It was with great regret that Dr André Helf, CEO of the COLLECTION Business Centre Group, had to announce the postponement of the reopening of the Cologne site, originally planned for 2019: “The reason for this is a delay in the construction work at Rudolfplatz,” explains Dr Helf, “although the demolition work for the redevelopment is largely complete, construction has unfortunately been put on hold, partly due to the Cologne Christmas market.”
Delay of around two years
According to research by the Kölner Stadtanzeiger, completion of the new Wallarkaden could take a further two years longer than planned – the premises were originally due to be ready for occupancy as early as 2019. Andreas Gladisch, managing director at Momeni Immobilien in Hamburg, is nevertheless satisfied with the progress of the work, according to the Stadtanzeiger. The site is situated between Habsburgerring, Hahnenstraße and Pilgrimstraße. Momeni has invested 120 million euros in the development of the property, which was designed by the London-based architectural firm Caruso St. John. “The fact that such a central site in one of the country’s largest cities can still be developed these days is truly a rarity,” says Gladisch in the Kölner Stadtanzeiger.
Extremely low vacancy rate in Cologne
“We are, of course, aware that the vacancy rate for office space in Cologne is extremely low, at just over 3 per cent,” explains Dr Helf, “Many tenants are desperately looking for premises. Virtually every square metre of the new buildings completed in 2016 and 2017 has now been let. Due to the ongoing demand, the supply of space in Cologne remains tight, which unfortunately is driving prices up. In that respect, we would very much have liked to have brought our development in the Wallarkaden to market in 2019. But we have no choice and must bow to the circumstances.”
The new development, covering an area of 20,000 square metres, will offer retail and catering space on the ground floor. Seven further floors will be available for office space – including for the Business Centre in Cologne. There are also plans for two underground levels.
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