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.

Hamburg’s office market continued its solid start to the year in the second quarter of 2023 with 129,000 sqm of newly let office space. When added to the 99,000 sqm of office space taken up in the first quarter, total take-up by the mid-point of the year has reached 228,000 sqm, The SME sector lived up to its expected role as a stabiliser and guarantor of solid letting performance. 

Supply of vacant office space declines once again 

As in the previous quarter, the supply of vacant office space reduced during the second quarter of the year. Instead of 532,000 sqm, just 524,000 sqm of office space is currently available, corresponding to a vacancy rate of 3.7%. 

Prime rent unchanged at record level of €35.00/sqm

The record prime rent of €35.00/sqm, achieved for the first time in the third quarter of 2022, was also achieved in the second quarter of this year. The average rent recorded a significant increase compared to the previous quarter, rising from €19.90/sqm to reach €22.00/sqm. You can find a detailed overview of office rents in the Hamburg city area in our quarterly updated Rent Map.
 

Consulting sector leads industry ranking

The consulting sector recorded the highest volume of take-up in the industry ranking in the first six months of 2023 with a letting performance of around 18,000 sqm. This was closely followed by the printing and publishing sector with 17,900 sqm and the IT / multimedia sector with 17,600 sqm. 

City office submarket once again records the highest take-up

The City submarket continued to occupy pole position in the location rankings at the end of the first six months of 2023 with a take-up of 69,300 sqm, In the top three locations with the highest take-up, City was followed by HafenCity with 31,600 sqm and City-South with 21,400 sqm. In the first six months of 2023, most leases (108) were concluded for office units with 250 - 700 sqm of space; however, the 27,000 sqm of lettings generated in this size category represented just 18% of take-up. The >1,500 sqm segment, in which 34 lease contracts were concluded, accounted for the largest share at 56% (128,300 sqm) of total take-up.