TAKE-UP JUST BELOW PREVIOUS YEAR'S LEVEL, STABLE QUARTERLY RESULTS SINCE Q2
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In a persistently challenging environment, Hamburg's office market has once again proved resilient, with stable take-up overall in 2024. A weak start to the year (Q1: 81,000 sqm of take-up) was followed by three quarters with take-up of between 105,000 sqm and 120,000 sqm, resulting in a volume for the total year of 420,000 sqm. As a consequence, Hamburg ranks third in a nationwide comparison behind Munich (606,000 sqm) and Berlin (581,000 sqm).
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Like in other office locations, the lack of economic momentum is also leaving its mark on the Hamburg market. As a result, the total annual take-up in Hamburg fell short of the long-term average (500,000 sqm or -16%).
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However, the best quarter of the year was recorded at the end of the year with around 119,000 sqm. Contributing to this was not least the largest registered deal of the year, the acquisition of the ‘Gerhart-Hauptmann-Platz 50’ property in the city centre by the City of Hamburg. The municipal company Sprinkenhof GmbH will move into 26,000 sqm of this property. In addition, the rental of a good 24,000 sqm by the Bezirksamt Hamburg-Nord in the Arne-Jacobsen-Haus in City-Nord is another major deal that can be dated to the final quarter.
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The prime rent has remained stable at €36.00 per sqm since the end of September 2023. The generally more volatile average rent has moved sideways and currently stands at €20.90 per sqm (-1% year-on-year).