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Hamburg office lease market at roughly the previous years level

According to the calculations of Colliers Grossmann & Berger, office-space turnover at the end of the second quarter can be put at about 185,000 square metres. As compared to the same period of the previous year with an office-space turnover of 200,000 square metres lease turnover decreased by around eight percent. "The market in Hamburg is again swinging between a turnover volume of 180,000 and 200,000 square metres, as it did prior to the boom years of 2007 and 2008. Thanks to pending lease enquiries relating to large area volumes, we can already reckon with a still better second half-year, " said Andreas Rehberg, Managing Director of Colliers Grossmann & Berger.

Three Notable Contracts

Although there was no lease of over 5,000 square metres in the second quarter, three important contracts were nevertheless concluded: These were a rental of around 4,400 square metres by RWE AG in Überseering 34, a lease contract for around 4,050 square metres by the commercial enterprise Edeka in Überseering 21-25 and a contract involving Vattenfall Energy and around 3,850 square metres in Metropolis Haus in Dammtorstrasse 29-32.Contracts for 500 to 1,000 square metres formed the strongest segment, accounting for a quarter of the entire space-based turnover. The remaining turnover in the second quarter is very evenly distributed, with 22 of the area segment attributable to under 500 square metres (almost 60 percent of all contracts concluded), and 21 percent attributable to each of the segments 1,000 to 2,000 square metres and 2,000 to 5,000 square metres. As in the first quarter, the consulting companies were the highest-turnover branch accounting for 20 percent, followed by the branches public administration, associations and churches, as well as the trading and catering segments, each accounting for 12 percent.

Vacancy Levels Increase, as Expected

The offer of space available in the short-term (ready for occupation within three months), at the end of the second quarter, amounted to around 1,161,700 square metres, of which around 25,000 square metres is sublet. With respect to current stocks of space of some 12.92 million square metres, the vacancy rate is 9 percent (8.8 percent exclusive sublet area), which is almost 1.5 percent (1.6 percent) higher than it was a year previously. The amount of area sublet in the second quarter has decreased by a third, as compared to the figure of 36,000 square metres for the same period of the previous year. "Sublet areas can be found in every market phase. In view of their extremely low share of far below one percent, though, they can be almost ignored," explained Andreas Rehberg.

Top Rents as in the Previous Month

At the end of the second quarter, top rents (the uppermost price segment with a market share of 3 percent of the rental income in the past twelve-month period) in Hamburg were, as in the previous quarter, around 23.00 euros per square metre. As compared to the same period of the previous year, the price has decreased by one euro. The assessed average rent decreased within a year from 13.40 euros per square metre to 13.20 per square metre.

City Nord and City Süd in Demand

As in the previous quarter, the largest share of the space-based turnover was recorded in the City, which accounted for around 27 percent. The next-placed city location, accounting for some 11 percent, was City Süd, followed by City Nord with around 9 percent. "City Nord is currently benefiting from several large-scale lease agreements at a very interesting price level," said Andreas Rehberg. The space turnover figures for HafenCity in the second quarter were, as in the previous month, about 3 percent. There was more movement in St. Pauli, with 7 percent, as well as in Bahrenfeld and in Barmbek, each with 6 percent, although they are not regarded as typical office quarters. "During weaker phases of the market, locations near to the inner-city areas, such as the City, St. Georg, St. Pauli or City Süd, benefit over-proportionately. We anticipate that the annual turnover will reach the previous year's level of 395,000 square metres, and perhaps even surpass it," said Rehberg, on the basis of the half-year results.