Take-up just misses 100,000 m² in the first quarter
Hamburg's office letting market got off to a rather subdued start to the year and, with 98,800 m² of take-up, missed the 100,000 m² mark for the second time in the past ten years. Compared to the previous year, this represents a decrease of 25 percent. The ten-year average was undercut to the same extent. The number of rentals also fell compared to the first quarter of 2025 - but only by ten percent to 123.
Alexander von Bülow, Branch Manager and Senior Team Leader Office Leasing at JLL Hamburg: "The decline is mainly due to fewer deals in the three size classes between 1,000 m² and 10,000 m². A total of nine lettings with a total of just under 30,000 m² are missing here - especially in the category between 2,500 m² and 5,000 m² with a minus of 14,900 m²." With a transaction of 13,000 m², major deals were almost identical to the previous year. It is the new building of the MSC German headquarters in Stockmeyerstraße in the HafenCity submarket. The next largest individual lettings are in the sub-markets of City Süd (core area), Altona-Ottensen-Bahrenfeld, Bergedorf and twice in St. Pauli.
Although the transport, traffic and warehousing sector was the largest in terms of area with a total of 18,300 m², partly due to the MSC agreement, IT and business-related service providers generated the most momentum in terms of deals with 14 and 19 respectively. So far, the public administration has been passive.
Meanwhile, the vacancy rate rose by a significant 150 basis points within a year to 6.9 percent. In particular, numerous square metres are available in the core area of City South (11.9 per cent), City North (10.8 per cent) and HafenCity (10.1 per cent). The ratio rose in almost all sub-markets.
After the jump of five euros from the third to the fourth quarter of 2025, the prime office rent has taken a break again for the time being and stands at 41 euros, as at the end of the previous year.
