Volume of transactions remains low
Hamburg East sub-market accounted for some 38 % of the total volume traded (14 transactions), thus finishing ahead of City (29 %) and Am Flughafen/Airport (14 %). This ranking is partly due to the sale of the “Spectrum” at Amandus-Stubbe-Strasse 10, which DWS Group bought from Fiege Deutschland. It was the highest-priced transaction in the 2nd quarter of 2021 at €189m.
Office real estate was the predominant class of asset in the first two quarters of 2021, accounting for 50.3 % of total trading. There was also great demand for logistics real estate, and this category accordingly placed second with 21.6 % of the market (Q2/2020: 0 %). Retail premises accounted for 12.1 % of the total volume of transactions.
Because no portfolio sales were completed in the 1st quarter of 2021, their share of the total was a low 9 %.
Only two trades - “Spectrum” and “Hamburg Süd Haus” - were noted in the price category of €100m or more and together they comprised a third (32 %) of the volume of transactions.
Specialist funds (25 %), open-ended property retail funds (22 %) and fund managers (20 %) were the biggest groups of buyers. The most active group of vendors consisted of corporates/owner-occupiers (37 %).
Year on year the share of overseas buyers remained at a very low 15 %. International investors featured more prominently as sellers, taking a share of some 28 %.
High demand continues to compress prime yields on office and logistics properties: year on year yields on office properties dropped from 2.80 % to 2.60 %, and on industrial and logistics real estate from 4.20 % to 3.80 %. The prime yield on commercial buildings remained stable at 2.70 %.
|Investment market | Hamburg | 2021||Q1 -2|
|Transaction volume [€ millions]||1,090|
|against prior yr [%]||-46|
|Share of trading in CBD [%]||29|
|Proportion of international investors [%]||15|
|Prime net yield, office [%]||2.60|
|against prior yr [percentage points]||-0.20|
|Prime net yield, commercial buildings [%]||2.70|
|against prior yr [percentage points]||±0.00|
|Prime net yield, logistics properties [%]||3.80|
|against prior yr [percentage points]||-0.40|
|Strongest asset class||Offices|
|Strongest asset class [%]||50.3|
|DWS Group||Fiege Deutschland||189|
“Hamburg Süd House”,
|City||Offices||Union Investment.||Dr. August Oetker Nahrungsmittel||> 150|
|“Campus Stapelwerk”, Meiendorfer Strasse 205||Hamburg East||Mixed use||Warburg-HIH Invest||AURELIUS Equity Opportunities||76|
|“Krohnstieg Centre”, Krohnstieg 41-43||Hamburg East||Retail||Hahn Immobilien Beteiligung||HBB Hanseatische Betreuungs- und Beteiligungsgesellschaft||65|
|City||Offices||Caleus Capital Investors||Savills Investment Management||64|