Berlin’s new airport boosts real estate prices despite delays

Square 1 in Berlin-Adlershof (Photo ©Bauwert AG, moka-studio)

Rents and property prices are expected to increase further in south-east Berlin when the new Berlin-Brandenburg International airport opens at the end of this month, after long delays and despite the current restrictions on air travel.

A survey by Wüest Partner Deutschland commissioned by PRS Family Trust found that development land prices in the direct vicinity of the airport increased by 60% since 2018, a figure which can be compared to the 47% growth noted between 2012 and 2018, according to PRS managing director Rainer Schorr.

Allianz relocation raised the bar at Berlin-Adlershof

Among projects that have been established in the area, developer Bauwert recently let 22,000 sq m at its 172,000 sq m Square 1 campus project in Adlershof to Berliner Sparkasse savings bank. The bank also took 2,600 sq m of basement space. It is planning to move in by the first quarter of 2024.

PRS said the Berlin-Adlershof science and technology park exemplifies the economic ascent of the city’s south-eastern district.

Since 2019, when the Allianz insurance company moved to Adlershof with 2,500 employees, the sub district “has become a first-class finance and administrative centre”, the firm said.

Approximately 1,200 businesses and scientific institutions with about 23,500 professionals and about 6,500 students now work on the campus.