Market reports for the Hamburg office market 

The Hamburg market for office space rentals achieved take-up of 300,000 m² in the third quarter (Grossmann & Berger). This corresponds to a decline of 7.7% compared to the previous year 2023. Brokers cite two reasons for the relatively weak take-up figures: the general uncertainty about future economic developments and the lack of modern, ESG-compatible office space in good locations. The uncertainties caused by the crisis have made it difficult “among other things, to quickly implement demand analyses that have already been carried out,” observes Leon Müller, Senior Real Estate Consultant at Angermann Real Estate Advisory.

Brokers expect take-up of 350,000 to 400,000 m² (Robert C. Spies) and 400,000 to 450,000 m² (Angermann) for the current year. Nils Larsen, Head of Office Letting Hamburg at Grossmann & Berger, has recorded 384,000 m² of office space that will be completed in 2024/2025. However, he does not expect “a noticeable upturn in the market until 2025”. However, there are currently “some very interesting requests on the market that give reason to be optimistic about the second half of the year”. And Robert C. Spies holds out the prospect that by the middle of next year, a large proportion of these applications and therefore also of the turnover will be generated by the public sector..

• Prime rent is between € 33.00/m² and € 35.50/m²
• The average rent is between € 19.70/m² and € 21.40/m²
• Vacancy rate of 5.1 %
• For 2024, prime and average rents are still expected to largely stabilize at the current high level