SOLID DEMAND BASE DESPITE LIMITED TAKE-UP IN Q1
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At the beginning of 2026, the Hamburg office market did not record an increase in take-up. However, against the backdrop of the continued challenging framework conditions, the market posted an overall solid interim result. With office take-up of around 91,000 sqm, the result was 18% below Q1 2025, while remaining largely stable compared with the two preceding quarters (approximately 93,000 sqm in both Q3 and Q4 2025).
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The fact that the average quarterly take-up of more than 110,000 sqm recorded between 2017 and 2026 is currently not being achieved is less a reflection of fundamentally weak demand than of the persistently subdued economic outlook. In addition, a shift in occupier preferences toward smaller floorplates in prime micro-locations is continuing to reshape market activity. This trend is resulting in lower overall take-up volumes, while at the same time increasing the qualitative level of concluded leases. Accordingly, take-up of modern, high-specification office space at the start of the year reached the long-term average, while leasing activity outside the top-quality segments declined by around 30%.
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This market trend is also reflected in the submarket distribution. The City (24,000 sqm), City South (18,000 sqm) and HafenCity (14,500 sqm) emerged as the strongest-performing office zones. In total, around three quarters of overall take-up was generated in city and centre fringe locations. Against the backdrop of strong demand pressure for premium space and prime locations, as well as first-time occupation units, the prime rent increased to €39.00/sqm, moving further toward the €40/sqm threshold.