GOOD PERFORMANCE AT HAMBURG OFFICE MARKET: BETTER THAN 2024 AND CLOSE TO THE AVERAGE
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After the first six months, the Hamburg office market experienced a good half-year, which is reflected in the data behind the result: Hamburg was able to outperform the previous year's result by 10% with take-up of around 215,000 sqm. It is also pleasing that Hamburg achieved the second-best result after Frankfurt (record volume and +51%) compared to the long-term average (only -10%). In a comparison of locations, the Hamburg market consequently positions itself as one of the few office markets with an increase in take-up compared to 2024 and a balance sheet in line with the average value.
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The good result was driven by the constant demand base in the segments up to 5,000 sqm, which once again accounted for around three quarters of take-up, as well as a few large deals: On the one hand, the largest lettings included those from the private sector, such as the 13,300 sqm taken by Hamburg Commercial Bank in the inner-city Ajour development (formerly Galeria) and the new 7,900 sqm building by Körber Technologies in Bergedorf. On the other hand, public administration leases were also signed by Sprinkenhof GmbH for the Bezirksamt Wandsbek (11,400 sqm) and the Personalamt in the city center (7,800 sqm). It is not least these contracts for very different occupier groups that provide a very diverse impetus for demand on the Hamburg office market.
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Despite the high demand pressure on the absolute top spaces and locations, the prime rent has remained constant so far this year and is estimated at €36.00/sqm, as in the first quarter. The average rent stands at around €22.40/sqm at mid-year.