Since the end of 2011, IVG has concluded 10 new leases for a total of 6,500 m² of rental space in THE SQUAIRE project at Frankfurt Airport. Its occupancy rate has therefore risen to around 85%.
Moving forward, the letting strategy for THE SQUAIRE will also focus on small and medium-sized units.
The new tenants include the logistics group Panalpina, the office furniture manufacturer Bene, the food travel expert SSP Deutschland and Terminal for Kids. In future, the company will operate a children's day care center in THE SQUAIRE.
Moreover, the Plug and Work Group, operator of the business and conference center in THE SQUAIRE since July 2011, has extended its space.
"The leases now being concluded show that we are making progress as planned in the marketing of the small and medium-sized units in particular," explains Dr. Wolfgang Schäfers, CEO of IVG.
"Plug and Work increasing its space is also an indicator of the considerable appeal of our location for office users who demand flexible and easy-to-reach office solutions. The day care center is also another key component of our NEW WORK CITY concept that is now becoming a reality," Schäfers continued.
Moving forward, the letting strategy for THE SQUAIRE will also focus on small and medium-sized units in addition to a diversified mix of tenants to enhance the building's value. The handover of approximately 19,000 m² office space to the Deutsche Lufthansa AG is planned for mid-May 2012.
Referring to the occupancy rate, both of the Hilton Hotels that opened at the end of last year are far ahead of schedule. After three months in operation the occupancy rate of both hotels is together over 60%.
Source: IVG Immobilien AG