In the first half of 2026, take-up on Hamburg's office letting market amounted to 174,400 m². This corresponds to a decrease of 16% compared to the previous year. Compared to the ten-year average, sales were 27% lower.
The vacancy rate rose by 20 basis points to 5.9% compared with the previous quarter. Year-on-year, the ratio increased by 110 basis points. The prime rent amounted to 37.00 EUR/m². Compared with the previous quarter, it rose by 1.4%, and compared with the same quarter a year earlier, it was 5.7%. The median rent reached EUR 20.90/m² and was thus 2.0% above the level of both the previous quarter and the same quarter of the previous year.
Hendrik Faden, Associate Director and Team Leader Office Agency at Savills in Hamburg, comments: "The Hamburg office leasing market is currently characterised by a contradiction. Many companies want to adapt their space, but do not want to commit themselves financially and organizationally. Hybrid working models and the desire for higher quality trigger search processes. At the same time, economic uncertainty and cost pressure lead to decisions being postponed and risks avoided. This does not create a broad dynamic in new leases, but a selective market with two focal points: Those who have to save consistently look for low-cost and functional solutions; those who accept higher rents expect a central location, good connections and high quality. Since many owners have so far only given in to a limited extent on prices and contractual terms in the middle segment, this sorting is intensifying. Back-office locations such as City Nord are coming under further pressure, while high-quality new construction space in central locations remains in demand and supports prime rents."
Savills expects take-up in 2026 to be above the previous year's level. At the same time, the continued focus on high-quality office space with limited supply is likely to lead to rising prime rents by the end of 2026.
