Market reports for the Hamburg office market 

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