Industrial Hamburg 3Q2018

Shortage of space in Hamburg is a drag on market in medium term


Press release | Hamburg
18.10.2018


In the 3rd quarter of 2018 the market for industrial, warehouse and logistics properties in Hamburg and its environs slowed slightly compared with the 2nd quarter. But year on year, take-up was 17% higher than the much weaker 3rd quarter of 2017, rising to 370,000 m². These figures are taken from a survey by Grossmann & Berger, a member of German Property Partners (GPP). “There are no new build properties available at short notice. Moreover, no new sites are being designated for commercial estates at present. So in the foreseeable future the Hamburg market will continue to be marked by shortages. We therefore expect to see the annual total take-up reach some 430,000 square metres,” says Felix Krumreich, consultant for industrial, warehouse and logistic properties at Grossmann & Berger.
 
Letting market: Market dominated by five contracts over 20,000 m²
Transactions and size categories: By the end of the 3rd quarter 90 transactions had been completed, only one fewer than a year before. Year on year, and accounting for 41% of take-up, the biggest size category, i.e. 10,001 m² or more, overtook the 5,001 to 10,000 m² size group, which returned the second-highest share of the total at 26%. Take-up in the largest size category shot up by 75% year on year.

5 biggest known agreements, Hamburg and its environs, 1st-3rd quarters of 2018
City Road/street Property/project Tenant/owner-occupier Floor area
in approx. m²
Hamburg Altenwerder Hauptstrasse 5 Goodman Hamburg II Logistics Center nord logistic Speditionsgesellschaft
(sub-tenancy)
29,100
Hamburg Hamburg South sub-market
 
- Logistics consultancy 29,000
Buchholz i.d. Nordheide Commercial estate Trelder Berg, B75 main road In-Time Logistics Centre In-Time Transport (owner-occupier) 28,000
Bargteheide Am Redder New build high bay warehouse Getriebebau NORD (owner-occupier) 27,000
Hamburg Moorburger Bogen 12 Goodman Hamburg III Logistics Center Kühne + Nagel 21,900
Source: Grossmann & Berger GmbH

The second-largest rental agreement of the year so far was signed in the 3rd quarter. A logistics consultancy decided to take 29,000 m² in Altenwerder (Hamburg South sub-market). A similarly big agreement related to the construction start of a 27,000 m² high bay warehouse for Getriebebau NORD in Bargteheide (North East Environs sub-market). Altogether, five agreements for over 20,000 m² of space have been concluded in 2018 already, whereas not a single such contract was noted in the same period a year ago.
 
Rents: The rental figures reflect the large number of agreements for big, expensive premises costing more than €5.50/m²/month. By far the largest share of total take-up - 37% - involved properties in this price category. Year on year this represents growth of 257%. Accordingly, further rises in both the premium and average rents were noted. At the end of the 3rd quarter the premium rental payment increased by 1.7% to € 5.90/m²/month, the average rent rose by 2.1% to € 4.90/m²/month. Owner occupiers made up 22% of the market.
 
Sub-markets: Two-thirds of take-up, comparable with the prior year, took place within city limits, and one third in the environs of Hamburg. Contracts for more than 5,000 m² reflect this pattern too; 15 such agreements were signed for city properties and five for premises in the environs. At 45% the highest share of take-up was noted in Hamburg South. Two-figure shares of the market were also taken by South West Environs and Hamburg East sub-markets, each with 16%. Grossmann & Berger noted the year’s biggest surge in the North East Environs, where take-up of 29.700 m² translated into an increase of 774% due to the fourth-biggest agreement signed in 2018.
 
Industries: The logistics/forwarding industry took the lion’s share at 63% of the market, whereas the manufacturing/industry/crafts & trades sector and wholesale/retail accounted for 17% and 15% respectively. This pattern owed much to the transactions for more than 10,000 m². Five of these large agreements were concluded by logistics firms, whereas the manufacturing/industry/crafts & trades sector and wholesale/retail registered one each.
 
The next market survey will be available shortly after the New Year and may be downloaded from our website.

Press contact

Visitenkarte Xing
Britt Finke


Bleichenbrücke 9
20354 Hamburg

b.finke@grossmann-berger.de

040-350 802 993
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