SIGNIFICANT INCREASE IN TAKE-UP
The Hamburg office market recorded take-up of 345,000 m² in the first three quarters. Accordingly, the Hanseatic city exceeded the weak result the same period last year by almost 50% and also the total result for 2020. The positive development after the difficult year 2020, which was affected by the Corona pandemic, is continuing. A large contribution to this performance was made by no less than six major deals beyond the 10,000 m² mark. These include Berenberg Bank with 19,200 m², which will leave the City Centre after completion of the Ipanema building in City Nord, the Hamburg Staatsanwaltschaft, which is relocating within the City Centre (17,600 m²), and Techniker Krankenkasse, which is expanding its headquarters in Barmbek with a new 14,500 m² building. Despite an overall noticeable market recovery with a significant increase in demand, take-up in the smaller and medium size categories has not yet quite returned to the level seen before the Corona crisis. Overall, however, the result is only around 4% below the ten-year average.