Market reports for the Hamburg office market 

The Hamburg office market achieved office space take-up of approximately 409,000 m² in 2025 as a whole. In a half-year comparison, the first half of the year was stronger than the second half, with take-up of approximately 218,000 m² compared to approximately 191,000 m². Against the backdrop of the continuing tense geopolitical situation and uncertain macroeconomic conditions, the annual result can be considered solid overall.

Market activity was characterized by cautious demand on the part of users for much of the year. In addition to economic uncertainties, the limited supply of high-quality, newly built space available at short notice had a particularly dampening effect on space take-up. Many companies once again opted for contract extensions, owner-occupier solutions, or subleases, which—like space consolidations—are not included in the official space take-up figures. 

At the same time, the Hamburg office market continues to prove comparatively resilient thanks to its broad and diversified industry structure. In the fourth quarter of 2025, there was a noticeable upturn in demand, which contributed significantly to stabilizing the annual result. Quality-oriented users in particular became more active on the market again. This can be seen as an indication of a gradual build-up of confidence and a possible revival of rental dynamics in the coming quarters.

Against this backdrop, a moderate market recovery can be expected for 2026. However, a significant return to long-term averages is only likely to occur once the overall economic situation has improved sustainably and the supply of modern office space has expanded.

Key figures at a glance

• Office space turnover in 2025: approx. 409,000 m²
• Vacancy: 872.000 m²
• Vacancy rate: 6,0 %
• Prime rent: 37,00 €/m²
• Average rent: 22.50 €/m²

Source: Angermann Real Estate Advisory AG