TAKE-UP SUFFERS FROM CORONA CRISIS
The Hamburg office market finished the unusual year 2020 with a take-up of 333,000 m², which represents a decline of 35% year-on-year. Even compared to the 10-year average, there is a gap of a good third. The Hanseatic city cannot escape the negative effects of the Corona crisis just as the other top 7 locations, which had to face declines in take-up between 26% (Munich) and 49% (Düsseldorf). The reason for the overall weak performance is mainly the pandemic-related reluctance of office users to lease larger spaces. In Hamburg, for example, only one deal was recorded for more than 10,000 m², whereas in the previous year there were six large deals. Looking at the letting results over the course of the year, it becomes obvious that the office market gradually recovered from the Corona shock in the second quarter (56,000 m² take-up) and, despite the second lockdown, achieved its best quarterly result between October and December (102,000 m²).
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