Young GmbH in
came to approximately 34,600 square metres, which
Airport City, for about 25,500 square metres. Daimler AG
was well below the levels of the previous two years. The
signed ­eases in Stuttgart-Möhringen and Leinfelden-­
l
main reason was a lack of big transactions, although the
Echterdingen, for 11,315 and 17,640 square metres
demand for large premises is still strong and some major
r
­ espectively. In Stuttgart-Vaihingen the biggest contract,
contracts are currently under negotiation. In 2013 the
for some 13,500 square metres, was signed by the book
largest contract in the central business district came to
wholesaler KNV, which plans to build a new administrative
about 5,000 square metres.
building on the premises it formerly owned. In addition,
a new building was let to a single user in the Stuttgart
In the city centre, not quite as many contracts were signed
Engineering Park, located in Vaihingen. The ­ urnover
t
as in the previous year. The biggest transaction involved
f
­ igures in the submarkets of Leinfelden-Echterdingen and
the new building project of Südwestmetall, Baden-
Vaihingen-Möhringen were high as well.
Württemberg’s metal industry association. Located on the
former Mercedes premises on Türlenstrasse, it has about
In the northern fringe areas, the Zuffenhausen/Feuerbach
submarket showed good results. The main factor here,
h
­ owever, was the decision of the German Pension Insurance
Association to build in Stuttgart-Freiberg, with some
23,000 square metres.
11,200 square metres of space.

11. 12
191,500
194,000
171,000
180,000
169,000
140,000
145,000
152,000
149,000
127,000
159,000
RENTAL TAKE-UP OF OFFICE SPACE IN STUTTGART 2001–2013 IN SQ. M
258,000
285,000
13
2 001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, figures as of 31 December 2013
RENTAL TAKE-UP IN STUTTGART AND SUBMARKETS IN SQ. M
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Central business district
4,600
55,100
33,300
43,000
61,500
44,400
38,200
32,800
63,000
61,500
34,600
City centre
28,400
21,700
43,200
31,300
46,600
41,700
83,800
66,600
97,500
58,400
51,000
Vaihingen/Möhringen
14,450
30,800
10,400
32,600
13,700
18,500
20,200
26,200
56,300
18,200
62,200
Fasanenhof
72,500
4,000
3,700
3,500
2,300
10,600
2,700
5,300
12,500
7,400
5,700
Feuerbach/Zuffenhausen
8,400
20,600
9,800
2,000
6,800
12,300
3,300
28,500
24,800
18,700
27,200
1,900
Degerloch
3,000
6,000
3,400
4,500
7,200
9,200
4,900
2,100
4,000
4,800
Weilimdorf
750
3,000
6,600
6,000
5,100
12,800
5,900
11,400
5,500
5,300
7,700
Bad Cannstatt/Wangen
14,000
7,700
24,600
13,500
15,400
12,500
8,100
8,300
13,400
12,000
19,800
Leinfelden-Echterdingen
2,900
3,100
10,000
3,600
10,400
18,000
3,900
12,800
8,000
5,200
47,900
Total
149,000
152,000
145,000
140,000
169,000
180,000
171,000
194,000
285,000
191,500
258,000
Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, figures as of 31 December 2013

12. STRONG DEMAND FROM THE PUBLIC SECTOR AND FROM INDUSTRY.
Demand from the “other office users” category, which
category again played a significant role in Stuttgart’s
includes various services providers, self-employed
o
­ ffice market. The transactions here totalled approximately
p
­ rofessionals and retail companies, came to approximately
41,500 square metres, most importantly the 25,500 square
73,900 square metres. This corresponded to about 29 per-
metres leased by Ernst & Young at Stuttgart Airport.
cent of total rental turnover. The public sector was another
important source of demand: it accounted for about 24 per-
In terms of percentage, demand in the “IT/telecommuni-
cent of turnover, or some 61,300 square metres. This figure
cations category” declined, but this was only due to the
includes rental transactions by associations, and also the
increase in the market’s total turnover, and not to a fall in
decision of Baden-Württemberg’s metal industry association
demand. In absolute terms, the demand in this category
to build new headquarters on Türlenstrasse with about
came to approximately 21,600 square metres, almost
11,200 square metres.
matching the previous year’s level of 22,300 square metres.
Following a slight decline in 2012, demand from the
Demand in the “financial service providers” category fell
“energy” and “industry” sectors came back strongly. The
last year by more than 50 percent compared to 2012. It
companies in this category rented some 45,500 square
amounted to only 7,100 square metres, as against 14,600
metres of office space, amounting to about 18 percent
square metres the previous year. Demand was also lower in
of the total rental volume. Prominent among them was
the “media/communications” category. It likewise came to
Daimler AG, with two major transactions. The “consultants”
only 7,100 square metres, or 2.7 percent of total turnover.
TAKE-UP BY SECTORS IN %
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Media/Communication
4.00
8.00
6.64
6.27
5.56
6.14
4.07
3.82
5.20
2.74
Financial service providers
34.00
12.00
9.93
10.36
15.78
8.36
8.41
8.67
7.60
2.77
Consultants
5.00
10.00
20.29
18.4
13.39
7.72
13.35
8.00
16.70
16.00
Public sector
9.00
21.00
3.21
17.75
7.22
30.41
8.14
13.68
14.50
23.74*
Other
29.00
28.00
35.21
37.28
36.94
40.94
48.04
40.42
35.00
28.61
Energy/Industry
9.00
13.00
12.86
–
–
–
–
15.79
9.30
17.77
IT/Telecommunications
10.00
8.00
11.86
9.94
21.11
6.43
17.99
9.62
11.70
8.37
Total
100
100
100
100
100
100
100
100
100
100
* including take-up by associations amounting to approx. 30%
Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, figures as of 31 December 2013

13. 14
15
LARGE RENTAL TRANSACTIONS PLAYING A SIGNIFICANT ROLE.
Stuttgart has a tradition of a large number of transactions for small premises. In 2013 there were again
more than 200 leases for premises up to 500 square metres. But eight major transactions accounted for
the biggest share of the rental turnover. A total of 314 contracts were signed.
In the segment up to 500 square metres, there were 229
Whereas there were 14 transactions in this range in 2012,
transactions, with a total rental volume of approximately
there were only six in 2013.
54,300 square metres. Of these, 133 were in the central
business district and city centre. In all, they came to
The largest share of the transactions, accounting for 46 per-
31,100 square metres, or about twelve percent of the total
cent of the total and approximately 120,000 square metres,
rental turnover.
was in the segment above 5,000 square metres. Only
eight leases sufficed to reach this figure. Four were for
For premises in the range from 501 to 1,000 square metres,
premises exceeding 10,000 square metres, such as the
there were 53 transactions, a slight decline compared
transaction by the State of Baden-Württemberg and two
with the previous year. Transactions in the segment from
by Daimler AG in Möhringen and Leinfelden-Echterdingen.
1,001 to 2,000 square metres almost reached the previous
Two exceeded 20,000 square metres: Ernst & Young at
year’s level. Here 18 leases were signed totalling some
Stuttgart Airport and the German Pension Insurance
24,800 square metres. In the segment from 2,001 to
A
­ ssociation in Stuttgart-Freiberg.
119,685
5,000 square metres there was much less movement.
22,141
28,763
43,146
24,733
24,003
37,183
40,868
54,258
54,720
COMPARISON OF NEW CONTRACTS BY SIZE
2012
Total space 2012:
191,500 sq. m
<
500 sq. m
501 – 1,000 sq. m 1,001 – 2,000 sq. m 2,001 – 5,000 sq. m
2013
Total space 2013:
258,000 sq. m
> 5,000 sq. m
2012
<
500 sq. m
501 – 1,000 sq. m 1,001 – 2,000 sq. m 2,001 – 5,000 sq. m
8
4
6
14
18
18
53
59
229
197
COMPARISON OF NEW CONTRACTS BY NUMBER
Total number 2012:
292
2013
Total number 2013:
314
> 5,000 sq. m
Source for both charts: Research BANKHAUS ELLWANGER & GEIGER KG ©, figures as of 31 December 2013

14. RENTS REMAINING STEADY AT A HIGH LEVEL.
In 2013, the rent levels on Stuttgart’s office market again held steady: the average rent for Stuttgart as a
whole was relatively high at 12.00 euros per square metre.
A total of 137 leases, or 43 percent, were signed in the
SUBMARKETS DEVELOP THEIR POTENTIAL
price segment up to 10.00 euros per square metre. In
In the southern outlying districts of Vaihingen/Möhringen/
the range from 10.01 to 13.00 euros per square metre
Fasanenhof and Leinfelden-Echterdingen, the peak rent
112 leases were signed. The next segment, 13.01 to 15.00
rose to 15.00 euros per square metre and the average
euros per square metre, showed a significant increase:
rent to about 11.60 euros per square metre, largely on
78 transactions in 2013 as compared to 48 in 2012. In
account of the Ernst & Young transaction and new leases
the range above 15.00 euros per square metre, 27 office
in the Colorado office building. In the eastern submarkets,
premises were newly rented, 11 of which were above
the average rent rose from 10.00 euros in 2012 to 10.60
17.00 euros per square metre.
euros per square metre, owing to various new leases in
Bad Cannstatt.
CENTRAL BUSINESS DISTRICT: HIGH-QUALITY
P
­ REMISES COMMAND PRIME RENTS
Rents showed a declining trend only in the northern fringe
In 2013, the prime rent in Stuttgart’s central business
areas: of the leases signed in 2013, the most expensive
d
­ istrict remained at about 20.00 euros per square metre,
was for only about 10.10 euros per square metre. There
as confirmed by a number of new lease agreements.
were few transactions for new premises owing to a lack
The average rent, at about 14.40 euros per square metre,
of supply. The average rent was about 8.50 euros per
was slightly below the 2012 average of 14.50 euros. Rents
square metre.
in the city centre showed significant increases, with new
projects and expensive renovations of old buildings
pushing the peak rent from 16.00 euros per square metre
in the previous year to 17.00 euros per square metre. The
average rent rose accordingly, from 11.50 to 12.00 euros
• 20.00
• 20.00
14.40 
• 18.80
• 17.50
• 18.00
• 18.00
• 17.50
• 17.50
• 17.00
• 17.00
• 17.50
14.30 
14.30 
13.60 
14.50 
14.50 
13.60 
13.50 
14.50 
Prime rents
14.50 
• 17.89
14.80 
15.34 
• 18.41
PRIME AND AVERAGE CENTRAL BUSINESS DISTRICT RENTS 2001 – 2013 IN €/SQ. M
14.50 
per square metre.
Average rents
2 001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, figures as of 31 December 2013

15. 16
17
11.60
Prime rents
Central ­­
City centre
b
usiness district
Outlying districts Outlying districts Outlying districts
to the north
to the east
to the south
Average rents
XXX 
10.60
11.50
8.50
10.10
12.00
15.00
17.00
14.40
20.00
PRIME AND AVERAGE RENTS 2013 IN €/SQ. M
Source: Research BANKHAUS ELLWANGER & GEIGER KG ©, figures as of 31 December 2013

16. VACANCY RATE FALLS BELOW THE 5-PERCENT MARK.
The supply of vacant office space continued to decline. At the end of the year, it totalled some 365,000
square metres, as compared to the total office space of about 7.5 million square metres. This equates to
a vacancy rate of about 4.9 percent. There was also a marked drop in the supply of space for subtenants:
at present only about 7,200 square metres are available.
312,000
COMPLETION VOLUME IN SQ. M
Pre-letting
77,100
82,300
43,100
79,700
62,700
81,200
36,300
37,000
41,200
45,900
23,200
42,400
22,000
40,000
104,900
23,400
32,600
28,500
49,000
51,400
115,600
131,500
68,500
80,000
143,500
145,000
220,000
Building completion
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
In spite of the appreciably higher completion volume,
Pauline were completed. There is still a shortage in the
o
­ nly a small amount of new space came onto the market,
segment below 500 square metres.
because many new premises had been pre-let. In
Stuttgart’s central business district and city centre, the
Leinfelden-Echterdingen showed significant change:
supply of office space remained almost unchanged. The
leases were signed for large amounts of space in existing
situation was however better for high-quality office
premises, reducing the total vacant space from about
space in the central business district. Large units became
68,100 square metres to about 50,500 square metres.
available in existing buildings, and a number of new
The number of available premises in relation to demand is
construction projects like the Bülow Carré, Caleido and
still too high, however.

17. 18
19
VACANT OFFICE SPACE AS OF 31 DECEMBER 2013
Degerloch  10,200 sq. m
Feuerbach, Zuffenhausen  14,100 sq. m
2.79%
3.86%
Bad Cannstatt, Wangen etc.  23,200 sq. m
Stuttgart city centre  71,000 sq. m
6.36%
Vaihingen  23,500 sq. m
19.45%
100%
6.44%
(equal to approx.
365,000 sq. m)
Fasanenhof  24,000 sq. m
6.58%
19.23%
Stuttgart central business district  70,200 sq. m
8.85%
13.84%
Leinfelden-Echterdingen  50,500 sq. m
Möhringen  32,300 sq. m
12.60%
Weilimdorf  46,000 sq. m
Source for both charts:
Research BANKHAUS ELLWANGER & GEIGER KG ©, figures as of 31 December 2013
In Vaihingen and Möhringen, the supply of vacant office
Bad Cannstatt in eastern Stuttgart experienced a significant
space diminished as a result of new leases in the “Am
decline in available space: hardly any new building space
Wallgraben” commercial area. A construction project in
was created, and major transactions with Deutsche Telekom
progress in the Stuttgart Engineering Park has already
and the State of Baden-Württemberg cut the supply from
found a tenant, accounting for most of the available
some 30,600 square metres in 2012 down to about
space here too. The supply was also slightly reduced in
23,200 square metres at the end of 2013. In the north,
the southern district of Degerloch. In the Fasanenhof
Feuerbach and Zuffenhausen showed very little change.
commercial area, the supply of vacant space remained
Weilimdorf did however increase its supply of vacant
­
­almost unchanged.
space from some 41,100 square metres to approximately
46,000 square metres.

18. STUTTGART LEADING GERMANY IN GROWTH.
The markets in Germany’s seven top real estate locations (Berlin, Düsseldorf, Frankfurt, Hamburg,
C
­ ologne, Munich and Stuttgart) were largely stable. Düsseldorf and Frankfurt posted good gains. Peak
rents stayed constant or, as in the case of Cologne, Munich and Düsseldorf, increased. In Berlin the
a
­ verage rent declined. Vacancy rates went down at all office locations.
All told, the turnover of office space in the “Big Seven”
was about 0.50 euros higher than in 2012. Düsseldorf
came to some 2.9 million square metres. Whereas Ham-
posted a gain of 1.50 euros to 27.50 euros per square
burg and Cologne showed only slight increases of 2.3
metre.
and 3.7 percent respectively, Düsseldorf and Stuttgart
had gains of 12.7 and 34.7 percent respectively. Düssel-
The average rent in Hamburg remained unchanged at
dorf led the group, with some 347,000 square metres – the
14.00 euros per square metre, whereas in Berlin and
best result in five years. Berlin had a decline of 17.3 per-
Stuttgart it declined to 12.30 and 12.00 euros per square
cent to 521,000 square metres, mainly owing to a drop
metre respectively. Düsseldorf saw a rise (6 percent),
in leases in the segment above 5,000 square metres.
as did Cologne (4.5 percent), while in Munich it rose
In Munich, the turnover volume fell by 15.1 percent to
(1.3 percent) to 15.10 euros per square metre.
608,200 square metres.
The sharpest drop in the vacancy rate was in Berlin, where
In Hamburg, Berlin and Stuttgart, the peak rents held
it fell by 10 percent from 1.10 million square metres to
steady at the previous year’s levels of 24.00 euros, 22.00
0.99 million square metres. Stuttgart followed with a
euros and 20.00 euros per square metre respectively. In
d
­ ecline of 8.5 percent from 399,000 square metres to
Cologne, the peak rent rose slightly to 21.25 euros per
365,000 square metres.
square metre. Munich, with 32.50 euros per square metre,

19. 20
21
2008
2009
2010
COMPARISON OF VACANCY RATES IN GERMANY IN %
Munich
Berlin
Hamburg
5.4
4.9
6.5
5.7
6.2
6.1
7.4
7.0
9.8
7.5
6.7
5.9
5.3
8.1
8.9
8.4
8.4
8.2
6.3
7.7
6.8
9.7
Cologne
8.3
9.1
7.6
7.4
8.9
8.2
9.6
Düsseldorf
8.3
10.9
11.5
10.3
9.8
Frankfurt
11.8
2013
11.6
13.9
2012
13.7
15.1
14.4
14.3
13.9
2011
Stuttgart
Source: GPP German Property Partners, figures as of 31 December 2013


608,200
716,700
853,000
590,000

540,000


765,000

620,000

580,000


480,000
258,000 
191,500 
285,000 
194,000 
171,000 
180,000 
169,000 
140,000 
145,000 
Munich
Berlin
Frankfurt

152,000 
149,000 

510,000
820,000
TURNOVER OF SPACE OF THE BIG SEVEN 2003 – 2013 IN SQ. M
Hamburg
Düsseldorf
Cologne
Stuttgart
2 003
2004 2005 2006 2007
2008 2009 2010 2011 2012 2013
Source: GPP German Property Partners, figures as of 31 December 2013
STUTTGART COMPARED TO OTHER GERMAN CITIES
Turnover of space in sq. m
Average rent in the central
Peak rent in €
business district in €
Vacancy rate in %
2013
2012
2013
2012
2013
2012
2013
Berlin
521,000
630,000
22.00
22.00
12.30
13.20
5.3
2012
5.9
Düsseldorf
347,000
308,000
27.50
26.00
14.95
14.90
10.9
11.6
Frankfurt
447,600
514,800
38.00
35.00
18.50
17.50
13.7
13.9
Hamburg
440,000
430,000
24.00
24.00
14.00
14.00
7.0
7.4
Cologne
280,000
270,000
21.25
21.00
11.90
11.40
7.4
7.6
Munich
608,200
716,700
32.50
32.00
15.10
14.90
6.3
6.8
Stuttgart
258,000
191,500
20.00
20.00
12.00
12.40
4.9
5.4
Source: GPP German Property Partners, figures as of 31 December 2013

20. STUTTGART CENTRAL BUSINESS DISTRICT / CITY CENTRE:
NEW SPACE HAS ATTRACTED MANY TENANTS.
In 2014 the upgrading of the Gerberviertel will be completed. Negotiations for these attractive new premises
in the city centre are already under way. In the central business district, 92 percent of the new leases were
in the segment up to 1,000 square metres. Demand for large and expensive premises was very weak.
In 2013, following a wave of completions in 2011 and 2012,
the German Federation of Trade Unions, which is currently
tenants were found for many of the new premises. In the
renovating its building, signed an interim lease. In the
Caleido project, for example, 60 percent of the space has
central business district, 49 percent of the rented premises
been let, and for the Pauline building the figure is 70 per-
went for less than 14.00 euros per square metre, and
cent. The Gerberviertel project recently announced its first
35 percent for 14.00 to 17.00 euros per square metre.
lease, which was signed with a law firm. By 2015 some
Only 17 percent were let for 17.00 euros or more.
7,000 square metres of office space will be available here.
The Gerberviertel is growing steadily in attractiveness:
In the city centre, the Rosenberghöfe project, with some
the retail areas will be completed in the a utumn of
­
11,400 square metres of office space, is currently under
EuG_RE-J-13014_B
2014, the office space and apartments will be ready for
construction on the site formerly occupied by the AOK.
Inh_2012_lay02_A
occupancy in 2015, and the Globetrotter building in the
The AOK, which intends to return to its former site, will
Vers1.jpg
Tübinger Carré (formerly Eberhard-Passagen) will open
occupy some 5,000 square metres, while an IT company
in 2014.
has signed for about 1,600 square metres. Currently,
about 50 percent of the space has been let; completion is
Three new leases were signed in the Bülow Carré, raising
scheduled for June 2014.
the occupancy level to 80 percent. The CityGate project
will be ready for occupancy in late 2014, and a number of
In the city centre, 57 percent of the rented premises were
leases are already being negotiated.
in the segment up to 1,000 square metres and 20 percent in the segment from 1,001 to 3,000 square metres.
In the central business district, 43 percent of the rented
A single contract for 11,200 square metres, accounting
premises were in the segment up to 500 square metres,
for 22 percent of the total, was concluded on the former
and 23 percent were in the range up to 1,000 square
Mercedes-Benz site on Türlenstrasse. Twenty-six percent
m
­ etres. No leases were signed in the segments between
of the premises were let for up to 10 euros per square
2,001 and 4,000 square metres. In the range above
metre, 71 percent for 10 to 15 euros, and only 2 percent
5,000 square metres there was only one contract:
for 15.01 euros or more.

21. 22
23
NORTHERN STUTTGART: INCREASINGLY ATTRACTIVE.
FEUERBACH/ZUFFENHAUSEN
WEILIMDORF
Feuerbach and Zuffenhausen have always been closely
In 2012 Stuttgart’s Business Development Department
linked to the automotive industry. In 2013, automotive
and several property owners launched an initiative to
suppliers signed fewer new leases than in previous years,
e
­ nhance the attractiveness of the location. Their reason
but the decision by Porsche AG to establish new factories
was the departure of the large-scale user Ernst & Young,
for vehicle bodies and engines will do much to strengthen
scheduled for the first quarter of 2016. The planning so
these locations.
far includes the establishment of a day nursery and the
e
­ nergy-efficient upgrading of a number of buildings.
On Heilbronnerstrasse too, where automotive manu­
If implemented before the departure of Ernst & Young,
facturers are concentrated, the trend is positive. Audi
these measures would have a favourable impact on
opened its new branch here in late 2013. Daimler AG
the location’s general image. Another helpful factor is
a
­ cquired property adjacent to its sales area at the corner
the continued growth of the software company Vector
of Heilbronnerstrasse and Borsigstrasse in order to
I
­nformatik: this company has been steadily expanding
e
­ stablish a branch. VW will follow with a new facility on
in recent years. Major companies like Siemens and
Bueromarktber_ Kiefer site in 2015.
the
V
­ odafone are also ­ ontributing to the development of
c
Ansicht_18-19_
the location.
The Oasis II construction project is scheduled to be
c
­ ompleted in the first quarter of 2015. The Skyline project,
The rental turnover in Weilimdorf came to 7,700 square
which includes further apartments and some 10,000 square
metres, 45 percent more than in 2012 and significantly
metres of office space, is in the planning stage.
above the ten-year average of 6,200 square metres.
Ten leases were signed in the segment up to 500 square
On the whole, demand was low on the Feuerbach/­
m
­ etres, and two were signed between 500 and
Zuffenhausen market in 2013. Although the annual turn­
2,000 square metres. Ninety-two percent of the rented
over of about 43,000 square metres might first seem
space was let for rents between 8.00 and 9.00 euros per
i
­mpressive compared with the previous ten-year average
square metre.
of 13,500 square metres, it must be pointed out that the
new building of the German Pension Insurance Association
alone accounted for 23,000 square metres of that total.

22. EASTERN STUTTGART: MAKING RAPID PROGRESS.
BAD CANNSTATT/HEDELFINGEN/WANGEN
In 2013 land-use planners continued to push ahead with
The Cannstatt/Hedelfingen/Wangen office market
the Neckarpark, located on the site of the former goods
c
­ ontinues to be characterised by transactions for less
station in Bad Cannstatt: the project will be implemented
than 500 square metres. Throughout the area there is
in the coming years. It has now been agreed to create a
a shortage of small, well-equipped office units, so the
central green area covering a space of 60 x 200 metres.
market offers interesting potential for developers with
One party has been given a purchase option on the
the right ideas.
sites for the planned office building on Daimlerstrasse.
Following intensive negotiations with users like the
The number of new leases declined slightly in comparison
Red Cross and the sports clinic, it now appears that
with previous years, but turnover stayed at the same level.
c
­ onstruction can soon begin on several sites.
In fact, at some 19,800 square metres it was well above
the ten-year average of roughly 12,900 square metres,
The area around the Kegelenstrasse metropolitan train
due to a major contract signed in 2013 by the State of
station has also been improved. The new youth club
Baden-Württemberg for the police, which amounted to
called DAS CANN has opened, and in 2012 already the
about 11,500 square metres, and a contract by Deutsche
former Friedel chocolate factory was converted into the
Telekom for about 3,600 square metres. Thanks to these
Friedel Lofts. Together with the new city museum, these
transactions, 89 percent of the space was let in the price
buildings add much to the attractiveness of the area
segment between 10.01 and 11.00 euros per square metre.
a
­ djoining the Neckarpark.

23. 24
25
SOUTHERN STUTTGART: RECORD RESULTS IN SOME AREAS.
DEGERLOCH
LEINFELDEN-ECHTERDINGEN
Degerloch, in particular the area around Albplatz, continues
With a total of some 47,900 square metres of rented
to be a sought-after office location. Unfortunately, once
o
­ ffice space, Leinfelden-Echterdingen achieved very good
again there were no new construction projects in 2013,
turnover. This was mainly the result of two large trans­
severely limiting the supply of modern office space.
actions for space in existing buildings: one by a carmaker
E
­ xisting premises with open-plan structures are not much
for about 17,600 square metres and one by an IT company
in demand, and it takes a long time to market them. The
for 1,350 square metres. The Leinfelden-Unteraichen
Tränke industrial estate offers simpler kinds of office space
submarket, which had a high vacancy rate in past years,
for production-related use.
benefited in particular.
Turnover continued to be low in 2013: of the total rented
Ernst & Young signed the lease for its new premises at
space, which amounted to 1,900 square metres, 58 per-
the airport. This helped pave the way for the construction
cent was in the segment below 500 square metres. Only
of ­ Airport City”, with a potential total volume of some
“
one contract, for 790 square metres, was signed for larger
100,000 square metres of new building space for offices,
premises. Although demand for large premises exists, no
services and hotels. Stuttgart’s long-distance coach
other contracts were signed in the area owing to a lack of
t
­ erminal is already under construction, and the infra-
suitable offers. Ninety percent of the rented space went
structure will soon be expanded when the ICE train station
for prices between 9.01 and 11.00 euros per square metre.
is complete.
The scarcity of premises in Degerloch has already made
Most of the 13 transactions were in the segment up to
itself felt in the neighbouring district of Möhringen,
500 square metres. Eight leases, for a total of 21,900
where developers are pushing to build in the site formerly
square metres and hence about 45 percent of the total
occupied by the Hansa company.
turnover, were signed for rents in the range from 7.50 to
11.00 euros per square metre. There were three trans­
actions for more than 12.00 euros per square metre.
The average rent for the Leinfelden-Echterdingen submarket was thus 12.70 euros per square metre.

24. FASANENHOF
In the Stuttgart Engineering Park (STEP), construction has
Fasanenhof stands to benefit significantly as a location
begun on the new building project 7.1, which comprises
when the infrastructure is improved by the suburban rail-
some 5,800 square metres. Work on the second phase,
way being extended to the airport, providing access to
7.2, can be expected to start soon, as the premises under
the future long-distance train station. For the first time, a
construction have already been let. The Centre for Solar
project exists that could permit the creation of a user-­
Energy and Hydrogen Research, situated adjacent to the
specific building within a predictable period. The total
projects 7.1 and 7.2, has now been approved. The building
turnover came to some 5,700 square metres, slightly
will provide some 10,000 square metres for research labs,
above the previous year’s figure of 5,200 square metres.
workshops and offices.
Nineteen leases were signed, most of which, as in previous
years, were for premises smaller than 500 square metres.
The industrial estate on Sigmaringerstrasse, which is a
There were two transactions in the segment from 501 to
part of Möhringen, includes the area formerly occupied
1,000 square metres. The segment from 9.01 to 10.00 euros
by the production plant of Hansa Metallwerke AG. This
per square metre accounted for 89 percent of the leased
company is building its new administrative building on
space, and about 11 percent of the space went for less
these premises, which cover some 5,000 square metres.
than 9.00 euros per square metre. The average rent was
Completion is scheduled for the second quarter of 2015.
9.50 euros per square metre.
The remaining area will be able to accommodate up to
10,000 square metres of office space.
VAIHINGEN/MÖHRINGEN AND STEP
In 2013, on the initiative of the city of Stuttgart, a planning
The turnover in 2013 was excellent: approximately
study was produced for the vacant IBM site. The complex,
62,200 square metres of office space was let to new
which was designed by the architect Egon Eiermann, is to
users, almost three times the average rental take-up rate
be preserved and put to appropriate use.
for the previous ten years.
A total of 48 leases were concluded in the Vaihingen/
Demand for space in the “Am Wallgraben” industrial
Möhringen submarket. Eight of them were for less than
e
­ state was high, one major transaction being the renting
8.00 euros per square metre and 17 were for 8.01 to
of an office building with some 15,500 square metres by
10.00 euros per square metre. Together they accounted
a carmaker.
for about 37 percent of the turnover in this submarket.
Most of the leases were in the segment from 10.01 to
Another major transaction was concluded by the book
13.00 euros per square metre. Rents exceeding 16.00 euros
wholesaler Koch, Neff & Volckmar. A new administrative
per square metre were achieved in the 19-storey Colorado
building with some 13,500 square metres is being
office tower in Vaihingen. There were 26 transactions for
c s
­ on­ tructed on the company’s former site. More than 600
premises smaller than 500 square metres, corresponding to
employees will move in when the building is completed
54 percent of the leases. Thirteen office units were let in
in late 2015. In addition, the city, the Business Develop-
the segment from 501 to 1,000 square metres, and there
ment Department, the region, the local council and a
were only four between 1,001 and 3,000 square metres.
new ­nvestor are planning further development of the
i
s
­ ite, which covers a total of some 80,000 square metres.
Four leases were signed for premises larger than 4,000
A number of existing buildings will be preserved and
square metres. Two, together accounting for 9,100 square
new construction projects are planned. As a result, the
metres, were in the range between 4,001 and 5,000 square
area including Industriestrasse, Ruppmannstrasse,
metres. Three leases, each for more than 5,000 square
S
­ chockenriedstrasse and Wallgraben will help enhance
metres, brought the total to 30,600 square metres of
the quality of the industrial estate.
r
­ ented space, or about 49 percent of the entire turnover
in the Vaihingen/Möhringen area.

25. Central
Stuttgart
Western
Stuttgart
Eastern
Stuttgart
26
Southern
Stuttgart
27
A 8 towards
Karlsruhe
A 81
Stuttgart
motorway
intersection
A 8 towards Munich
OVERVIEW OF THE STUTTGART OFFICE MARKET.
Turnover of office space in 2013
< 10,000 sq. m
10,000 – 20,000 sq. m
20,000 – 30,000 sq. m
30,000 – 40,000 sq. m
A 81
towards Heilbronn
above 40,000 sq. m
Industrial parks/office locations
A 81
towards Singen
Northern
Stuttgart
Central
Stuttgart
Western
Stuttgart
Eastern
Stuttgart
Southern
Stuttgart
A 8 towards
Karlsruhe
A 81
Stuttgart
motorway
intersection
A 8 towards Munich

26. ANOTHER VIBRANT MARKET YEAR EXPECTED FOR 2014.
The economic forecasts for Germany point to a relatively successful 2014. The Stuttgart region, which
benefits strongly from exports by local companies, can look forward to continued growth in the year
ahead. Unlike previous years in which it was difficult to make predictions, 2014 seems to be a year for
which forecasting is easier.
Although the completion volume more than doubled in
Peak rents will remain high in 2014, as a number of trans­
2013, only a few of the premises were new on the market
actions can be expected in new and high-priced projects.
because many had already been pre-let. Demand for
In recent years, rents have shown a continuous upward
energy-efficient, certified and optimally configured office
trend, especially in the southern fringe areas. Renters in
space will however remain strong, as there has been a clear
the other submarkets have likewise demonstrated a
trend for many years now towards optimisation among
w
­ illingness to pay an appropriate price for new, high-
both users and developers. Numerous projects have been
quality premises. Major changes in the market have
completed in recent years, and as a consequence there
brought about a significant improvement in the quality
are fewer opportunities to implement new projects in the
of the available premises.
city centre. For the most part, the demolition or renovation
of existing buildings are the only remaining options.

27. 28
29
On the other hand, there are still many users on the
On the other hand, they also ­ ave to consider compreh
Stuttgart market who need simple premises at an
hensive refurbishment work, which ultimately raises rents
­a verage price.
to their market level. Through this process, low-priced
premises become rarer on the market.
The marketing of existing premises has become more difficult, however; this is because of the more rigorous re-
Assuming that the turnover for small premises will remain
quirements of public authorities and factors like increa-
relatively stable and that several anticipated major trans­
sing energy prices. As a result, owners of such properties
actions will take place, the turnover in office space for
who want to remain competitive will be forced to reduce
2014 will probably be about 220,000 square metres.
their basic rent in order to compensate for the increased
b
­ urden on their tenants.

28. YOUR CONTACT PARTNERS.
ELLWANGER & GEIGER Real Estate is the ideal partner for marketing your office properties. Our long years
­
of experience and unique range of services enable us to move the market and proactively identify budding
trends. For us, having a sixth sense isn’t a supernatural ability but simply part of the service we offer you.
Our team in Stuttgart is looking forward to your call or visit. Contact us:
Phone: +49 (0)711 2148 300, Fax: +49 (0)711 2148 290
On the Internet: www.ellwanger-geiger.de · www.bueroflaeche-stuttgart.de
Ulrich Nestel
Sebastian Degen
Helga Schöner
Head of Office Letting and
Office Letting Consultant
Research and Commercial Property Consultant
Retail Stuttgart
Phone +49 (0)711 2148 166
Phone +49 (0)711 2148 269
Phone +49 (0)711 2148 291
sebastian.degen@ellwanger-geiger.de
helga.schoener@ellwanger-geiger.de
ulrich.nestel@ellwanger-geiger.de
DISCLAIMER:
Although this study has been prepared
­
with all due care, we can accept no
l
­iability for the ­ orrectness of the
c
­assessments presented.
We are sure that you will understand this.
Matthias Hägele
Laura-Teresa Seiler
Office Letting Consultant
Commercial Property Assistant
Phone +49 (0)711 2148 292
Phone +49 (0)711 2148 297
matthias.haegele@ellwanger-geiger.de
laurateresa.seiler@ellwanger-geiger.de

29. 30
31
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r
­ elating to the asset class of real estate. With the very highest discretion and integrity, we enable you
to keep your bearings in rapidly changing markets. Our success is founded above all on excellent
k
­ nowledge of the market and decades of experience in the real estate business.
COMMERCIAL PROPERTY
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Stuttgart Head Office
our analyses of locations, portfolios
We select different investment
Börsenplatz 1
and cost-effectiveness that reflect mar-
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­ ehicles depending on the needs
70174 Stuttgart
ket conditions. From these, we derive
and product preferences of each
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investor:
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tentials for earnings and efficiencies.
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D
In addition to comprehensive leasing
services, our core expertise includes
project consulting and transaction
business. We adopt a holistic approach
in consulting on real estate: we partner
you all the way – from the development of marketing strategies to the
preparation of data on properties and
the German Investment Code
❚❚ losed-ended public AIFs
C
Munich Branch Office
Herzog-Rudolf-Strasse 1
p
­ ursuant to the German Invest-
80539 München
ment Code
Phone +49 (0)89 1795 940
❚❚ uxembourg security funds and
L
special funds (SICAV, SIF)
Fax +49 (0)89 1795 9455
www.ellwanger-geiger.de/gw/muenchen
❚❚ ndividual schemes for offshore
I
investors
the implementation of marketing
processes.
We select investment volumes that
permit niche investments and indi­
OUR SERVICES
vid­ al mandates. We also limit the
u
Research
number of investors so that we can
Investment analysis and consulting
provide individualised support
Transactions, renting and leasing of
throughout the investment period.
office, retail, industrial and logistics
­
Our service naturally includes trans-
space
parent reporting with detailed reports
on funds, monthly financial reports
FUNDS ASSET MANAGEMENT
and status reports on real estate
We develop, plan and manage custom-
investments.
ised real estate investment products
STARTING IMMEDIATELY: REPRESENTED THROUG­ OUT
H
G
­ ERMANY WITH GERMAN PROPERTY PARTNERS.
German Property Partners is the
As a member of GPP, we guarantee
new national real estate network of
professional support for
E
­ LLWANGER GEIGER,
real estate customers throughout
Grossmann Berger and ANTEON.
Germany.
www.germanpropertypartners.de

30. BANKHAUS ELLWANGER GEIGER KG
Real Estate
Börsenplatz 1, 70174 Stuttgart
Phone +49 (0)711 2148 300, Fax +49 (0)711 2148 290
www.ellwanger-geiger.de
Stuttgart District Court, HRA 738, Personally liable shareholders: Dr. Volker Gerstenmaier, Mario Caroli