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.

As forecast, the level of demand has continued to rise in recent months. The trend of higher letting activity is also reflected in the market data. With a letting performance of 152,000 sqm, the third quarter of the year was the strongest in terms of take-up in a quarterly comparison. A total of 377,000 sqm of office space has been let so far this year. At 57%, this is a significant increase in take-up year-on-year.
There are several reasons for the increased demand for space from Hamburg's office tenants, one of which is the significant rental backlog created by the pandemic. For many companies, the long-shelved letting plans can no longer be ignored, with the return of staff from their home offices necessitating an uptake in space.

Office space supply increases but remains limited

Although the supply of office space has increased recently, it remains scarce with the volume of vacancies reaching 530,000 sqm by the end of the third quarter. This corresponds to a vacancy rate of 3.8%. Most of the 416 lettings recorded by Angermann so far this year were concluded in the 250 - 700 sqm size category (195); nonetheless, at 85,300 sqm, this category accounted for just 23% of the total take-up result. At 54% (204,200 sqm), the >1,500 sqm size category was responsible for most space take-up, with 41 leases concluded. 

Prime rent increases to €31.00/sqm 

The prime rent increased from €30.00 to €31.00/sqm between the second and third quarters, while the average rent is unchanged at €18.00/sqm.

City leads the location ranking, while manufacturing and banks & financial service providers secure the highest take-up

With take-up of 83,500 sqm, the City submarket continued to occupy pole position in the location rankings at the end of the third quarter. Thanks to several major deals, City North (45,700 sqm) and Bahrenfeld (35,200 sqm) rose to the Top 3 of the leaderboard. The most active sectors were manufacturing and banking & financial services, which each accounted for 33,800 sqm of take-up.