Industrial Market Hamburg 4Q2018

Take-up of 470,000 m² slightly higher than prior year

Press release | Hamburg

The final result for the take-up of industrial, warehousing and logistics properties in Hamburg and the environs was 470,000 m² for 2018. This figure is 4 % higher than in the prior year. Take-up by owner-occupiers amounted to some 95,900 m² or 20% less than in 2017. These figures are taken from a survey by Grossmann & Berger, a member of German Property Partners (GPP). “Although the final result for 2018 on the market for industrial, warehouse and logistics premises in Hamburg and its environs was higher year on year, the core problem remains, namely a shortage of available space in sought-after locations,” says Felix Krumreich, consultant for industrial, warehouse and logistics properties at Grossmann & Berger, commenting on the state of the market.
Less take-up expected in 2019
Already, the shortage of available properties is limiting growth on the market for industrial and logistics real estate in Hamburg and its environs. Felix Krumreich is convinced that, “In the foreseeable future building sites for development projects will remain in short supply and unable to satisfy all of the demand, which remains high.” Grossmann & Berger expects take-up to fall appreciably below the level of 2018.since no larger buildings are due for completion in 2019.
Rental agreements for large premises predominate
In all, 128 agreements were concluded in 2018, a figure close to that seen the year before. As was the case in 2016 and 2017, agreements for over 10,000 m² of space were the most salient feature of the 2018 market.  This segment accounted for 179,000 m² of take-up, 38% of the total and more than any other size category. Compared with 2017, take-up of these large premises was up by 16%. The size category 5,001 to 10,000 n² comprised 27% of total take-up or 126,000 m².
5 biggest known agreements, Hamburg and its environs, 1st – 4th quarters of 2018
City Road/street Property/project Tenant/owner-occupier Floor area
In ca. m²
Hamburg Altenwerder Hauptstrasse 5 Goodman Hamburg II Logistics Center forwarding co nord logistic Speditionsgesellschaft (sub-tenancy) 29,100
Hamburg Hamburg South sub-market
- BOR Warehousing & Distribution 29,000
Buchholz i.d. Nordheide Commercial estate Trelder Berg, Bundesstrasse 75 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
Numerous agreements to take large amounts of space were instrumental in producing the overall result for 2018. The biggest agreement was a lease for 29,100 m² of space in the “Goodman Hamburg II” logistics centre (Hamburg South sub-market) signed by nord logistic Speditionsgesellschaft, a forwarder, in the 2nd quarter. BOR Warehousing & Distribution took second place with a lease for 29,000 m² of logistics space at Vollhöfner Weiden 19 (Hamburg South sub-market), signed in the 3rd quarter. Third-biggest transaction was the 1st-quarter construction start of a 28,000 m² logistics centre located in Buchholz in der Nordheide (South West Environs sub-market) for the use of its owner, In-Time Transport. An additional three agreements for more than 10,000 m² were concluded in the 4th quarter. One of these was signed by Airbus for 15,500 m² in the “Logistics Park Eurolog Rade” (South West Environs sub-market).
Rents: Both the average and premium rents for industrial, warehouse and logistics space in Hamburg and the environs continued their upward course in 2018. Whereas the average rent rose by 2.0% to €5.00/m²/month, the premium rent per square metre and month passed the €6.00 mark for the first time, an increase of 3.4%.  Numerous agreements for large amounts of space in buildings with new build standards are one reason for this rise. About 34% of the space brokered in 2018 related to premises renting for more than €5.51/m²/month. Take-up in this price bracket has thus tripled year on year.
Sub-markets: The shortage of space available inside Hamburg city limits is reflected in the physical distribution of take-up. During 2018 the sub-markets in the environs accounted for 39% of take-up, a rental area of 183,300 m². This figure is 22 % higher than in the prior year. Added together, the sub-markets inside Hamburg’s borders made up 61% of the market. Hamburg South was the most popular sub-market in 2018, its take-up of 184,700 m² is equivalent to 39% of the total. South West Environs followed in second place with 16% of the total, or 76,600 m² of take-up. Hamburg East sub-market also posted a two-figure share of the market - 14% (64,400 m²).
Industries: Firms in the logistics/forwarding business accounted for 55 % of take-up in 2018. 46 agreements, or nearly one contract in three, including six of the nine contracts for 10,000 m² or more, were signed by a firm in this sector. 24% of take-up went to firms in the manufacturing/industry/crafts & trades sector, followed by wholesale/retail with a share of 16%.

The detailed market report may be downloaded from our Website.

Press contact

Berit Friedrich

Bleichenbrücke 9
20354 Hamburg

040-350 802 620
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