In 2024, office users in Hamburg rented a total of 415,000 m² of new office space, which represents a decline of around 10 % compared to the previous year. In a comparison of the two half-years, the second half of the year was slightly more successful with a letting performance of around 218,000 m² than the first half of the year with around 197,000 m². The increased momentum on the market in the third quarter contributed to the forecast take-up of 400,000 m² being achieved. The development of letting activity in 2025 will depend heavily on the political and economic situation.
Office rents in Hamburg rose again in 2024: The average rent increased from €20.00/m² to €20.70/m², while the prime rent rose from €35.80/m² to €36.00/m². Despite an increase in supply, modern office space in central locations remains scarce. The vacancy rate for office space rose from around 642,000 m² to 656,000 m² in the fourth quarter of 2024, which corresponds to a vacancy rate of 4.6 %. At the end of 2023, around 530,000 m² of office space was available for rent.
The public sector has established itself as the leading player in the sector comparison and achieved the highest take-up in 2024 with around 119,100 m², which corresponds to a 29 % share of total take-up. The consultancy sector is in second place with around 33,800 m², followed by the construction industry with around 29,400 m².
With a take-up of around 109,400 m², the City remains the location with the highest take-up. After a letting performance of only around 69,100 m² in the first nine months, around 40,300 m² of office space was newly let in the City in the fourth quarter, partly due to public sector lettings. Take-up in this location is therefore almost on a par with the previous year 2023 (approx. 110,400 m²). The top 3 office locations with the highest take-up are completed by HafenCity with around 41,100 m² and City North with around 39,000 m².
- Prime rent is between € 35.80/m² and € 36.00/m²
- The average rent is between € 20.00/m² and € 20.70/m²
- Vacancy rate of 4.6 %
- For 2025, prime and average rents are expected to remain largely stable at the current high level
