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.

Momentum in Hamburg’s office market continued in the second quarter of 2022 with a letting performance of around 176,000 sqm. When added to the approx. 133,000 sqm of office space taken up in the first quarter, total take-up by the mid-point of the year has reached approx. 309,000 sqm, a 37% increase in take-up year-on-year.

Decrease in the supply of vacant office space - average and prime rents at record levels

The steady rise in the volume of available office space ended with a fall in the vacancy rate from approx. 551,000 sqm to 512,000 sqm between the first and second quarters, corresponding to a current vacancy rate of 3.7%. As in the previous quarter, the average rent increased significantly, rising from €19.60 to €20.90/sqm. The prime rent recorded a similarly significant increase in the course of the quarter, rising from €32.00 to €33.90/sqm, putting both the average and prime rent at record levels.
You can find a detailed overview of Hamburg’s office rents 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.

Banks & financial services lead industry rankings

With a letting performance of approx. 40,100 sqm, banks & financial services lead the industry rankings after the first half of 2022. The real estate industry with a take-up of approx. 30,300 sqm and transport & logistics with approx. 27,700 sqm complete the top three positions with the highest take-up in the Hanseatic city. 

The City office submarket once again records the highest take-up

The City submarket continues to occupy pole position in the location rankings at mid-point of 2022 with a take-up of approx. 104,700 sqm, which is a considerable 65% increase year-on-year. HafenCity follows with approx. 56,100 sqm (+30%) and Bahrenfeld with approx. 17,300 sqm (-38%).In the first six months of 2022, most leases (111) were concluded for offices in the 250 - 700 sqm size category; however, the approx. 46,100 sqm of lettings generated in this size category represent just 15% of take-up. With the conclusion of 41 leases, the >1,500 sqm size category accounted for the greatest share at 62% (approx. 191,700 sqm) of total take-up.