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.

Since 2014, office space take-up has consistently exceeded the ten-year average (of 533,000 sqm). The letting year in 2019 was also strong with a take-up result of around 544,000 sqm. Nonetheless, this fell 6% short of the extremely strong performance in the corresponding period of the previous year. Around 240,000 sqm of office space was leased in the first nine months of 2020.

Supply of office space for Hamburg's tenants is increasing

The supply of office space is increasing again following a period of steadily declining availability. Compared to the second quarter of 2020, the volume of vacant office space increased from around 400,000 sqm to around 460,000 sqm. Based on a total office stock of 13.8 million sqm, this corresponds to a vacancy rate of 3.3%, but is still considerably below the 5% needed for a fully functioning office market. The current and future improvement in the supply situation is due, among other things, to several new construction projects in the three principal submarkets of City, HafenCity and City South.

Office rents in the central submarkets remain stable at over €20.00/sqm

Prime rents had been rising steadily over the course of the year, but fell back marginally at the end of the third quarter, from €32.00/sqm to €31.00/sqm. Conversely, the average rent has remained stable at €17.90/sqm. Office rents in the centrally located submarkets will continue to exceed €20.00/sqm in the future because of the sustained, steady demand. An accurate overview of office rents in Hamburg can be found on our rental price map which is updated quarterly.

The manufacturing sector recorded the most lettings and the City submarket leads the location rankings

With take-up of 63,500 sqm, the City submarket occupied pole position in the location rankings at the end of the third quarter of 2020. Bahrenfeld followed with 33,400 sqm then City South with 32,800 sqm. The manufacturing sector was the most active with 35,400 sqm of lettings, followed by the real estate sector with 29,900 sqm. In the first nine months of 2020, although most leases (109) were concluded for office units with 250 - 700 sqm of space, this size category accounted for 49,600 sqm of lettings and just 21% of take-up. 33 lease contracts were concluded for units with more than 1,500 sqm, which accounted for the largest share of total take-up (approx. 75,300 sqm, and 46%).