SOLID START TO THE YEAR AT THE LEVEL OF THE LONG-TERM AVERAGE
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The Hamburg office market had a solid start to the year. Take-up of 111,000 sqm was registered in the first three months of 2025, significantly exceeding the previous year's result by 37%. The result corresponds exactly to the ten-year average (111,000 sqm).
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This represents a noticeable recovery in the first quarter compared to the prior year. It is evident that the cautious attitude, particularly on the part of large occupiers regarding strategic letting decisions, is increasingly being replaced by a more willingness to conclude contracts. This is also underlined by the distribution of take-up across the individual size categories. Large-volume deals of over 5,000 sqm account for around one third of take-up. The segment between 5,000 sqm and 10,000 sqm accounts for an above-average take-up share of 21% (average 10 years: 15%) and a take-up of almost 23,000 sqm (average just under 17,000 sqm) in both relative and absolute terms. Three lettings have already been signed in this size category. The segment over 10,000 sqm also achieved a slightly above-average take-up share of 12% (Ø 10 years: 11%). This is attributable to the letting of 13,400 sqm by Hamburg Commercial Bank AG in Mönckebergstrasse.
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High-quality space in good locations remains in demand. The prime rent is currently quoted at a constant €36.00 per sqm. The more volatile average rent has risen significantly by around 10% to €23.10 per sqm over the last 12 months, reflecting the overall increase in demand across the board.