STRONG LEASING ACTIVITY DESPITE LOWER TAKE-UP
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The Hamburg office market recorded a total take-up of around 270,000 sqm by the end of September 2026. While the 300,000 sqm threshold has not yet been reached, unlike in the corresponding periods of 2025 (approx. 308,000 sqm) and 2024 (approx. 301,000 sqm), Hamburg has nevertheless seen a dynamic level of market activity so far this year. In fact, the number of registered leases was 7% higher than in the first nine months of both 2025 and 2024. This clearly indicates that the lower take-up is not the result of weaker demand but rather reflects the significantly changing office space requirements of occupiers.
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This trend is particularly evident in the growing importance of smaller lettings. Contracts of up to 1,000 sqm and 2,000 sqm office space account for historically high market shares of almost 44% and more than 62% of total take-up, respectively. By comparison, their long-term average shares stand at just under 33% and slightly above 51%. During the third quarter, leasing activity in Hamburg was concentrated almost exclusively in the size segments below 7,000 sqm, meaning that the transactions signed by MSC Germany, InnoGames and Deutsche Bank in the first half of the year remain the market's most significant take-up drivers.
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On the rental side, sustained demand pressure for premium space in the most sought-after submarkets has pushed the prime rent up by more than 8% yoy to €39/sqm. Since the beginning of the year prime rents have largely stabilized at this elevated level.