TAKE-UP ONLY SLIGHTLY BELOW PREVIOUS YEAR'S RESULT
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The Hamburg office market has once again demonstrated its overall great stability in a market environment that remains challenging. Without the expected economic tailwind, take-up in 2025 amounted to 401,000 sqm, only around 5% below the previous year's level. This result is even more remarkable because the 2024 result was largely driven by rarely large deals, especially from the public sector, three of them had more then than 20,000 sqm of office space each.
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As a result, the market in the space segment above 10,000 sqm has lost take-up compared to the previous year. Its market share has fallen from an above-average 28% to just over 15% (long-term average: 16%). The more dynamic letting activity for medium-sized space is on course for an average level (2,001 sqm to 5,000 sqm: +77% compared to 2024; 5,001 to 10,000 sqm + 13 %).
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The rent level has risen noticeably. The prime rent rose by 6% to €38.00/sqm. A first major deal was concluded beyond the €40/sqm. It thus sets a record and is the starting signal for the sustainable increase in prime rents well above €40. The main factor is and remains the intense competition for demand in the premium segment with a simultaneous shortage of first-time occupancy space. Consequently, the number of deals in Hamburg's high-quality project developments in the top locations will increase significantly.