TAKE-UP AT A VERY LOW LEVEL AT HALF-YEAR
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At the end of the first half of 2024, the Hamburg market for warehouse and logistics space was subdued. With take-up of only 131,000 sqm, the previous year's result was missed by around a fifth and the long-term average by 40%. The current half-year result is therefore the lowest in the past 10 years.'
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The low market momentum is largely due to the weak economic phase. Although there is currently still a solid demand base, in general the letting process has been significantly prolonged. Against the backdrop of economic uncertainty, many companies are weighing up letting decisions much more carefully. This also implies that location factors, such as proximity to motorways and good public transport connections for employees, are becoming even more important. In the modern segment in particular, however, the supply of large space that fulfil these criteria is limited. Accordingly, it is unsurprising that no major deals have yet been concluded in the >12,000 sqm segment. At 10,000 sqm, the largest deal in the first half of the year was signed by owner-occupier Sterac Transport & Logistic in Braak, Schleswig-Holstein.
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Despite the subdued take-up activity, a further slight upward trend in prime rents can be observed. Compared to the first quarter, it rose by 2% to €8.50 per sqm, which is a clear indication that the moderate demand in the high-quality space segment is nevertheless outstripping the scarce supply. The average rent is still at €6.40 per sqm.