Office Hamburg 3Q2019

Conditions encourage speculative building developments in Hamburg

Press release | Hamburg

Figures from Grossmann & Berger, a member of German Property Partners (GPP) show that take-up of office space in Hamburg had reached 435,000 m² at the end of the 3rd quarter. At the same time the shortage of offices became even more acute. For the first time since 2000 the vacancy rate dipped below the three-per cent mark to 2.9 %. In the same quarter of 2018 the rate was 3.5 %. Moreover, less than half (46 %) of the new space reaching completion will be freely available on the market in the next three years. “This is far too little to take pressure off the market. More speculative construction work needs to be undertaken. In some places this is happening with buildings such as the Deutschlandhaus at Gänsemarkt and in the southern part of the Überseequartier in HafenCity, which is being developed by Unibail Rodamco Westfield,” remarks managing director Andreas Rehberg.
Market details:
  • Year on year the amount of space taken by owner-occupiers declined a little over the quarter, from 70,000 to 64,000 m². This figure represents 15 % of the total.
  • Some expensive office suites in new, central developments were let, driving rents to new highs (average rent: + 10.3 % to € 17.20/m²/month, premium rent: +5.6 % to € 28.50/m²/month).
  • Intelligent Apps signed the biggest new rental agreement in the 3rd quarter. The firm operates mytaxi Hamburg and has rented the entire 6,900 m² of space in the building at Neumühlen 19.
  • In view of agreements expected before the end of the year, Grossmann & Berger has increased its forecast to annual take-up of 550,000 m².

Office market | Hamburg | 2019 quarters 1-3
Space take-up [m²] 435,000
against prior yr [%] +1.2
Premium rent [€/m²/month net of services] 28.50
against prior yr [%] +5.6
Premium rent [€/m²/month net of services] 17.20
against prior yr [%] +10.3
Stock of office space [millions m²] 13.8
Vacant space [m²] 398,200
against prior yr [%] -17.4
Vacancy rate [%] 2.9
Completions 2019+2020 [m²] 291,000
Pre-let ratio [%] 80

Selected agreements | offices in Hamburg | 1st to 3rd 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

New transactions or those occurring in the quarter in this report are highlighted.
The complete market survey will soon be available and can be downloaded from our website.

Press contact

Corinna Fühner

Bleichenbrücke 9
20354 Hamburg

040-350 802 588
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