Market reports for the Hamburg office market 

The Hamburg office market remained subdued in the first half of 2026. Following a take-up of approximately 99,000 m² in the first quarter, an additional 91,000 m² was taken up between April and June. This brings the total space take-up at mid-year to approximately 190,000 m², which is about 13% below the level of the same period last year. While smaller and medium-sized leases in particular are supporting market activity, large-volume deals have so far remained the exception.

At the same time, the office vacancy rate rose slightly in the second quarter from approximately 913,000 m² to approximately 921,000 m², corresponding to a vacancy rate of 6.4 %. On the rental side, however, the market remains stable: The average rent rose slightly compared to the previous quarter to 22.80 €/m², while the prime rent remained unchanged at 37.00 €/m². This underscores that modern, high-quality spaces in prime locations, in particular, continue to show stable price trends.

Demand for office space in Hamburg remains strong overall. However, given the persistently challenging economic and political conditions, many companies are acting more cautiously and making leasing decisions with significantly greater care. As a result, decision-making processes are taking longer, while high-quality space in attractive locations continues to be in high demand, keeping rental rates at a stable level.

Key figures at a glance

• Office space turnover: 91,000 m²
• Vacancy rate: 6,4 %
• Prime rent: 37.00 €/m²
• Average rent: 22.80 €/m²

Source: Angermann