Hamburg is the second largest European seaport with more than 10,000 logistics companies and 330,000 employees in the logistics sector, as well as Europe's No. 1 for the rail transportation of containers. Hamburg Airport, which is close to the city center, is an important transshipment point for express freight for the maritime and aviation industries, among others.
With take-up of just 180,000 m² after three quarters, the market for industrial and logistics space in the Hamburg region achieved a historically low result. The already weak take-up of the previous year was undercut again by around 31%. As in the first half of the year, the market remained without any major deals. In the space segment above 10,000 m², no lettings were concluded or owner-occupier construction projects started in the 3rd quarter either. Rents were largely stable and remained at the level of the previous quarter. The high rent increases of recent years have now come to a halt due to the decline in demand. Unless the letting markets pick up speed again, falling prime rents cannot be ruled out.
