Market reports for the Hamburg office market 

In the second quarter of this year, a total of between 92,000 and 94,000 square meters of rental space was brokered on the Hamburg office space market, according to reports by estate agents Grossmann & Berger and Angermann. These figures reflect activity in the first quarter and show that, despite various challenges, letting activity has been solid.

For the first half of the year as a whole, the volume of space let amounts to around 216,000 to 218,000 square meters. Although this total represents an increase of 5 to 11% compared to the same period last year, the overall trend is characterized by a certain restraint.

One reason for this reluctance is the limited supply of attractive new build space. Many companies are therefore still opting to extend existing leases instead of looking for new space. In addition, macroeconomic uncertainties are having an impact on market development, leading to a more cautious attitude among landlords and tenants.

Due to the decline in new construction projects, the focus is currently very much on existing properties. New buildings are few and far between, and revitalization measures are only taking place in isolated cases. A revival of the project pipeline would be desirable, as the Hamburg office market traditionally relies heavily on speculative new builds. To date, most take-up has therefore come from existing buildings.

Although demand for office space remains high, it is very selective. Properties that are of a high quality in terms of location, condition and fit-out standards are particularly sought after. However, such high-quality properties are hardly available in the sought-after prime locations, which makes the situation even more difficult.

• Prime rent is between 32.50 €/m² and 35.00 €/m²
• The average rent is between 20.50 €/m² and 21.50 €/m²
• Vacancy rate of 6.1 % (G&B)
• A total take-up of 320,000 to 370,000 m² is forecast for 2025. Demand remains dynamic and is currently shifting increasingly from HafenCity to the city center.