In 2025, the Hamburg office space market generated a total take-up of 410,000 m². This means that the result is around 14 per cent above the previous year’s figure and around 10 per cent below the five-year average of 454,400 m². Market activity continued to be characterized by restraint. Many companies have therefore once again opted for contract extensions, which – as well as owner-occupier contracts and sublettings – are not included in take-up. At the same time, Hamburg’s office market is proving resilient due to its broad industry structure. “In the fourth quarter, there was a significant increase in demand, which noticeably stabilized the annual result,” reports Gordon Beracz, Head of Office Space Leasing at Robert C. Spies in Hamburg.
High pre-letting rates remain a prerequisite
Despite the low number of new construction projects, the revival of the project pipeline, which was already evident in the second half of the year, continues.
At the same time, there is a growing awareness among owners of the future viability of existing properties. “Extensive revitalizations are gaining in importance, even if they are associated with high investment costs and structural challenges,” observes Beracz. Demand is stable but selective: the company is looking for space with a convincing location, modern equipment and efficient floor plans. In addition, the focus is on operating costs. Ancillary costs of up to just under 10 EUR/m² are no longer uncommon and have long since not only affected older buildings. Users of large spaces in particular are currently relying on extensions as they are waiting for new project developments, most of which will not come onto the market until 2028 to 2030.
“Market within the market” is becoming more visible – and vacancy rates are rising
Subletting will shape market activity in 2025 across almost all space segments. The rate of subletting and re-letting has continued to rise compared to the previous year. The officially reported vacancy rate is currently around 6 per cent or 865,000 m² and is expected to increase slightly in the first months of 2026.
In addition to the visible vacancy, the hidden vacancy rate continues to be significant. These are areas that are contractually rented, but are in fact not used. At the end of 2025, this “market within the market” reached a volume roughly equivalent to the officially reported vacancy rate. “It is striking that both take-up and vacancy rates are currently increasing,” notes Gordon Beracz and continues: “The reason for this is the use of sublet space as a temporary solution. Companies rent temporarily, provide planning security and later either switch to smaller, permanent tenancies or return the office space completely.”
In recent years, the subletting market has partially absorbed the actual supply surplus and thus made the vacancy rate “visible with a delay”. This effect is increasingly reversed. “More and more sublet space is becoming a regular vacancy because it is not absorbed again or only partially,” reports Beracz. At the same time, subleases are increasingly handing over companies back to the official rental market. Tenants who have previously switched to interim solutions for cost reasons or flexibility aspects are now looking for longer-term, fixed leases again. The subletting market is thus no longer only a one-sided dampening effect on take-up, but is also increasingly stimulating.
Out-of-date, inefficient space in weaker locations is increasingly getting into longer or structural vacancy phases. Here, the market acts like a chain: the lower productivity, space efficiency and attractiveness, the more difficult it becomes to re-let – even with low rents. In the long term, there is potential for conversions, for example to residential or mixed uses.
Prime rent reaches 33.50 EUR/m²
The average lease terms are currently five to seven years; long-term contracts are becoming rarer. The prime rent rose to EUR 33.50/m², which is around EUR 2/m² compared to the previous year. Due to the lack of new construction contracts, this value is currently also achieved in high-quality portfolios. The average rent is EUR 20.50/m² and thus remains at a stable high level. High-quality space in prime locations is increasingly exceeding the EUR 30/m² mark, especially in the segment up to 600 m².
“Public sector” dominates office market activity
With a share of around 22 per cent, the public sector remains the largest user group on the Hamburg office space market. Although the figure is below the previous year’s level, this sector still accounts for almost a quarter of all deals. The industrial sector follows with around 18 percent and has significantly increased its share compared to the previous year – a sign of a renewed willingness to invest.
Outlook for 2026
Total take-up is expected to be between 400,000 and 450,000 m² in 2026. Demand remains fundamentally dynamic and is likely to shift increasingly to peripheral office locations in addition to the city. “An additional influencing factor is Hamburg’s car-free city centre in the future, which will have an impact on location preferences, accessibility and real estate valuations in the medium term,” Beracz gives an outlook. In particular, areas with good public transport connections, multimodal mobility concepts and urban mix of uses can then benefit.
