In the 1st quarter of 2026, take-up on the Hamburg office letting market amounted to 92,400 m². This represents a decrease of 19% compared to the previous year. Compared to the ten-year average, sales were around 22% lower.
The vacancy rate rose by 40 basis points to 5.7% compared with the previous quarter. Year-on-year, the ratio increased by 130 basis points. The prime rent was EUR 36.50/m² and recorded an increase of 2.8% compared to the previous quarter and the same quarter of the previous year. The median rent amounted to EUR 20.50/m², an increase of 2.5% compared to the previous quarter, but 2.4% lower than in the same quarter of the previous year.
Hendrik Faden, Associate Director and Team Leader Office Agency at Savills in Hamburg, comments: “At the beginning of the year, office users in Hamburg are increasingly looking for office space again, while the supply of high-quality space remains low. Contract extensions are therefore often not an active decision, but an interim solution. Users gain time and postpone decisions into the future. A major reason is that new projects are only launched very selectively due to restrictive financing conditions and the weakness of the investment market and usually require a high level of pre-letting. As a result, there is hardly any new construction space available to the market. Supply in good locations is limited overall and prime rents are supported because demand is concentrated on a few available options.”
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.
Supplementary graphics and data for this press release: Online dashboard for the top 6 office markets.
