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The Hamburg Office-Space Market Makes a Positive Start in 2010

At the end of the first quarter of 2010 the Hamburg real-estate service company Colliers Grossmann & Berger has calculated an office-space turnover amounting to some 91,000 square metres. As compared to the same period of the previous year, with an office-space turnover of 80,000 square metres, this represents an increase of around 14 percent. "Hamburg businessmen now see the future much more positively, which is also verified by the Ifo business climate index for the month of March. Moves that had previously been postponed are now being made," said Andreas Rehberg, Managing Director of Colliers Grossmann & Berger, explaining the good result.

Two Large-Scale Transactions

So far, there have been two transactions in the space segment of over 5,000 square metres in the City: the interim lease of 6,500 square metres in Millerntorhochhaus by CMS Hasche Sigle, and 5,900 square metres leased for the Hamburg Senate Special Assets for School Construction “Schulbau”. Contracts for the 2,000 to 5,000 square metre segment, accounting for 30 percent of the space turnover, form the strongest segment. This is followed, with 25 percent (almost 70 percent of all transactions), by the space segment of under 500 square metres. The consulting companies constituted the strongest branch in the first quarter with a value of some 28 percent, followed by public administration, associations and social facilities with a value of 18 percent. The trade sector, as well as the branches of information / telecommunications were neck and neck, at 9 percent and 8 percent of the space turnover respectively.

Newly Built Space Pushes Up Vacancy Figures

The offer of space available in the short-term (ready for occupation within three months), at the end of the first quarter of 2010, amounted to around 1,080,600 square metres. With respect to current stocks of space of some 12.92 million square metres, the vacancy rate is at 8.4 percent, which is almost two percent higher than it was a year ago. "Given the anticipated completion of 211,000 square metres in the current year and 280,000 square metres in the coming year, we anticipate a further increase in the vacancy levels," forecast Andreas Rehberg.

Top Rents Decrease for the Second Time

At the end of the first quarter Hamburg top rents (the uppermost price segment with a market share of 3 percent of the rental turnover in the past twelve-month period) were around 23,00 euros per square metre. As compared with the end of 2009, this represents a further decrease of 30 cents, showing that they are again under pressure. The assessed average rent fell notably from 13.40 euros to 12.80 euros per square metre, due largely, though, to individual large-scale transactions with low rents. "Nevertheless the market is stable and is not as volatile as in other German cities," said Andreas Rehberg, comparing the current figures.

A Focus on the Inner City

The distribution of space turnover according to submarkets shows a similar picture to that at the end of the previous year. First place in the Hanseatic city for office-space turnover goes to the City, with around 32 percent, followed by St. Pauli and City Süd, with much lower values of 12 and 11 percent. HafenCity begins the year with only 3 percent of the turnover. "At present the demand is especially for small and medium-sized floor areas, and address locations with “newly-built” quality. Here, the City clearly has the largest offer," said Andreas Rehberg.

"The office-space turnover has recovered slightly, as compared with the same period of the previous year. However, we are still far from the peak results obtained in the first quarter of the year 2007, with a value of 143,000 square metres. There is, however, again some movement on the market," said Rehberg, summing up the results for the quarter.