Office Hamburg 1Q2019

take-up of office space: 135,000 m²


Press release | Hamburg
01.04.2019


The new year started well in Hamburg, where a good third of the total first-quarter take-up of office space was attributable to four agreements for large amounts of space. Figures from Grossmann & Berger, a member of German Property Partners (GPP), show that total take-up of office space in Hamburg was 135,000 m², or 29% more than in the same quarter of 2018. “Three of the four biggest agreements in the first quarter of 2019 were signed off plan in new developments. Once again, we see that due to the shortage of available premises, big companies plan much further in advance and commit to renting properties at a very early stage,” comments Andreas Rehberg, managing director of Grossmann & Berger.
 
Market details:
  • In the 1st quarter the biggest agreements involved properties in HafenCity, where Xing chose some 22,000 m² and Vattenfall Europe took about 17,500 m² of space. Xing was only able to opt for the Unilever Haus because Unilever intends to move into the “Neue Burg” (about 6,200 m²) when this development is completed.
  • Hamburg rents surged during the 1st quarter. By the quarter’s end the premium rent had reached a new high of €28.00/m²/month and average rents stood at a record €16.50/m²/month.
  • Appreciably less space was available than in the same quarter a year ago and the reduction of 133,000 m² translates into a drop of 23 %. The vacancy rate sank to 3.2 %, edging even closer to the critical three-per-cent mark.
  • In view of the amount of space currently available, Grossmann & Berger expects take-up in 2019 to drop back to the 10-year average of 520,000 m².
 
Ofice market | Hamburg | 1st quarter 2019
Hamburg Office Market 2019/Q1
Space take-up [m²] 135,000
against prior yr [%] +29
Premium rent [€/m²/month net of services] 28.00
against prior yr [%] +7.7
Average rent [€/m²/month] 16.50
against prior yr [%] +5.1
Stock of office space [millions m²] 13.7
Vacant space [m²] 440,300
against prior yr [%] -23
Vacancy rate [%] 3.2
Completions 2019+2020 [m²] 267,000
Pre-let ratio [%] 68
Source: Grossmann & Berger GmbH
 
 

Selected agreements | offices in Hamburg | 1st quarter 2019
Tenant/owner-occupier
 
Property/project
 
Street no.
 
Sub-market
 
Rental area
 
[ca. m²]
Xing AG Unilever-Haus Strandkai 1 HafenCity 22,000
Vattenfall Europe Edge Elbside Amerigo-Vespucci-Platz HafenCity 17,500
Unilever Deutschland GmbH Neue Burg Neue Burg 1 City 6,200
Wünsche Group BdM5 Bei den Mühren 5 Hamburg East 5,100
smava GmbH Vespucci-Haus Am Sandtorkai 70-73 HafenCity 3,500
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
An expanded review of the office letting market in Hamburg will soon be available in the detailed market survey and may be downloaded from our website.
 

Press contact

Visitenkarte
Berit Friedrich


Bleichenbrücke 9
20354 Hamburg

b.friedrich@grossmann-berger.de

040-350 802 620
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