WEAKEST RESULT SINCE 2008
While 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 in the first quarter, market activity came to an almost complete stop in the second quarter. With a total of 141,000 m² the lowest half-yearly volume since the financial crisis of 2008 was achieved. Looking only at the take-up of space over the past three months, 38,000 m² represents the lowest quarterly figure since the data collection for warehouse and logistics space began. While last year the Hanseatic logistics market was still mainly limited by the shortage of supply, the Corona shock caused an additional slowdown on the demand side, which caused the majority of tenants to postpone their rental decisions and expansion plans indefinitely. The few deals registered in the letting sector were mostly in the small-scale segment. In view of the prevailing economic uncertainties - especially with regard to international import and export business - it remains to be seen whether the Hamburg market will quickly recover in the second half of the year.
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