Great willingness to change fuels take-up of space
The vacancy rate for office space in Hamburg stabilized at 3.8 %, slightly above the 3.3 % noted a year ago, but unchanged from the preceding quarter.
Contrary to expectations at the beginning of the year, the take-up of sub-let space has declined since the prior quarter because many firms have opted not to let but to use the space themselves. “Most businesses with space reserves that could be sub-let are reluctant to make a hasty decision and prefer to wait and see how the situation develops. Additionally, it is often difficult to sub-let space because rental periods are limited, alterations cannot be made and no refurbishing budget is available,” says Rehberg. Nevertheless, in terms of actual figures, the amount of sub-let space has grown year on year from 30,300 m² to 48,500 m².
Agreements to take large office suites in new-builds which command high prices have pushed the average rent to a new record figure. It increased by 4.6 % to €18.10/m²/month. The calculation is based on all agreements signed in the past twelve months. Thus the figure includes not only the new contracts for offices in the “Ipanema” and the Deelböge office campus, but also the large-volume agreement for space in the “Elbtower” concluded with Hamburg Commercial Bank in the 4th quarter of 2020.
Year on year the premium rent climbed from €31.00/m²/month to €31.50/m²/month. “Rates have risen for top-quality office space in central locations. One of the reasons for this is the spiralling price of construction, which makes it hard for many developers to calculate project costs accurately,” says Rehberg, commenting on the increase.
|Office market | Hamburg | 2021||Q 1-3|
|Space take-up [m²]||360,000|
|against prior yr [%]||+44.0|
|Premium rent [€/m²/month net of services]||31.50|
|against prior yr [%]||+3.3|
|Average rent [€/m²/month net of services]||18.10|
|against prior yr [%]||+4.6|
|Stock of office space [millions m²]||14.00|
|Vacant space incl. sub-let space [m²]||536,700|
|against prior yr [%]||+15.8|
|Vacancy rate incl. sub-let space [%]||3.8|
|Completions 2021+2022 [m²]||268,000|
|Pre-let ratio [%]||69|
Tenant / owner-occupier
Property / project
|Berenberg Bank||“Ipanema”||Überseering 30||City North||19,200|
|Hamburg State Prosecutor||“Michaelis Quartier”||Ludwig-Erhard-Strasse 11-17||City||17,600|
owner-occupier (construction start)
|Building extension||Bramfelder Chaussee 160-164||Hamburg East||14,800|
|Sysmex Deutschland||Office Campus Deelböge||Deelböge/Salomon-Heine-Weg||Eppendorf||13,000|
|Signal Iduna||“Kap 5”||Kapstadtring 5||City North||13,000|