Hamburg in numbers: around 14 million m² of office stock
How big is Hamburg's office market really? Depending on how the market is delineated: around 14 to just under 16 million square metres. The key figures, and why they differ from one brokerage to the next.
How big is Hamburg’s office market?
Depending on how the market is defined, Hamburg's office space stock stands at around 14 to just under 16 million square metres. The figures vary from report to report because different area definitions and counting methods are used. For this reason, the source of each figure is stated below this article.
01 The stock
The workin. market report records a vacancy of around 865,000 m² at the end of 2025, with a rate of 6.0 %, which corresponds arithmetically to a stock of around 14.4 million m². Broader market definitions arrive at up to 15.8 million m² (Q2 2026). Both figures are correct, they simply measure different amounts of the city.
02 Take-up and vacancy
Take-up totalled around 400,000–410,000 m² in 2025. In the first half of 2026, take-up stood at 185,000 m² (workin. Market Report H1 2026). Vacancy stands at 7.2 % as at mid-2026 (workin. Market Report H1 2026). Important for tenants: a large share of the vacant space is older stock; modern space remains scarce.
Both figures are right, they just measure different amounts of city.From this article
03 The submarkets
| Submarket | Rent range 2025 |
|---|---|
| City | €19.00–37.00/m² |
| HafenCity | €17.00–34.00/m² |
| St. Georg | €15.00–23.50/m² |
| City Süd | €9.00–20.00/m² |
| Bahrenfeld | €10.00–19.00/m² |
| Wandsbek | €9.00–18.00/m² |
Net rents · Source: workin. market report H1 2026, as of 30/07/2026, and our own portfolio
04 A two-tier market
The average rent stands at 22,50 €/m², the prime rent at 38,00 €/m² (workin. Marktbericht H1 2026). The prime rent is the average of the highest deals; individual new-build deals exceed it. In secondary locations such as City Süd or Wandsbek, ranges start at 9,00 €/m²; there, tenants negotiate from the stronger position. For tenants this means: in the top new-build segment, negotiations run as in a landlord's market, everywhere else as in a tenant's market, two entirely different strategies.
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