Once again, office-letting in Hamburg failed to meet expectations, posting only around 300,00 m² of take-up and thus falling some 8 % below the prior year’s weak figure. Since the beginning of the year the number of agreements signed for more than 1,000 m² of space has dropped by around 50 % year on year. “But one good sign is that right now some fairly big firms have reached an advanced stage of planning to rent specific office suites. However, experience teaches us that it takes quite a long time to conclude the rental process for large office suites. With a few exceptions, negotiations will probably drag on until the coming year. At the moment we notice that clients are ready and willing to conclude leases, above all for office suites offering less than 1,000 m², which we interpret as pointing to a sustainable revival of the office market in 2025,” says Nils Larsen, head of office-letting Hamburg at Grossmann & Berger Immobilien, member of German Property Partners (GPP).
For market data and top agreements, please have a look at the word document.
The market survey office-letting Hamburg 2024/Q1-3 is available to download.
