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.

In these politically and economically challenging times, Hamburg’s office market once again demonstrated its stability in 2022. The full-year letting performance of around 580,000 sqm was a 14% improvement on the previous year and significantly above the 10-year average of around 527,000 sqm.  
 

Increased supply of vacant office space - prime rent remains at a record high

Contrary to the slight fall in the volume of vacancies over the previous quarters, the supply of vacant office space increased in the final quarter of 2022 to reach approx. 552,000 sqm at the end of the year. This means that the vacancy rate remains low at 3.9%.
The record prime rent of €35.00/sqm achieved in the third quarter was maintained in the fourth quarter. By contrast, the average rent recorded a moderate fall compared to the third quarter but at €20.20/sqm, remains above-average year-on-year. A detailed overview of Hamburg’s office rents can be found in our quarterly updated Rent Map.
 

Prime and average rents pick up over the course of the year

Both the prime and average rents increased year-on-year. The monthly prime rent increased from €31.00 to €32.00/sqm and there was a slight rise in the monthly average rent from €17.90 to €18.00/sqm. This rental growth is due in part to the high demand for well-appointed office space in city-centre locations.

IT/Multimedia lead industry rankings

With a letting performance of approx. 81,300 sqm, IT/Multimedia lead the industry rankings after the first half of 2022. The Industrial sector with a take-up of approx. 58,000 sqm and banks & financial services with approx. 45,200 sqm complete the top three positions with the highest take-up in the Hanseatic city. 

City leads the location rankings – significant rises in take-up in HafenCity and City-South

The City submarket occupied pole position in the location rankings in 2022 with a full-year take-up of approx. 149,000 sqm  (+22% year-on-year). In the top three locations with the highest take-up, City was followed by HafenCity with approx. 91,700 sqm (+99%) and City-South with approx. 75,800 sqm (+84%)..In the total year 2022, most leases (231) were concluded for offices in the 250 - 700 sqm size category; however, the approx. 98,300 sqm of lettings generated in this size category represent just 17% of take-up. With the conclusion of 76 leases, the >1,500 sqm size category accounted for the greatest share at 61% (approx. 355,600 sqm) of total take-up.