Hamburg

What trends characterize the use of space in my industry? How much office space will I need in three years? Are there better offices in Hammerbrook than St. Georg? Are office rents higher in the center of Hamburg than in HafenCity? These are just some of the questions that concern you as a renter of office space and that we answer every day together with our customers, always with a view to the optimum office for our customers and a transparent, audit-proof decision. The size of the office space you ask about is unimportant to us because we advise startup companies and large renters alike. We know the requirements of our target groups.

Making quality transparent for our clients

All advisors are faced with the task of convincing prospective clients of the quality of the services they provide, even before mandates are awarded. This is why we make the quality of our services transparent to our clients through our teams of highly-qualified and loyal employees, our detailed preparation of information about office space in the market, and our experience of letting space of all sizes.

Buy, rent or build yourself?

When looking for new office space, we do not focus solely on the letting mandate, but also weigh up the advantages and disadvantages of an acquisition or development of your existing premises. We work with you to analyse your best options, and develop possible purchase scenarios for existing properties or projects. Working together with our real estate investment and valuation teams, you have all the knowledge and expertise of Angermann Real Estate at your disposal.

The Hamburg office market at a glance

We undertake comprehensive research of the office market in order to be able to provide you with detailed information about your dream property. Our research team records all leases concluded in the city, and regularly compiles this and other information in our office market reports.

The trend already apparent at the end of last year, namely the increasing propensity of Hamburg’s office tenants to conclude contracts, continued in the first quarter of 2021. With a take-up of approx. 135,000 sqm, letting performance increased by 38% year-on-year. In a quarterly comparison for 2020, the fourth quarter was the strongest in terms of take-up with approx. 100,000 sqm. An increasing number of companies are revisiting their deferred letting decisions as their need to move gains momentum, thereby abandoning their wait-and-see approaches. If the vaccination of the population proceeds as planned, another surge in demand can be expected, especially in the second half of 2021

Office space supply increases but remains limited

The recent trend of an improving supply of office space continued in the first quarter of 2021 with the volume of vacant space increasing moderately from approx. 485,000 sqm to 500,000 sqm compared to the previous quarter, corresponding to a vacancy rate of 3.6%. Although this improving supply situation is welcome news for potential tenants, it cannot conceal the fact that Hamburg still has insufficient vacant office space. Even the increasing volume of space available to sublet is only marginally helping to ease the discrepancy between supply and demand.

Stable office rents

Both the average (€17.90/sqm p.m.) and prime rents (€31.00/sqm p.m.) were unchanged at the end of the first quarter of 2021 compared to the previous quarter. A decline in office rents in the Hanseatic city is currently not expected. An accurate overview of office rents in Hamburg can be found on our  rental price map which is updated quarterly.

Public sector tops the industry statistics while City leads the location rankings 

With a take-up of approx. 40,700 sqm, the City submarket occupied pole position in the location rankings at the start of 2021 (up 29% on the corresponding period in 2020). HafenCity followed with approx. 22,200 sqm (+29%) and Bahrenfeld with approx. 21,400 sqm (+121%). The public sector was the most active with approx. 26,100 sqm. In the first quarter of 2021, most leases (60) were concluded for office units with 250 - 700 sqm of space; however, the approx. 27,000 sqm of lettings generated in this size category represent just 20% of take-up. The >1,500 sqm segment, in which 18 lease contracts were concluded, accounted for the largest share at 64% (approx. 86,900 sqm) of total take-up.Unlike last year, there are several enquiries for more than 10,000 sqm in the pipeline and therefore a projected take-up of over 500,000 sqm for the year as a whole is not considered too ambitious.