With a take-up of 281,000 m² in the first three quarters of 2026, the Hamburg office market is continuing its generally stable trend. Demand remains strong, but companies are increasingly making decisions on location and space in a cost-conscious manner and with a view to long-term planning certainty. With a share of around 33 per cent, the city centre remains Hamburg’s top-performing office location in terms of take-up. At the same time, the market is showing a mixed picture: modern, high-quality space remains in demand, whilst older stock and large-scale development projects face growing challenges.
The prime rent has risen to 36.00 EUR/m², whilst the average rent stands at 22.00 EUR/m². Rents of between 40.00 and 50.00 EUR/m² continue to be commanded for high-quality new-build projects in prime locations. “High rents can make marketing particularly difficult for projects that are not yet completed,” reports Gordon Beracz, Head of Office Lettings at Robert C. Spies in Hamburg, adding: “Companies are more likely to accept compromises on location or quality if this gives them planning certainty and reduces their overall costs.”
Major projects under pressure
The space requirements of many companies have changed as a result of working from home, desk sharing and a reduction in the number of permanent workstations. At the same time, lease agreements often no longer reach the scale required for very large new-build projects. The Elbtower, too, is a prime example of the challenges posed by large-scale property developments. “Without corresponding large-scale new-build deals, it currently seems unlikely that the prime rent will exceed the 50 EUR/m² mark in 2026,” says Gordon Beracz.
Total rental costs are coming into focus
In addition to the net rent excluding service charges, the total cost of office space is becoming increasingly important for tenants. Rising service charges are increasingly perceived as a ‘second rent’ and play a significant role in decisions regarding location and floor space. At the same time, many existing properties require substantial investment to reduce energy consumption and running costs. These measures initially incur additional investment costs, which must be recouped, at least in part, through higher rents. This creates the risk that savings on service charges may be partially offset by higher rents. “For owners, the question therefore currently is which measures are economically viable whilst also meeting tenants’ requirements,” explains Beracz.
Repurposing and neighbourhoods are gaining in importance
The trend towards repurposing continues. In particular, the conversion of office space into residential accommodation can help to adapt the stock of office space to changing demand and usage patterns. However, such changes of use take time. “In future, therefore, we are likely to think even more in terms of neighbourhoods,” says Beracz. Multi-tenant and mixed-use concepts, as well as flexible and adaptable properties, offer promising prospects in this regard.
Outlook for 2026
For 2026 as a whole, Robert C. Spies continues to expect office space take-up of between 370,000 and 420,000 m². “Future developments are likely to be shaped less by a pure demand issue than by the economic viability of spaces and projects,” predicts the property expert. High construction and financing costs, rising service charges, as well as refurbishment and ESG requirements are affecting companies, which are reducing their space requirements and operating in a more cost-conscious manner. For owners, this means that the strategic development of their properties is becoming an even greater priority.
You can download the full market report on office space in Hamburg for the second quarter of 2026, including charts, here.
