As one of Germany's leading project developers, we are pursuing an ambitious strategy in the Berlin Brandenburg Airport Region. We will develop innovative and sustainable commercial and residential real estate in the region. In Berlin Adlershof-Johannisthal, SQUARE 1 will create a total of 140,000 square meters of state-of-the-art office space. The first complex we are currently building there is the new administrative headquarters of Berliner Sparkasse with a total of 22,000 sqm of office space and 2,600 sqm of underground space, with move-in planned for the third quarter of 2024. In addition, BAUWERT AG will be developing a completely new urban quarter with around 1,800 new apartments in the immediate vicinity over the next few years.
The Airport Region Berlin Brandenburg is a special location for us, which enables us to consolidate our pioneering role as a holistic district developer. The combination of excellent research infrastructure, proximity to the international airport and a dynamic and growing economic environment gives us the opportunity to develop modern and sustainable residential and commercial real estate in this growth region. With our flagship project SQUARE 1, we have set out to build on these advantages while creating a bridge to the city center for the region. And we are also a little proud of our contribution to the positive development of the South East Innovation Corridor.
Our investments in Berlin-Adlershof-Johannisthal in the immediate vicinity of the airport and with a direct connection to the center of Berlin not only offer optimal transport connections, but also enable an international orientation for the companies located in the region and their employees. This will not only lead to an increased demand for residential and commercial space in our projects, but also to a sustainable strengthening of the region as a vibrant, international and future-oriented economic center.
The Airport Region, and Adlershof-Johannisthal in particular, is a highly attractive location for BAUWERT AG with significant growth potential in Berlin, one of the top gateway cities for real estate investments in Europe.
We would like to thank Mr. Daniel Herrmann for the interview.