Closing at €370m, the volume of investments in commercial properties posted in Hamburg reached only a nine-figure sum for the sixth quarter in succession. Nevertheless, compared with the exceptionally weak result in the same period of 2023, investment is up by 118 %.
“Between January and March more transactions were completed than a year ago, however we remain in a phase of low trading activity. No sales whatsoever of properties costing over 100 million euros were completed in the first quarter,” comments Frank-D. Albers, managing director of Grossmann & Berger, member of German Property Partners (GPP). Comprising 55 % of the total volume of transactions, properties selling for up to €50m predominated.
“Frequently, the biggest hindrance to an agreement is the difference between how buyers and sellers rate the fair market price. We do, however, note that in cases where asking prices have been revised, there is growing investor interest in office buildings in good locations. Moreover, now that the yields on office and logistics properties have converged further, investors have become more inclined to shop for logistics real estate. The prospect of lower interest rates and the growing willingness of ever more players to make investments combine to indicate a moderately good outlook for the rest of the year – all investors are keeping a watchful eye out for good opportunities to buy.”
For market data and top agreements, please have a look at the word document.
Our Market survey investment Hamburg 2024/Q1 is available on our website.
