Market reports for the Hamburg office market 

According to the estate agents Grossmann & Berger and Angermann, around 125,000 m² was let on the Hamburg office space market in the first quarter. This corresponds to an increase of 46 % to 49 % compared to the weak prior-year quarter. Due to the limited supply of attractive new build space, many companies are opting to extend their leases. In addition, macroeconomic uncertainties are having an impact on market development and are leading to a certain degree of restraint. Nevertheless, has seen a slight upturn in recent weeks, which is expected to have a positive impact on take-up in the second quarter.

Due to a decline in new construction projects, the focus is heavily on existing properties. New buildings are rare and only a few revitalizations are taking place. A revival of the project pipeline would be desirable, as the Hamburg office market traditionally depends on speculative new builds. The take-up of space achieved to date has therefore mainly come from existing buildings. Demand remains high, but selective. Space that offers high quality in terms of location, condition and fit-out standards is particularly sought after. However, such properties are hardly available in prime locations
 

• Prime rent is between 32,50 €/m² and 36,00 €/m²
• The average rent is between 20,50 €/m² und 21,75 €/m²
• Vacancy rate of 4.9 %
• A total take-up of 320,000 to 370,000 m² is forecast for 2025. Demand remains dynamic and is currently shifting increasingly from HafenCity to the city center.