THE ONLY A-LOCATION WITH SIGNIFICANT GROWTH IN VOLUME
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The Hamburg investment market closed the first half of the year with a commercial transaction volume of approximately €813 million. After a more lively first quarter, investment activity remained relatively quiet in the second one. This figure fell short of the long-term average by 45%.
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However, Hamburg performs excellently in a nationwide comparison. Commercial investment volume in Germany is 7% below last year's figure. The first half of this year was particularly slow in terms of prime locations. Across all locations, investments declined by 33% compared to the first half of 2024. Hamburg, on the other hand, is the only A-location to show a significantly higher volume (+31%). Stuttgart reported a slight increase of 2%, but at a considerably lower level.
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With just under 30 transactions recorded, the number is almost at last year's level. However, due to the sale of the 13-facility Pflege&Wohnen portfolio in Hamburg, the average deal volume has risen to over €30 million. The transaction is also driving the portfolio contribution, which is over 53% and significantly pushes to the volume. With a share of just 22%, foreign investors are significantly below the national average of 45% and quite low by Hamburg standards.
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In the current mix of financing costs, government bond yields, and key interest rate decisions, prime yields continue to remain stable. Consequently, they remain at 3.75% for premium high street buildings in prime retail locations, 4.25% for top office properties, and 4.25% for core logistics assets.