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."
