It was with great regret when Dr André Helf, CEO of COLLECTION Business Center Group, announced the postponement of the grand opening of Collection’s new location in Cologne: “Unfortunately, some unforeseen lags in construction works came up. While the demolition of the older structures on the property has been completed, other activities like excavation or logistics had to be slowed due to several factors, among them the Cologne Christmas Market near Rudolfplatz.”
Delay of about two years
According to Cologne’s broadsheet “Stadtanzeiger”, completion of the new Wallarkaden may extend until 2021 – original planning had called for the opening in the fall of 2019. Despite the delay, Andreas Gladisch, CEO of Hamburg-based project developer Momeni Immobilien, is satisfied with the progress. The property is located in an area bordered by Habsburgerring, Hahnenstrasse and Pilgrimstrasse. Momeni has invested 120 million Euro into the project, the conceptual design was drafted by Caruso St. John, an architectural firm in London. “It’s very rare that a central location in one of the biggest cities in the country can be developed at all,” says Gladisch in a quote from the "Kölner Stadtanzeiger".
Extremely low vacancy rate
“Of course, we know that office vacancy rates in Cologne are very low, at just over 3%, and many clients are desperately looking for space,” explains Dr Helf. “Just about every square meter constructed in the years 2016 and 2017 is currently occupied. Demand remains at a very high level, at the same time supply remains low. Consequently, rents are rising. With that scenario in mind, we would have liked to offer our new business center to the market as soon as possible. However, we have no choice in the matter and need to adjust to circumstance like everybody else.”
The Wallarkaden development encompasses an area of 20,000 square meters. Once completed, the ground floor will be reserved for retail and restaurant space. Seven above-ground stories have been planned as office spaces – as well as the business center in Cologne. In addition, there will be two below-ground floors.
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