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Hamburg: Office Leasing H1 2020

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The Hamburg office market finished out H1 in crisis mode with take up at roughly 175,000 sqm, down 45% yoy. This result came in 33% short of the 5 year average and 26% of the 10 year average. The impact of the pandemic was quite noticeable in Q2, which posted a mere 76,600 sqm in take up. Large scale leases for units of over 10,000 sqm remain absent this year to date as well. The vacancy rate was up 20 bps in Q2 to 2.8%. The impact the current situation is having on office rents in Hamburg has yet to be felt with prime rents stable at €30.00 per sqm and average rents posting €17.00 per sqm. Provided that the remainder of the year does not see a second lockdown, take over for H2 could match H1 results. Although vacancy rates will rise in response to the economic impact of the pandemic, they will remain within a healthy range of below 5%.

Hamburg

Hamburg: Office Leasing H1 2020

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Susanne Kiese

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Susanne joined Colliers International Holding GmbH in February 2016 as Head of Research Germany. Before, she worked as a Senior Research Analyst for Hypothekenbank Frankfurt / Eurohypo, a specialist bank for real estate and public finance for almost 12 years. Susanne was also Research Analyst with Deutsche Gesellschaft für Offene Immobilienfonds (DEGI) GmbH, the property related investment company of Allianz Dresdner Property Group (now part of Aberdeen). 

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