Market reports for the Hamburg office market 

The Hamburg office leasing market remained subdued in the third quarter of 2026 as well. At approximately 84,000 m², take-up was below average. In the first nine months, a total of approximately 270,000 m² of office space was leased and occupied by the owners—13.7 percent less than in the same period last year.

The economic downturn continues to shape the office market. Companies are scrutinizing lease agreements more closely, decision-making processes are taking longer, and renewing existing leases is gaining importance as an alternative to relocating.

At the same time, the supply of available office space rose to approximately 1.05 million m², an increase of 11.2 percent compared to the previous year. Despite a recent slowdown in the growth of supply, the vacancy rate is expected to continue rising. As a result, older office buildings are coming more into focus: investments in quality and amenities, as well as alternative usage concepts, are gaining importance.

A slight uptick is possible in the final quarter. Nevertheless, office space take-up of less than 400,000 m² is expected for 2026. A sustainable recovery depends primarily on more stable economic development. As market conditions improve, demand for modern, high-quality, and well-connected office space is also likely to increase again.

Key figures at a glance

• Office space turnover: 84,000 m²
• Vacancy rate: 5,3 %
• Prime rent: 37.00 €/m²
• Average rent: 21.70 €/m²

Source: Grossmann & Berger GmbH / Engel & Völkers