Market reports for the Hamburg office market 

Highly dynamic office location

While Hamburg’s office market is shaped by a decline in available space, offices will continue to play an important role in the future. Especially centrally located properties with high efficiency, excellent connectivity and attractive local supplies and services will continue to benefit from high demand. What is more, offices will play a decisive role in facilitating personal encounter and serving as a networking platform for members of staff, business partners and clients. The market reports provide you with more detailed information on the current market situation in each of Hamburg’s districts.

Our real estate partners offer you access to the latest office market reports. Search specifically for rents, returns and purchasing prices in Hamburg’s office, industrial and retail space market.

The Hamburg market reports provide you with some general information about the market to assist you with your real estate decisions. Find out more about the latest developments on the Hamburg real estate market

Office market Q2/2024

Office space take-up in Hamburg down by 14 %

The Hamburg market for office space lettings achieved take-up of 195,000 m² (Robert C. Spies) and 205,000 m² (Grossmann & Berger) in the second quarter. This corresponds to a decline of 11 % to 14 % compared to the first six months of 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 made it difficult "to quickly implement demand analyses that have already been carried out, among other things," 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 cause for optimism for the second half of the year". And Beracz holds out the prospect that by the middle of next year, a large proportion of these applications and therefore also 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 € 21.50/m²
  • Vacancy rate of 4.9 %
  • Prime and average rents are expected to remain largely stable at the current high level in 2024

Market reports on prices, rents and current market trends in 2024

BNP Paribas Real Estate

This quarterly market analysis report provides an in-depth basis for decisions relating to commercial real estate in Hamburg.

Engel & Völkers Commercial

The Engel & Völkers Research reports offer you the latest overview of the market situation at numerous E&V Commercial locations.

Savills Deutschland

​Here you will find the office rental and commercial investment market report for the 1st half of 2024 in Hamburg.

Angermann

The latest office market report for Hamburg for the 2nd quarter of 2024. You will find details on uptakes and vacancies, as well as the average and premium rents.

CBRE

CBRE’s regular market reports and newsletters contain transparent information and expert expertise on the current market situation and the important real estate trends in Hamburg.

Grossmann & Berger

The Q1-Q2 2024 market report gives you an assessment of office space uptake by size and industry, of premium and average rents, of vacancy rates and forecasts regarding completions.

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