US networking giant Cisco Systems has upped its presence in Munich with the purchase of a 95,000m2 greenfield site in the Halbergmoos suburb of the city, next to the airport.
It intends to build 120,000m2 of offices on the site in three phases. Asking price for the site was €31m (DM60m) and Cisco is believed to have paid close to this figure. This values land in the area at €3.23m (DM6.32m) per ha. The land was owned by Tornado and Eurofighter contractor Panavia and local developer TCM, and had been earmarked for Nato use.
The first phase of the offices will be ready by the end of next year. “Cisco looked at sites in several of the villages in the north-east corridor between Munich and the airport,” says Frank Heydgen, head of lettings at Colliers Müller International, which acted for the vendors.
Munich has seen a record first-half of activity this year. New research by CMI shows that take-up hit 448,000m2 in the first six months of the year, putting it in first place and well ahead of Frankfurt which saw just 303,000m2 of lettings. It leaves the city with just 100,000m2 of available space, although 400,000m2 is under construction.
