HAMBURG OFFICE MARKET HAS DEMONSTRATED RESILIENCE
Despite the absence of an economic tailwind and the ongoing debate about home office rates, the Hamburg office market demonstrated relative resilience in the past year. With take-up of 450,000 m², the strong result of the previous year was undercut by almost 19% and the long-term average by 12%. However, there was a noticeable market revival towards the end of the year. Around 129,000 m² of take-up was achieved in the last three months of the year, which is also an above-average quarterly figure in a 10-year comparison. This was mainly due to the year’s largest registered deal, the acquisition of the Strandkai 1 office building in HafenCity by the Hamburg Port Authority (HPA). The port authority is set to relocate its headquarters to the 22,200 m² building in 2026. Additionally, the Fielmann Group has let approximately 15,000 m² in Quartier 21 in Hamburg-Barmbek, marking another significant deal in the final quarter.