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Property Times

Hamburg: steady take-up - Q4 2013

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The steady letting activity of the previous quarters continued on the Hamburg office market in the fourth quarter. At round 108,000 sq m take-up reached a similar level to quarters one to three. Office space take-up for 2013 as a whole was 428,000 sq m and at the level of the preceding year (430,000 sq m).

The supply of office space in stock and available for occupation within the next three months is 875,000 sq m. Compared to the start of 2013 the level of vacancies reduced by 60,000 sq m. Over the past twelve months the vacancy rate sank from 6.5 to 6.1%.

The achievable prime rent rose again to € 24 per sq m per month, after softening briefly by € 0,50 in the third quarter. The weighted average rent of spaces that have been newly-leased in 2013 is € 13.90 per sq m per month.

We expect letting activity to revive over the course of 2014 and also that a few searches for larger can be brought to a conclusion, so that higher annual value will be achieved than in 2013.

Source : DTZ (Groupe UGL)