In the 1st quarter of 2024 there was very little demand for office space, which is reflected in the low take-up figures. At around 85,000 m², take-up was lower than in any first quarter since 2012. Year on year, take-up of space slumped by 19 %.
In particular, the low number of large-volume agreements and the lack of construction starts for owner-occupiers contributed to the downturn.
Over the course of the year, the market is likely to revive slightly as several large firms are still looking for premises in Hamburg. However, companies now take even longer to reach a decision about renting space.
“We are observing that users are far less prepared to make compromises when choosing their new offices. Potential tenants are looking for office space that meets as good as every criterion in their catalogue of demands,” remarks Andreas Rehberg, spokesperson for the management board of Grossmann & Berger Immobilien, member of German Property Partners (GPP).
Market figures can be found in the press release for download.
Our Market survey office letting Hamburg 2024/Q1 is available on our website.
