The Third HPBA Off-Market Study in cooperation with Bulwiengesa is devoted to the possible impact of the coronavirus recession on the off-market segment, as well as to the development of trends compared to the prior studies from 2018 and 2019. In this respect it becomes clear that in the opinion of the actors off-market transactions are gaining in relevance – due to the better success rate – in the current crisis.

THE
ENTIRE
STUDY

“For the first time ever the Third Off-Market Study examines precisely which asset classes investors are focusing on and which actors shape the off-market segment here in Germany. In this respect it was seen that office real estate dominates the market to a greater extent than initially assumed by large swathes of the industry. In addition, the study shows that it is above all domestic capital and professional investor groups which are active off-market”

John Amram
founder and managing director, HPBA

The most important points from the 3rd HPBA Off-Market Study

01 Participants

Professional and institutional actors dominate the off-market segment.

01-2020
02-2020

02 share of off-market transactions purchase

The majority of all the investors are still involved in off-market purchases.

03 share of off-market transactions sales

Some actors continue to be hesitant about selling their properties off-market. Yet one out of ten exclusively sells off-market.

03-2020
04-2020

04 Price delta

The possible price increase or decrease for off-market transactions is large.

05 existing properties purchases

With regard to existing properties, office real estate is the most important asset class on the transaction markets.

05-2020
06-2020

06 existing properties sales

With regard to existing properties, office real estate is the most important asset class on the transaction markets.

07 project developments purchases

In the case of project developments (forward deals), residential real estate dominates the off-market segment.

07-2020
08-2020

08 project developments sales

In the case of project developments (forward deals), residential real estate dominates the off-market segment.

09 off-market transactions

The respondents expect significant growth in the off-market segment.

09-2020
10-2020

10 on-market transactions

Downturns are expected for on-market transactions.

11 transaction success – part 1

The proportion of respondents with a one hundred per cent success rate off-market is twice as high as on-market.

11-2020
12-2020

12 transaction success – part 2

On average, more than every second off-market transaction is successful.

13 joint ventures and distress sales

A moderate increase in distress sales seems likely.

13-2020

01 Participants

Professional and institutional actors dominate the off-market segment.

01-2020

02 share of off-market transactions purchase

The majority of all the investors are still involved in off-market purchases.

02-2020

03 share of off-market transactions sales

Some actors continue to be hesitant about selling their properties off-market. Yet one out of ten exclusively sells off-market.

03-2020

04 Price delta

The possible price increase or decrease for off-market transactions is large.

04-2020

05 existing properties purchases

With regard to existing properties, office real estate is the most important asset class on the transaction markets.

05-2020

06 existing properties sales

With regard to existing properties, office real estate is the most important asset class on the transaction markets.

06-2020

07 project developments purchases

In the case of project developments (forward deals), residential real estate dominates the off-market segment.

07-2020

08 project developments sales

In the case of project developments (forward deals), residential real estate dominates the off-market segment.

08-2020

09 off-market transactions

The respondents expect significant growth in the off-market segment.

09-2020

10 on-market transactions

Downturns are expected for on-market transactions.

10-2020

11 transaction success – part 1

The proportion of respondents with a one hundred per cent success rate off-market is twice as high as on-market.

11-2020

12 transaction success – part 2

On average, more than every second off-market transaction is successful.

12-2020

13 joint ventures and distress sales

A moderate increase in distress sales seems likely.

13-2020

The key information on the panel

14 assets under management

14-2020
15-2020

15 primary capital sources

14 assets under management

14-2020

15 primary capital sources

15-2020
  • “During the coronavirus recession the off-market topic remains self-evident and deeply anchored in the professional institutional German real estate market. In this respect the focus is on the enhanced chances of a successful sale during an uncertain market phase above all. Accordingly, the potential market penetration in the off-market segment remains greater as – compared with on-market models – a larger number of actors participate or intend t0 participate in off-market transactions.”
    Andreas Schulten
    Chief Representative
    Bulwiengesa AG

The full study is
to be found here

The graphics in their entirety
are to be found here

Do you have any
questions or suggestions?
We look forward to hearing from you.

The full study is
to be found here

The graphics in their entirety
are to be found here

Do you have any
questions or suggestions?
We look forward to hearing from you.

3rd OFF MARKET STUDY

OUT NOW!