Market reports for the Hamburg office market 

The Hamburg market for office space lettings achieved take-up of 85,000 m² in the first quarter. "Even though the result is at the previous year's level, a new dynamic is nevertheless noticeable on the office market - many market players want and need to act now," reports Gordon Beracz, Head of Office Space Letting at Robert C. Spies in Hamburg. Office take-up in the first quarter of 2024 is the lowest at the start of the year for more than ten years. Two trends characterize the current market situation: Scarcity and abundance. Modern space is in short supply. "The strong demand for high-quality, modern office space in the central Hamburg office locations of City, Hafencity and Hafenrand remains unbroken," explains Leon Müller, Senior Real Estate Consultant at Angermann Real Estate Advisory. "However, the significant shortage of available space is preventing a higher take-up rate. Matthias Huss, Head of Hamburg Office at Savills, adds: "This shortage is likely to continue, as fewer project developments are currently being realized and high pre-letting rates are often required for construction to begin." In view of the numerous insolvencies among project developers, tenants are highly skeptical of project lettings.
 

• 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 4.8 %
• Prime and average rents are expected to remain largely stable at the current high level in 2024