Bundesbank opts for new Frankfurt headquarters after cost analysis

Bundesbank President Joachim Nagel stated that buying a new property is 'significantly more cost-effective' than maintaining the current headquarters on Wilhelm-Epstein-Straße.

An economic efficiency study, conducted with external support, clearly demonstrated this.

The previous plans for the Wilhelm-Epstein-Straße site would have incurred investment costs of approximately €1.6 billion, covering not only the main building's renovation but all necessary adjustments for the central bank's accommodation.

When comparing the present value of investment, operating, and maintenance costs projected until 2067, the old location was the least favorable option at €2.9 billion.

Nagel emphasized that a procurement process will now be initiated for the new property, with key criteria including central location, price, quality, and timeline.

President Joachim Nagel's Executive Board initiated a review of the headquarters project post-pandemic, seeking a more economical solution.

The current plan is more cost-effective partly because the Bundesbank expanded its home office regulations in 2023, reducing the required office workstations for central staff from an initial 5,000 to approximately 3,300. Nagel underscored the importance of excellent public transport links for employee satisfaction.

The City of Frankfurt has also signaled its interest in acquiring parts of the Wilhelm-Epstein-Straße site for public use, a legally permissible direct sale given the property's specific characteristics.