EFFECTS OF THE CORONA CRISIS ARE CLEARLY NOTICEABLE
With a half-year result of 152,000 m² the Hamburg office market suffered a strong decline of more than 50% after the record result of the previous year (306,000 m²) - only the banking metropolis Frankfurt (-53%) was hit harder in a nationwide comparison. Thus, the result marks the weakest first half year in 15 years as a result of the effects of the Corona crisis and the lockdown lasting for weeks. The measures adopted to control the pandemic led to a temporary drop in demand for office space, particularly in the second quarter. Because of the continuing economic uncertainty and the current recession, many companies are postponing planned new hiring and investments in order to have more liquidity and options for action as the economic recovery progresses. In the short term, the supply bottleneck that has prevailed for years is compensating for the current dip in demand, as a result of which no effects on rents are evident in the Hanseatic city.
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