Logistics market Hamburg

 SECOND BEST MID-YEAR RESULT SINCE 2015

• With a take-up of 266,000 m², the Hamburg logistics market missed the previous year's record by almost 20 %, still achieving the second-best result since 2015.
• Despite the economic and geopolitical uncertainties of the past three months, letting dynamic hasn't showed down either: the volume in the second quarter was even higher than at the beginning of the year, at 141,000 m² (a share of 53%).
• Most remarkable lettings registered in the second quarter include the online furniture retailer SoBuy in Stapelfeld (21,100 m²) and the production company The Quality Group in Nützen (16,600 m²), which represent among others, two larger leases in the peripheral locations of the Hamburg logistics region.
• Due to the tense supply-demand relation and the sharply rising construction costs, the prime rent (6.95 €/m²) and the average rent (5.50 €/m²) have risen further as well.

LOGISTICS AND RETAIL WITH OVER 40% EACH

• Both logistics firms and retail companies made a significant contribution to the very good overall result at mid-year, with 46% and 41% respectively.
• Here the two sectors shared the four largest contracts between them with the deals of logistics firm Ernst Pfaff (Geesthacht, 29,500 m²) and FIEGE (18,500 m²) as well as the retail companies Jysk (21,400 m²) and SoBuy (Stapelfeld, 21,100 m²).
• The big deals also dominate the market in terms of the size categories in the middle of the year: the size classes above 12,000 m² account for around two thirds of take-up.
• The fact that large-scale requests can in most cases only be represented in the new construction sector is also underlined by the share of this sector, which currently stands at a good 73 %.

TAKING THE MOMENTUM INTO THE REST OF THE YEAR

OUTLOOK

• The already high letting dynamic at the beginning of the year was confirmed in the second quarter, so that the Hamburg logistics market can look back on a very good first half of the year despite all the economic and geopolitical uncertainties. 
• Due to the continuing very tense supply situation, there is an increasing trend towards compromising on location requirements in order to be able to implement large-scale requests in the Hamburg market area at short notice.
• In terms of prime rents, it can be assumed that the 7 €/m² mark will probably be exceeded in the second half of the year, while the high take-up share of modern space in the total volume will further increase the pressure on average rents.