12.11.2012 - Frankfurt turns offices to homes as excesses lift vacancy
Owners of 60s- and 70s-era office buildings in Frankfurt are fighting for tenants as banks and law firms cut jobs and new developments add competition. The city’s vacancy rate stands at about 15 percent, according to Savills Plc. That’s almost double the level in the City of London financial district and more than Manhattan’s 10.3 percent. Young couples have replaced a private-equity firm at the Grand-Westend 24, a seven-story building with floor-to-ceiling windows, balconies big enough to fit sun loungers and oak and bamboo floors. The ground level apartments come with lawns...............................................Full Article: Source
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