Market at a glance
The Hamburg office leasing market finished out Q1 with 128,100 sqm in take-up, up 30% from previousyear results and exceeding the 100,000 sqm threshold for the first time since Q4 2019. The result came in 9% above the 5-year average and 15% above the 10-year average. With a total of 136 leases signed, leasing activity was significantly higher compared to the previous year, in which 126 leases were recorded. Four leases were signed in the space segment of over 5,000 sqm. The public sector accounted for 19% of takeup, making a significant contribution to a favorable start to the year. The vacancy rate recorded a slight increase to 3.2% in Q1. Prime rents remained stable at €30.00 per sqm, while average rents increased to €17.70 per sqm as a result of high-priced, largescale lease signings. Assuming the current market environment gradually improves, we expect annual take-up of up to 400,000 sqm for 2021.