Between April and June the trends noted on the market for industrial and logistics properties in Hamburg and the environs in the 1st quarter became more pronounced. These are: shortage of space, mid-sized agreements, rental highs. Accordingly, at 170,000 m², the half year take-up was below average. This translates into a year-on-year fall of 32 %.
“The lack of available space is increasingly forcing companies to move to the environs. Thus take-up of space in Hamburg fell by 45 per cent, a far more dramatic drop than in the environs, where take-up was down by 16 per cent. Meanwhile, users are taking more interest in peripheral locations, above all if the properties are modern and conform to ESG standards,” explains Nico Beckmann, consultant for industrial and logistics properties with GPP-member Grossmann & Berger. “In view of the economic situation, however, there is somewhat less demand.”
Details industrial & logistics market Hamburg:
- Year on year the proportion of owner-occupiers held steady at 19 %. There was only one transaction in this segment in the previous quarter, a figure that has now increased to 8. To date, the biggest property taken by an owner-occupier was 7,000 m², compared with around 19,000 m² a year ago.
- Year on year, take-up of real estate in the size category of more than 10,000 m² fell by about two thirds to 35 %, the number of agreements registered dropped by over half to 4. The biggest new agreement was signed by TST Logistics to secure some 20,500 m² of space in the “Prologis Park Neu Wulmstorf”.
- Both the average and the premium rents remained at the high levels reached in the previous quarter.
- Whereas a year ago trade/retail absorbed the majority of space (51 %), the sectors of industry dominating the market were logistics and forwarding with 39 %, followed by manufacturing, industry & craft trades with 35 %. Two of the four agreements for more than 10,000 m² of space were signed by logistics firms, one by a manufacturer.
- Year on year the distribution of take-up between city and environs was reversed: At the end of June 2023, the environs accounted for some 55 %, the city for 45 %. The North West Environs sub-market posted the largest share of take-up at 19 % and the number of agreements was more than doubled. In the 2nd quarter alone, for example, three companies moved into the industrial estate at Tornescher Weg 5-7 in Uetersen for a total new take-up volume of some 12,500 m². Hamburg South and East Environs followed, each with a 16 % share of take-up. In each of these two sub-markets one of the four agreements for more than 10,000 m² of space was registered.
An overview of the top deals and all relevant market figures can be found in the press release for download.
Our Market report industrial & logistics Hamburg 2023/Q1-2 in PDF format is available to download from our website.