The Corcoran Group, a New York City real estate brokerage, said Thursday that it has opened a new operation in one of Germany's largest cities.
Based in Frankfurt, Corcoran Fischer Properties is led by veteran real estate agent Moritz Fischer along with Melanie Rettig and other agents, the brokerage said. Corcoran Fischer Properties is looking to expand the team, so the operation can gain more clients, particularly in the Frankfurt neighborhoods of Bankenviertel, Nordend, Sachsenhausen and Westend. Germany marks the latest international market Corcoran has entered in recent years.
"We’re not just launching a name; we’re bringing a new level of energy, integrity and international perspective to how real estate is done in Frankfurt," Fischer said in a statement Thursday. "With Corcoran’s support, we’re confident we can build something truly special for our clients and our city."
Corcoran officials said they entered Frankfurt in part because it has attracted "high-net-worth individuals, international executives and savvy institutional investors." Frankfurt is also a "dynamic, international city with a thriving real estate market and a strong demand for upscale properties and premium service," CEO Pamela Liebman said in a statement.
Frankfurt is Germany's fifth-largest city by population and home to Toll House cookie maker Nestle. The housing stock there is a mix of single-family homes, townhouses and condominiums, Corcoran officials said. Frankfurt is also Germany's financial capital — home to investment giant Deutsche Bank and the European Central Bank.
Experts watching Germany's housing market say demand will increase in the coming years as the nation's population continues to climb.
"As a result of these developments, our projection shows that demand for housing will increase from 42.9 million to 45.5 million homes between now and 2040," according to a 2025 Deutsche Bank Research projection.
"Frankfurt is a natural fit for the Corcoran brand," Stephanie Anton, president of Corcoran affiliates, said in a statement. "It’s a city that values quality, lifestyle and global connection — three characteristics intrinsic to Corcoran."
Corcoran is one of New York's most prominent luxury brokerages, with major operations in South Florida and the Hamptons on Long Island. The company also has offices in Ontario, Canada; Verona, Italy; Cabo San Lucas, Mexico, and Lisbon, Portugal. Combined, the company has 140 offices worldwide.
Corcoran's parent company is Anywhere Real Estate, which also owns Coldwell Banker, Century 21 and Sotheby's International Realty.