VERY SUBDUED START TO THE YEAR
Despite the continuing robust occupier markets in Hamburg, contrary to the nationwide trend, the rapid change on the financial markets was the main dampening factor for the commercial investment market in the Hanseatic city at the beginning of 2023. By the end of the first quarter, the registered transaction volume of €161 million was almost 82% below the long-term average and 92% below the record result of the previous year, even though this was largely driven by a high share of the portfolios. The current volume, however, is largely based on single deals. The only transaction that falls into the category of portfolio transactions is the stake increase of the German EuroShop in the "Phoenix-Center" located in Hamburg-Harburg. With a volume of around €29 million, this is also the largest deal of the year so far.