NO BIG DEALS YET INVESTMENT VOLUME RISING BROAD DIVERSIFICATION OF ASSET CLASSES
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Although the Hamburg investment market was somewhat weaker in q2 than in the first three months of the year (€376 million) with a volume of €246 million, the half year result was recorded above the previous year’s H1 figure. It is worth noting that this result was achieved without a major deal signed in the three-digit million range.
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With an investment volume of €622 million at the end of the first half of the year, the result was an impressive 34% higher than in the previous year. Despite this positive trend, the figure is around 60% below the ten-year average. This demonstrates that there is still a considerable distance to go before the market is back to normal.
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With an increase in investment volume of around one third, the Hamburg investment market is in line with the national average. As some other major locations recorded an even higher uplift in investment volume, pushed most of all by some large scale single deals, which are still completely absent in the Hanseatic city, Hamburg falls back to sixth place among the A-locations in a nationwide comparison. However, the cities of Düsseldorf and Cologne are performing at almost the same level, so this is only a momentary observation.
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As expected, prime yields stabilised further in the second quarter of the year, so no changes can be observed. The net initial yields for office buildings remain at 4.25%. Prime yields for logistics properties are at the same level. For mixed-use highstreet assets with focus on retail, they are unchanged at 3.75%.