BEST RESULT IN THREE YEARS
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In the first three quarters of 2025, the Hamburg investment market achieved an investment volume of almost €1.3 billion. This represents an increase of 27% compared to the same period last year. It is also by far the best result of the past three years. Nationwide, the Hanseatic city is thus the only A-location to record a higher transaction volume than in the previous year. Only Berlin and Munich saw more investment than Hamburg in the current year. Notably, in Hamburg turnover was distributed relatively evenly across the individual quarters. This indicates a broad demand base and stable investor interest.
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With just under 50 transactions recorded, the number is roughly on a par with last year, whereas the average value per deal has risen to €28 million. This puts it back at the average level of the last 15 years. Several large transactions also contributed to the higher turnover. These include the sale of the Pflege & Wohnen portfolio, which comprises 13 care facilities in Hamburg and was sold for several hundred million euros, and the sale of the office tower Atlantic Haus. The retail segment, including shopping centres, is also picking up. The sale of the Rahlstedt Centre is proof of this.
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As expected, prime yields have remained largely stable. This is primarily due to the financing environment, with capital costs remaining higher than anticipated. Only in the logistics sector prime yields rose in the third quarter by 15 basis points to 4.40%. In the other asset classes, they have remained unchanged. Accordingly, they are holding at 4.25% for prime office properties and 3.75% for premium retail high street buildings.