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Hamburg : Major deals drive strong first half - Q2 2014

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Hamburg : Major deals drive strong first half - Q2 2014

Take-up on the Hamburg office market improved on the previous quarter by 20,300 sq m (+18.5%) to 130,300 sq m. This is the highest quarterly take-up since Q4 2011. Half-yearly take-up also achieved a very good result with a volume of 240,300 sq m.

The largest deal, not just in the second quarter but also in the first half, was the leasing by Deutsche Telekom (32,000 sq m) at a new development in City-North. The telecommunications company alone contributed around 13% to half-yearly take-up.
Compared to the two preceding quarters the achievable prime rent remained stable at €24.00 per sq m per month.

The vacancy rate has fallen from 8.5% in Q2 2011 – its highest level in the past ten years – by 2.5 percentage points to 6.0% at the end of Q2 2014.

Given the buoyant demand, we expect take-up to maintain its momentum in the second half as well, reaching a value of around 473,000 sq m, the annual average for the last nine years, by the end of the year.

Source : DTZ (Groupe UGL)

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