TAKE-UP CONTINUES TO RISE IN Q2
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At 196,000 sqm (including owner-occupiers), take-up on the Hamburg office market in the first half of the year was low compared to the long-term average (243,000 sqm). Also, the previous year's result was missed by around 12%. Compared to the comparatively weak first quarter (81,000 sqm), however, letting activity picked up to 115,000 sqm in q2. Over the course of the year, a trend towards a somewhat larger-volume structure of lettings can be observed, although the result remains below average. This is partly due to the uncertain macroeconomic situation, which is causing large users in particular to adopt a cautious stance regarding larger lettings.
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The largest letting is attributable to the construction company STRABAG (18,000 sqm), which is realizing a new building on the centre fringe as an owner-occupier. A five-digit take-up was also reported for the Hamburg City Finance Authority which signed a 14,900 sqm deal in the city centre.
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Hamburg’s central submarkets (City Centre) recorded the highest office take-up (41%, 79,500 sqm), although the City Centre dominated letting activity to a slightly lower extent than in previous years. Driven by the STRABAG deal, for the Centre Fringe the highest take-up since 2019 was recorded with 56,500 sqm.
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In the first half of 2024, prime rents of €36.00 per sqm remained unchanged. The somewhat more volatile average rent fell slightly by around 3% to €20.40 per sqm compared to the previous quarter.