Office market Hamburg 2Q2021

Market recovery not yet reflected in take-up figures


Press release | Hamburg
30.06.2021


After a strong start to the year, take-up of office space in Hamburg was relatively poor in the second quarter, amounting to only 95,000 m². Figures compiled by Grossmann & Berger, a member of German Property Partners (GPP), reveal total take-up of office space during the 1st half year to be 225,000 m². This represents year on year growth of around 36 %, a clear indication that after the slump there is general trend towards a post-coronavirus recovery. “At present almost every company is thinking about how labour will be deployed in future and whether new workplace ideas can actually be implemented in their current premises. We are thus expecting that in the medium term this process will result in more companies moving to new offices,” says Andreas Rehberg, managing director of Grossmann & Berger, when describing the market for office space in Hamburg. However, the year 2021 will end with take-up of space below the ten-year average of 514,000 m² (2011-2020).
 

Office market Hamburg details:

  • At 3.8 % the vacancy rate at the end of the quarter was unchanged from the prior quarter. There was a slight increase, to some 535,000 m², in the amount of space available at short notice. Compared with the situation a year ago, the range of offices available to corporate tenants rose by 80,000 m².

  • “The market has become more favourable to those looking for space. Once again, we can offer our clients a wider choice of properties. Many developers are currently keen to offer tenants with good credit ratings attractive terms and longer lease agreements. We also notice that landlords have appreciably increased the quality of customer care services,” says Rehberg, commenting on the market from the tenants’ point of view.

  • The volume of sub-let space almost doubled from 27,500 m² a year ago to some 53,800 m² at the close of the first half of 2021. At the same time, rental rates in Hamburg have remained steady. Year-on-year the average rent rose by 1.7 % to €17.90/m²/month and the premium rent inched up by 1.6 % to €31.00/m²/month.


Office market | Hamburg | 2021 Q1 -2
Space take-up [m²] 225,000
against prior yr [%] +36.4
Premium rent [€/m²/month net of services] 31.00
against prior yr [%] +1.6
Average rent [€/m²/month net of services] 17.90
against prior yr [%] +1.7
Stock of office space [millions m²] 14.0
Vacant space incl. sub-let space [m²] 535,100
against prior yr [%] +17.9
Vacancy rate incl. sub-let space [%] 3.8
Completions 2021+2022 [m²] 331,000
Pre-let ratio [%] 74
















Top selected known agreements | offices in Hamburg | 1st + 2nd quarters 2021
Tenant/owner-occupier
 
Property/project
 
Street no.
 
Sub-market
 
Rental area
[ca. m²]
FHH/Staatsanwaltschaft Hamburg “Michaelis Quartier“ Ludwig-Erhard-Straße 11-17 City 17,600
Wintershall Dea “denk.mal Hannoverscher Bahnhof” Am Lohsepark 67-69 HafenCity 11,400
Deutsche Bank “Oval Office” Überseering 10 City North 9,600
e.kundenservice Netz/EON   Normannenweg 7-11 City South 8,700
Hamburg South “Herrlichkeit” Rödingsmarkt 16 City 7,000


New transactions or those occurring in the quarter covered by this report, are highlighted.
 
The complete office market survey will soon be available and can 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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