Industrial market Hamburg 3Q2021

Logistics firms boos letting business


Press release | Hamburg
21.10.2021


2021 will probably be a year in which six-figure letting results for industrial and logistics space in Hamburg are posted in each of the four quarters. Lettings and new owner-occupancies totalled 135,000 m² and 205,000 m² in the first two quarters of the year followed by 156,000 m² in the 3rd quarter; moreover, several agreements are now close to conclusion. Figures collated by Grossmann & Berger, a member of German Property Partners (GPP), show that to date the take-up of space totals 496,000 m² and is thus already higher than the five-year average of 484,000 m².
 
“Apart from 2011, which was exceptional in that by the end of September 612,000 square metres had been let or absorbed in construction starts, no higher result has been posted in any other third quarter. The large proportion of let space is remarkable, because in 2020 the market was dominated by the start of construction work for owner-occupiers,” remarks Felix Krumreich, consultant for industrial and logistics properties at Grossmann & Berger. Lettings comprised 85 % of the take-up of space, a figure similar to the result in the same period in 2019.
 

Details industrial & logistics market Hamburg:

  • Between July and September an additional four agreements for more than 10,001 m² of space were signed. The number of agreements in this size category doubled within the space of a year to twelve. Contracts involving over 10,001 m² accounted for 45 % of the market (3Q2020: 54 %) and the next-smaller category, 5,001 to 10,000 m², comprised 33 % of the total (3Q2020: 18 %).

  • Despite the low proportion of owner-occupiers, three of the nine large-volume agreements mentioned earlier were construction starts. For example, building started on a new computer centre for akquinet, a sale brokered by Grossmann & Berger in 2020, on the VICTORIA PARK HAMBURG industrial estate in Rahlstedt, to provide 10,300 m² of hall space and 3,600 m² of office space.

  • Most agreements fell into two price groups; rents of over €5.51/m²/month made up 32 % of the market, and rates between €4.51/m²/month and €5.00/m²/month accounted for 26 %. Accordingly, the premium rent rose to a new high of €6.50/m²/month, while the average rent remained unchanged at €5.20/m²/month.

  • Since ten of the twelve large-volume contracts were signed by logistics & forwarding companies (8) and wholesale/retail enterprises (2) these two sectors of industry accounted for 84 % of the take-up of space. Logistics firms accounted for a share of 52 % and wholesale/retail for 32 %.

  • Year on year, a trend towards locating within city limits has become apparent and market activity here has risen from 44 % to 63 %. The sub-market Hamburg East accounted for 36 % of take-up due to two new contracts, which have brought its total of large-volume agreements to four. Hamburg South and the North West Environs followed with about a fifth of the market each.


Industrial & logistics | Hamburg & Environs 2021 | Q1-Q3
Space take-up [m²] 496,000
against prior yr [%] +36
Ratio of owner-occupiers [%] 15
against prior yr [percentage points] -38
Premium rent [€/m²/month net of services] 6.50
against prior yr [%] +3.2
Average rent [€/m²/month net of services] 5.20
against prior yr [%] ±0.0
Most popular sub-market Hamburg East
Most popular sub-market [%] 36
Industry with highest turnover Logistics & forwarding
Industry with highest turnover [%] 52
Chart take-up of space industrial & logistics















Selected top transactions | industrial & logistics | Hamburg & environs | 1st-3rd quarters of 2021

City Road/street Property/project Tenant/owner-occupier Floor area
[ca. m²]
Nützen Kirchenweg 12 “Panattoni Park Hamburg North”,
new-build logistics halls
Riess-Ambiente 37,700
Hamburg Vollhöfner Weiden 19 Existing logistics facility GREIWING logistics for you 29,200
Hamburg Pinkertweg 5 New build logistics centre Group7 (pwner-occupier) 26,000
Wenzendorf Otto-Lilienthal-Strasse 1a-d “Logistikpark Eurolog Rade”,
Logistics hall
confidential 15,500











New agreements are highlighted
 
Our next Market Survey Industrial, Hamburg will be available at the end of the 4th quarter of 2021 as download in PDF format.

Press contact

Visitenkarte Xing
Britt Finke


Bleichenbrücke 9
20354 Hamburg

b.finke@grossmann-berger.de

040-350 802 993
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