Market recovery not yet reflected in take-up figures
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|
|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|