With first-quarter take-up of industrial and logistics space in Hamburg and the environs at 70,000 m², the market returned its second-lowest result since the 58,000 m² posted in 2013.
“By the end of March we had still not registered any agreement for more than 10,000 square metres, and there were hardly any construction starts for owner-occupiers,” says Nico Beckmann, consultant for industrial and logistics properties at Grossmann & Berger Immobilien, member of German Property Partners (GPP). Properties sized between 5,000 and 10,000 m² made up the lion’s share (56 %) of the market.
“While there is indeed still call for big-box space, overall demand has slackened as no-one can be certain how the economy will develop. Akin to the situation on the office-letting market, companies that are prepared to move are unwilling to make compromises. Therefore a much longer time is now spent on talks prior to signing an agreement.”
Partly due to the demand for high quality, both the average and premium rents have continued to rise.
For market data and top agreements, please have a look at the word document.