BNP Paribas Real Estate publishes market figures for Q4 2025
In 2025, €1.9 billion was invested in Hamburg's market for commercial real estate. This means that the Hanseatic city's result is around 17% below the previous year's result (€2.3 billion), but ranks third among the A-cities behind Berlin and Munich. Similar to the other top locations, the consolidation phase in Hamburg is already relatively advanced. However, the noticeable improvement in investor sentiment last year has not yet been reflected in a significant increase in investment volume. This is the result of the analysis by BNP Paribas Real Estate.
For a market recovery, which is also visible in an increase in investment volume, Hamburg has so far lacked a higher frequency of large-volume transactions completed. Last year, three major deals worth €100 million were registered: a nursing home portfolio in the mid three-digit million range (Q1), the Atlantic Haus, an office property in the lower three-digit million range (Q3) supported by BNP Paribas Real Estate, and the Holsten site, a development site (Q4).
For a market recovery, which is also visible in an increase in investment volume, Hamburg has so far lacked a higher frequency of large-volume transactions completed. Last year, three major deals worth €100 million were registered: A nursing home portfolio in the mid three-digit million range (Q1), the Atlantic Haus, an office property in the lower three-digit million range (Q3) supported by BNP Paribas Real Estate, and the Holsten site, a development site (Q4).
"While the yield level of office properties has stabilized at 4.25%, the yields of commercial buildings in prime locations have risen by 10 basis points to 3.85%. A slightly larger yield increase of 25 basis points was achieved by warehouse and logistics space, which now yields 4.50%," explains Heiko Fischer, Managing Director and Hamburg Branch Manager of BNP Paribas Real Estate GmbH.
