At a Glance Q4 2021

Office market Hamburg

Büromarkt Hamburg


The Hamburg office market achieves a take-up of 477,000 m² in 2021, thus increasing its weak prior-year result by a respectable 43%. After 2020 was heavily impacted by the Corona pandemic, in which decisions on new and especially large office space were postponed in many cases, the market recovered noticeably in 2021. Whereas in the previous year only one major contract for more than 10,000 m² was registered, no fewer than seven contracts in this segment ensured take-up of more than 100,000 m². These include the Berenberg Bank with 19,200 m², which will move to City Nord after completion of the Ipanema building, the Staatsanwaltschaft Hamburg with 17,600 m² in the City, and Techniker Krankenkasse, which is expanding its headquarters in Barmbek by 14,500 m². Nevertheless, as in other top locations, the overall result is still below the ten-year average (-4%). However, the market recovery, which was particularly noticeable from the second half of the year onwards, points to further positive development.

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