Take-up in Hamburg, at 110,000 sq m, was in line with the first quarter of 2013.
This result is mainly attributable to five deals, each of them at over 5,000 sq m. The two largest take-ups were new building projects for two owner-occupation properties (Marquard & Bahls: 15,000 sq m and Jungheinrich: 10,000 sq m).
The vacancy rate was 6% as of end of Q1 2014, the lowest since spring 2003. In the last twelve months, the office stock has increased by approximately 100,000 sq m to 14.45 million sq m.
No completions were recorded in the first quarter while 271,000 sq m of office space is currently under construction. Of this, 177,000 sq m is set for completion this year. This means that the predicted volume of completions for 2014 is almost 12% higher than it was the case last year.
We expect take-up to be at least 430,000 sq m by the end of the year. This is equal to the average take-up for the last ten years.
Source : DTZ (Groupe UGL)