Invest Hamburg 2Q2019

Lack of properties holding market back


Press release | Hamburg
02.07.2019


In the 2nd quarter of 2019 the market for investment in commercial property in Hamburg continued to suffer from the effects of the record set the year before. Around 42 transactions generated some €1.1bn in this comparatively quiet 1st half year, which has thus closed 52 % below the prior year’s result. Because very few transactions initiated in 2018 were carried forward into 2019 and trades involving large properties were rare, the final tally was much reduced. “Nevertheless, commercial properties in Hamburg continue to be in great demand. There are still numerous transactions in the pipeline or at a preparatory stage,” says Axel Steinbrinker, managing director of Grossmann & Berger, a member of German Property Partners (GPP). 
 
Market details:
  • Office properties were even more popular in the 2nd quarter of 2019; their €656m share of the total traded translated into 60 %, well ahead of building land for commercial development (21%).
  • Once again national investors were predominant, accounting for 71 % of the volume sold and 82 % of the volume bought.
  • Prime yields on offices, commercial buildings and logistics properties remained stable, so that by the end of the 1st half of 2019 no change against the end of 2018 was noted.
  • Portfolio sales accounted for a virtually unchanged proportion in the 2nd quarter. Such sales totalled €100m, comprising only 9 % of the volume traded.

Investment market | Hamburg | 1st and 2nd quarters 2019
Hamburg investment market 2019/Q1-2
Transaction volume [€ millions] 1,100
against prior yr [%] -52
Share of trading in CBD [%] 25
Proportion of international investors [%] 29
Prime net yield, office [%] 2.80
against prior yr [percentage points] -0.10
Prime net yield, commercial buildings [%] 2.70
against prior yr [percentage points] -0.20
Prime net yield, logistics properties [%] 4.50
against prior yr [percentage points] -0.10
Strongest asset class Offices
Strongest asset class [%] 60



















Selected top transactions | investments in Hamburg | 1st and 2nd quarters 2019
Project/property
Street no.
Sub-market Asset class Buyer/investor Vendor Purchase price*
[approx. €m]
“ModeCentrum Hamburg”, Modering 3 Hamburg West Offices GLO Properties Luserke Vermögensverwaltung 100
Building land
Großer Burstah 3
City Building land Gator Beteiligungsverwaltungs GmbH Commerz Real (for HausInvest fund) 100
“Airport Center”, Langenhorner Chaussee 40-44 Airport Offices Investcorp International Ares Management 85
“Jacobsen-Haus”, Überseering 12 City Offices Matrix Immobilien Vattenfall Europe GmbH (HEW) 60
















*The purchase prices stated are based on publicly available data, where none is available an estimate is made; new transactions or those occurring in the quarter dealt with in this report are highlighted.


An expanded review of the investment market in Hamburg will soon be available in the market survey and may be downloaded from our website.

Press contact

Visitenkarte
Corinna Fühner


Bleichenbrücke 9
20354 Hamburg

c.fuehner@grossmann-berger.de

040-350 802 588
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