Hamburg’s industrial and logistics real estate market achieved take-up of around 196,000 square metres in the first half of 2026. Compared to the same period last year, this corresponds to a decline of ten percent. However, this was not due to declining demand, but to the limited supply of modern logistics space. These are the results of a recent analysis by the global real estate service provider CBRE.
“The Hamburg market remains clearly supply-driven. Demand is basically there, but is being slowed down by the lack of space,” says Tobias Heine, Team Lead Industrial & Logistics Leasing Northern Germany at CBRE. “In particular, modern new construction space is only available to a very limited extent and many projects are not completed in time. Accordingly, there is simply a lack of space to realize additional closures.” At the same time, market activity in the first half of the year was dominated by classic lettings. Larger deals were mainly for companies in the transport and logistics and retail sectors, while owner-occupiers and production companies played a smaller role.
The prime rent for logistics properties rose by around six percent year-on-year to 9.00 euros per square metre per month. Modern space in well-connected locations remains in high demand and enables correspondingly higher rent levels.
The vacancy rate remained at a very low level despite a slight increase in the meantime. Although there are a few existing properties available, there is still no sign of structural vacancy on the Hamburg market. “Supply remains extremely scarce for classic big-box logistics properties in top locations. In some cases, smaller spaces are vacant, but overall the vacancy rate is expected to remain at a very low level in the course of the year,” says Sarina Schekahn, Head of Industrial & Logistics Leasing Germany at CBRE.
Outlook for the full year 2026
“We continue to expect solid demand for the second half of the year. However, the sales potential will continue to be significantly limited by the available supply in the future,” says Heine. “As long as only a few existing spaces become available and too few new construction projects are realised, take-up will fall short of its actual potential. However, the previous year’s level of a good 300,000 square meters should still be exceeded.”
