In what year did Engel & Volkers GmbH establish a division for the sale and rental of commercial property?
Engel_Volkers Franchise · 2025 FDDAnswer from 2025 FDD Document
The Engel & Völkers Group history goes back to 1977, when Engel & Cie was established to specialize in the sale and rental of top-quality residential premises in the suburbs of Hamburg, Germany. In 1988, Engel & Völkers GmbH established a division for the sale and rental of commercial property, and opened the first office for the sale of residential property/holiday homes outside Hamburg in the Tegernsee (Bavaria) and coastal areas of Germany. Many other offices followed and in 1989 Engel & Völkers GmbH opened its first office abroad in Majorca, Spain in an exclusive partnership with a third party.
Source: Item 1 — THE FRANCHISOR AND ANY PARENTS, PREDECESSORS, AND AFFILIATES (FDD pages 8–15)
What This Means (2025 FDD)
According to Engel & Volkers' 2025 Franchise Disclosure Document, Engel & Volkers GmbH established a division for the sale and rental of commercial property in 1988. In the same year, the company opened its first office for the sale of residential property and holiday homes outside of Hamburg, specifically in Tegernsee (Bavaria) and the coastal areas of Germany.
This expansion into commercial property and new geographic markets marked a significant step in the growth of Engel & Volkers. The move beyond residential properties broadened the company's service offerings, potentially attracting a wider range of clients and increasing revenue streams.
For prospective franchisees, this history indicates Engel & Volkers' long-standing presence and experience in both residential and commercial real estate. It demonstrates the brand's ability to adapt and expand its business model over time, which could be reassuring for those considering investing in an Engel & Volkers franchise.