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.

Letting activity in Hamburg’s office market picked up significantly again in 2021. Many companies resumed and implemented their delayed letting decisions during the year. As forecast, the strength of demand increased further in the second half of 2021 due to the mounting pressure for change.

Consequently, with a letting performance of approx. 284,000 sqm, take-up was stronger in the second half of the year than in the first (approx. 225,000 sqm) with the volume of take-up in the year as a whole reaching approx. 509,000 sqm, a considerable 50% uplift year-on-year.
 

Supply of office space increases again, but remains scarce

The  supply of office space increased once again in 2021. Whilst around 485,000 sqm of office space was available to let at the end of 2020, the volume of vacancies had increased to around 540,000 sqm by the end of the final quarter of 2021. This corresponds to a sustained low vacancy rate of 3.9%. 

Most of the 574 lettings recorded by Angermann so far this year were concluded in the 250 - 700 sqm size category (272); at approx. 119,000 sqm, this category accounted for 23% of the total take-up result. At 54% (approx. 272,200 sqm), the >1,500 sqm size category was responsible for most space take-up, with 63 leases concluded here. 

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.

City leads location ranking - transport/logistics segment strongest in terms of take-up

With a take-up of approx. 121,700 sqm, the City submarket continued to occupy pole position in the location rankings at the end of the final quarter of 2021. This was an increase of 53% compared to 2020 and demonstrates the increased willingness of Hamburg's office tenants to take on new space. The following positions in the top three office locations with the highest take-up were secured by Bahrenfeld with approx. 47,400 sqm and HafenCity with approx. 46,100 sqm. 

Transport/logistics was the most active segment, accounting for approx. 63,300 sqm of the newly acquired office space. The other leading positions in the sectoral rankings were secured by manufacturing with approx. 49,900 sqm and the public sector with approx. 36,900 sqm.