At the end of the first half of 2026, the Hamburg investment market achieved a transaction volume of €967 million. Although the long-term average is still missed by 29%, growth of 19% compared to the previous year is recorded, the best half-year result since the interest rate turnaround. Behind Munich, the Hanseatic city ranks second in the ranking of Germany's top markets with its current volume. This is the result of the analysis by BNP Paribas Real Estate.
"After a subdued start to the year with a transaction volume of € 300 million, market activity picked up noticeably in the second quarter. At €667 million, not only was the majority of the half-year result achieved, but also the second-best quarterly result since 2022. The transaction frequency is also above the previous year's level, which speaks for an increasing market breadth. The largest transaction in the past three months was the purchase of the Alsterhaus by a joint venture of the Schoeller Group Family Office together with a pension fund," explains Heiko Fischer, Managing Director and Hamburg Branch Manager of BNP Paribas Real Estate GmbH.
Over the past twelve months, net prime yields for office properties and commercial buildings have risen by 10 basis points each. In the logistics segment, the rise in yields was much stronger at 35 basis points. Currently, the net prime yields in Hamburg are 4.35% for office properties, 3.85% for commercial buildings and 4.60% for logistics properties.
Retail & Logistics comparatively strong
The office asset class makes the largest contribution to the transaction volume at €356 million. The investment volume has risen noticeably again compared to the previous two years and there are significantly more properties on the market again. The development of the retail and logistics asset classes, which each achieved above-average sales of around €230 million, should also be highlighted positively. However, both segments were largely determined by a few major deals, such as the Alsterhaus.
