After nine months, the logistics lettings market in Hamburg has recorded significantly higher lettings turnover than in the previous year. Total space turnover remains slightly below the previous year’s level. Economic uncertainties and rising fuel costs are causing many tenants to postpone their letting decisions.
The lack of new development projects is limiting the supply of available space. As a result, many enquiries cannot be met. Tenants are turning to outlying areas or other locations such as Bremen and Hanover. Demand from Asian companies has recently slowed. Further enquiries are coming from the defence sector and are primarily for production and industrial sites.
In the investment market, transaction volumes are significantly higher than last year’s levels. However, higher interest rates continue to dampen market activity. The changed financing conditions play a decisive role, particularly in transactions involving smaller properties.
