GOOD LETTING MOMENTUM – TAKE-UP ABOVE PREVIOUS YEAR'S LEVEL
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Overall, the Hamburg office market recorded strong letting activity at the end of the third quarter. At 308,000 sqm, take-up remained below the long-term average (362,000 sqm) but slightly exceeded last year’s result (301,000 sqm). Given that the long-term results were predominantly achieved under more favorable economic conditions, the current overall result is thoroughly positive.
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It is encouraging to note that, overall, more large-scale transactions exceeding 10,000 m² were recorded. This size segment accounted for just under 17% of take-up. Noteworthy are the two leases signed in the first half of the year with ISZ (Sprinkenhof) for the Wandsbek district office (11,400 sqm) and with Hamburg Commercial Bank (13,300 sqm). The largest deal in the past quarter was reported with NXP Semiconductors Germany for 26,600 sqm. NXP plans to move its German headquarters from Lokstedt to Bahrenfeld. Here, the Selgros site will be converted into a modern corporate headquarters.
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The prime rent for high-quality office space in the centre of Hamburg has remained stable at €36.00 per sqm over the past 24 months. In contrast, the average rent, which is subject to greater fluctuations according to previous experience, rose significantly to €22.50 per sqm after the first three quarters, representing a 9% increase compared with the previous year.