At the end of the year the total take-up of industrial and logistics space in the Hamburg region stood at an all-time low of only about 250,000 m². Although year on year more rental agreements and construction starts for owner-occupiers were noted, overall take-up was some 14 % below the weak result posted in the prior year. The total plunged 47 % below the long-term average. Only one agreement for more than 10,000 m² of space was concluded. “The economic vagaries of the past year played an adverse role when companies were considering whether to rent premises or not. This was particularly true of firms potentially needing large amounts of space; in view of unpredictable business prospects they put plans for a possible move on the back burner,” comments Felix Krumreich, consultant for industrial and logistics real estate at Grossmann & Berger, a member of German Property Partners (GPP). Looking ahead in 2025 Krumreich says that, “Currently, the economic forecasts are not encouraging and liable to curb the rate at which space can be let in the year ahead. In the longer term, when demand gathers momentum, the limited supply of modern real estate will once again depress take-up figures.”
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