NO MAJOR LETTINGS AT THE BEGINNING OF THE YEAR
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The Hamburg market for warehouse and logistics space started the new year on a subdued note. With take-up of 66,000 m², the comparable figure for the previous year was missed by a quarter as well as the long-term average by around 38%.
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The fact that the first quarter of 2024 recorded the lowest annual opening figure in the past 10 years is attributable primarily to the fact that no contracts above the 10,000 m² mark have been signed to date. The largest contract registered so far is the letting of 9,100 m² by the logistics company Kühne + Nagel in Hamburg Billbrook.
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There is still lively demand for properties with good access to the highway and public transport, particularly in the core area. On the one hand, however, the supply of properties with these attributes is severely limited due to the high letting performance of recent years. On the other hand, the duration of letting processes has also lengthened noticeably in recent months against the backdrop of increased costs and global economic uncertainty, which is certainly having a dampening effect on take-up.
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Meanwhile, a further increase in rents was also recorded in the first quarter of 2024. While the prime rent of 8.30 €/m² represents an increase of around 20 cents on the year-end figure for 2023, the average rent rose by 15 cents to
6.40 €/m².