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Hamburg : Stable demand for offices - Q2 2013

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Hamburg : Stable demand for offices - Q2 2013

The Hamburg office market enjoyed stable demand for letting space in the first half of 2013. In the first quarter, around 110,000 sq m of office space was let, the second quarter followed with around 105,000 sq m. The total of 215,000 sq m exceeds the results for the same period of 2012 by 5%.

Over the last 12 months, the amount of vacant office space has fallen by around 80,000 sq m. There is currently around 905,000 sq m of office space available for potential tenants to occupy within the next three months. Hamburg’s vacancy rate of 6.3% is the lowest of Germany’s top five markets.

The achievable prime rent has remained constant at EUR 24.00 per sq m per month since summer 2012.

We expect take-up of office space to rise by the end of the year to around 450,000 sq m. A number of major transactions should ultimately ensure this result. No changes are expected in prime rents which will remain at the current level.

Source : DTZ (Groupe UGL) 

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