With take-up of 221,000 m² in mid-2026, Hamburg’s office market is continuing its stable development. “Demand remains high, even if companies continue to make location and space decisions with great care,” reports Gordon Beracz, Head of Office Space Leasing at Robert C. Spies in Hamburg. With a share of 29.5 percent of total take-up, the city remains Hamburg’s office location with the highest take-up. The current market data suggest an overall positive course for the year.
Prime rent rises – differences in quality become more evident
The prime rent increased slightly in the second quarter and currently stands at EUR 35.20/m². The average rent is EUR 20.70/m² and thus remains at a stable level.
Portfolio development becomes the central ownership task
The challenges on the office market are increasingly shifting from leasing to the strategic development of existing properties. “Properties with increased vacancy rates in particular require active repositioning and a future concept today,” emphasizes Beracz. More than ever, there is a demand for consultants and partners who support owners in the strategic development of their properties. “For many owners, the question arises as to what role their property can play in the market in the next ten years and what investments are required for this,” observes the office property expert. Many existing properties are now in an investment backlog. At the same time, yields are coming under pressure. Nevertheless, investments in the portfolio remain indispensable in order to secure competitiveness in the long term.
Conversions continue to gain in importance
At the same time, the trend towards conversions continues. Increasingly, office space is being used for other types of use and thus permanently withdrawn from the office space stock. The market is thus reacting to changing demand and usage structures.
Outlook for 2026
For 2026 as a whole, office space take-up is expected to be between 400,000 and 450,000 m². After a solid first half of the year, this target seems achievable. “Numerous applications for space and ongoing negotiations suggest further market impulses in the coming months,” predicts Gordon Beracz.
The non-decision regarding Hamburg’s Olympic bid is likely to influence individual development projects, but does not change the fundamental prospects of the office market. Hamburg continues to have strong economic conditions and a high attractiveness as a location. “There are many indications that the city will continue to develop successfully under its own steam in the future,” says Beracz. At the same time, the active further development of existing properties remains a central task for owners. Those who invest early and adapt properties to changing requirements create the basis for long-term competitiveness and stable rental success.
