LARGE DEALS COVER UP LACK OF SUPPLY
With a take-up of 103,000 m² the Hamburg market for warehouse and logistics space (including the surrounding area) was the only metropolis in Germany to reach the 100,000 m² mark after the first three months of the year. Nevertheless, the result is 8% below the long-term average and was significantly influenced by two major deals for above 20,000 m². However, with just over twenty contracts registered, the market shows the slowest dynamics of the past ten years which characterises the shortage of supply in the Hanseatic city that has existed for some time now. The result cannot yet be directly linked to the current corona crisis either. The majority of the contracts concluded were negotiated with a considerable period of preparation, which means that the economic effects of the lockdown are not yet reflected in the take-up. Realistically, it can be assumed that this will not be the case until the middle of the year. However, at this point in time it cannot yet be foreseen how short-term increases in demand - for example from retailers - could compensate for a possible wait-and-see attitude of other market players.
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