While Hamburg’s office market is shaped by a decline in available space, offices will continue to play an important role in the future. Especially centrally located properties with high efficiency, excellent connectivity and attractive local supplies and services will continue to benefit from high demand. What is more, offices will play a decisive role in facilitating personal encounter and serving as a networking platform for members of staff, business partners and clients. The market reports provide you with more detailed information on the current market situation in each of Hamburg’s districts.
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The Hamburg market reports provide you with some general information about the market to assist you with your real estate decisions. Find out more about the latest developments on the Hamburg real estate market.
In the first three quarters of 2023, the Hamburg market for office leasing achieved a take-up of 326,100 m². In the last three months, a lack of deals by major customers has meant that quarterly take-up has settled at the level seen during the Corona pandemic. Around 80 % of the take-up achieved was in existing properties.
Demand for existing space is generally high, but only if the location, condition and standard of fit-out are also of a high quality. Particularly in the highly sought-after prime locations, high-quality offices are hardly available on the market. At the same time, office space that can be occupied at short notice and meets the requirements of potential tenants is scarce and fiercely contested. Office buildings that are no longer up to date have to be refurbished in order to find a suitable tenant again. The necessary investments should not be underestimated, but pay off in the medium to long term through the realized adjustment of market rents.