Industrial Hamburg 2Q2018

Market gathering pace, take-up of 250,000 m²

Press release | Hamburg

The market for industrial, warehouse and logistics properties in Hamburg and its environs started the year slowly with take-up at 95,000 m², but the pace quickened noticeably in the 2nd quarter. Grossmann & Berger, a member of German Property Partners (GPP), calculates that take-up of space in the 1st half of 2018 totalled 250,000 m². This figure represents growth of 14% and is, moreover, higher than the five-year average of 236,000 m². Owner-occupiers took 53,500 m² of space, about a fifth more than last year. “All of the available space in the Goodman Logistics Centre in Moorburg and the Freight Traffic Centre (Güterverkehrszentrum) in Altenwerder has now been let. So it is hard to say whether many more tenants requiring large amounts of space can sign agreements before the end of the year,” says Felix Krumreich, consultant for industrial, warehouse and logistics properties at Grossmann & Berger. “Our forecast for the final result this year therefore remains 400,000 square metres.”
Letting market: Four large agreements in the 2nd quarter
  1. Agreements: Grossmann & Berger noted 69 agreements in the 1st half of 2018, eight more than in the same period a year ago.
  2. Take-up of space by size categories: Four new agreements for more than 10,001 m² each made a crucial contribution to the result. Altogether five contracts were signed for premises in this size category, which accounted for 38% and thus the biggest share of total take-up. Whereas year on year the number of transactions remained the same, 28% more space was taken up in this size segment. The next size down, 5,001 to 10,000 m², made up 24% of the total, ahead of the 1,001 to 3,000 m² size category with a share of 19%. The number of agreements rose most steeply in the latter segment, climbing by 47% to a total of 25.
  3. Rents: “In view of the contracts signed for large volumes of new build space, 44 per cent of all leases in the first half of 2018 were agreed for rents in excess of 5.51 euros per square metre and month. Instead of last year’s ten agreements in this price category, 2018 has already produced 26,” says Krumreich. Accordingly, both the average and premium rents for industrial, warehouse and logistics space in Hamburg and the environs rose
  4. Take-up of space by sub-markets: Hamburg South was the most popular sub-market with a share of 49% of total take-up of space. This result stems from the fact that all four new agreements for large premises, together comprising 66,300 m², related to properties in the south. South West Environs and Hamburg East sub-markets also recorded two-figure shares of take-up, at 17% and 16% respectively. Besides the biggest agreement to date, South West Environs also posted the sixth-biggest agreement of the half-year. This was signed by logistics firm CSN Cargo Service Nord in the 2nd quarter, which took some 9,600 m² of space in Buchholz in der Nordheide (Lanzstrasse 1). The seventh-biggest agreement, likewise noted in the 2nd quarter, was signed by beverages supplier flaschenpost for 9,500 m² of space at Werner-Siemens-Strasse 63 in the Hamburg East sub-market. Calumet Photographic, a supplier of photographic equipment, also signed a lease in Hamburg East in the 2nd quarter, taking 2,100 m² of warehouse space at Porgesring 4. Unlike the same period a year ago, new tenants clearly favoured Hamburg, which accounted for 70% of take-up.
  5. Take-up of space by industry: As in the previous year, logistics firms and forwarders were those most likely to find the kind of space they required in the 1st half of 2018. Their take-up of space rose by a massive 57% to 160,000 m², their share of the total was 64%. The actual number of contracts shot up by 68%, from 15 to 25. Ten of the thirteen biggest agreements for premises measuring more than 5,001 m² were signed by logistics or forwarding companies. Only two other industries took significant amounts of space, the trading/retail firms with a share of 17% (including two large contracts) and industrial or craft trade firms with 12% (incl. one large contract).
The full market survey will soon be available to download from our website.
5 biggest known agreements, Hamburg and its environs, 1st-2nd quarters of 2018
City Road Property/project Tenant/owner-occupier Floor area
in m²
Buchholz i.d. Nordheide Bundesstrasse 75 In-Time Logistics Centre In-Time Transport (owner-occupier) 28,000
Hamburg Moorburger Bogen 12 Goodman Hamburg III Logistics Center Logistics company from Hamburg 21,900
Hamburg Altenwerder Hauptstrasse 5 Goodman Hamburg II Logistics Center nord logistic Speditionsgesellschaft (forwarding co.) 21,500
Hamburg Vollhöfner Weiden 17 Logistics park Logistics company 11,500
Hamburg Moorburger Bogen 12 Goodman Hamburg III Logistics Center B+S Logistik und Dienstleistungen (logistics services) 11,400

Source: Grossmann & Berger GmbH

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Britt Finke

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