Office Hamburg 2Q2019

Vacancy rate of three per cent fuels competition

Press release | Hamburg

The first half of 2019 has closed well, with office take-up in Hamburg some 60,000 m² higher than in the same period of the prior year. By the end of the half year a total of 310,000 m² had been reached. This translates into 24 % more office take-up than a year ago. Thanks to the construction start for the new OTTO headquarters, the share attributable to owner-occupiers rose to 18 %. Meanwhile, the amount of space standing empty continued to fall during the 2nd quarter. Partly due to a large proportion of pre-letting in recently completed office buildings, the vacancy rate fell to a new record low of 3.0 %. These figures are taken from a survey by Grossmann & Berger, a member of German Property Partners (GPP). “The considerable increase in take-up of space illustrates the dynamism of the current market. With a vacancy rate of only three per cent users are frequently competing for the same space, especially in central locations,” explains Andreas Rehberg, managing director of Grossmann & Berger.
Market details:
  • Apart from three agreements signed for more than 10,000 m² of office space, a prime contributor to the result was OTTO, which has started construction of its new 40,000 m² headquarters in Bramfeld.
  • Once again the average rent, weighted by area, rose. It has reached a new high of €17.10/m²/month. The premium rent remained unchanged against the prior quarter at € 28.00/m²/month.
  • Grossmann & Berger expects to see the year close with total take-up standing at 530,000 m² and thus above the ten-year average.

Office market | Hamburg | 1st and 2nd quarter 2019
Hamburg Office Market 2019/Q1-2
Space take-up [m²] 310,000
against prior yr [%] +24.0
Premium rent [€/m²/month net of services] 28.00
against prior yr [%] +7.7
Average rent [€/m²/month] 17.10
against prior yr [%] +8.9
Stock of office space [millions m²] 13.8
Vacant space [m²] 419,500
against prior yr [%] -21.8
Vacancy rate [%] 3.0
Completions 2019+2020 [m²] 275,000
Pre-let ratio [%] 72.0

Selected agreements | offices in Hamburg | 1st and 2nd quarters 2019
Street no.
Rental area
[ca. m²]
Otto Group “OTTO GOeast” Werner-Otto-Strasse 1-7 Hamburg East 40,000
Xing SE “Unilever-Haus” Strandkai 1 HafenCity 22,000
Vattenfall Europe “EDGE Elbside” Amerigo-Vespucci-Platz HafenCity 17,500
University of Hamburg Former telephone exchange /
Humanities Research Center
Schlüterstrasse 51-59 Alster West 15,000
German Institute of Global and Area Studies Former telephone exchange /
Humanities Research Center
Schlüterstrasse 51-59 Alster West 10,000

An expanded review of the office letting market in Hamburg will soon be available in the market survey and may be downloaded from our website.

Press contact

Corinna Fühner

Bleichenbrücke 9
20354 Hamburg

040-350 802 588
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