Hamburg office market.
From the tenant's side.

The quarterly report for companies that are actually looking for an office, not for investors. As of 30/07/2026.

Hamburg office market H1 2026: selective demand meets growing supply

The Hamburg office market was subdued in the first half of 2026. Take-up of around 185,000 m² means a decline of roughly 15 % on the same period last year and stays well below the ten-year average. Economic uncertainty and restraint from the public sector are slowing deals down. Large lettings remained the exception; smaller deals shaped the market instead.

Take-up: subdued activity, but broad demand

Demand is concentrated on modern, ESG-compliant space in central locations with good public transport. Spaces up to 1,000 m² were particularly in demand and accounted for around 47 % of take-up. The largest single lettings came from MSC (approx. 13,000 m² in Q1), InnoGames (approx. 8,600 m² in Q1) and Deutsche Bank (approx. 7,600 m² in Q2).

By industry, transport and logistics, IT and multimedia, and consultancies led the way: a broadly diversified picture that reflects the continuing uncertainty. The city centre remains the location with the highest take-up, followed by City Süd and HafenCity.

Vacancy: supply expands to 7.2 %

Vacancy rose markedly within a year: the vacancy rate reached 7.2 % (previous year: 5.6 %). The market is thus slightly above the natural vacancy reserve, but remains moderate compared with the rest of Germany. Notably, only about 27 % of vacant space is modern, and new-build space in prime locations is still scarce. Peripheral locations are expanding their supply while premium space remains rare.

Around 220,000 m² are currently under construction, of which about 140,000 m² are still available (pre-letting rate approx. 35 %). Most completions, however, are only expected from 2027.

Rents: prime rises, average climbs moderately

The prime rent climbed to 38.00 €/m² in the half-year, an increase of around 6 % on the previous year. Individual high-priced new-build lettings above 41.00 €/m² send signals for upcoming projects. The average rent reached 22.50 €/m² (+3 % year on year).

Rents are developing in two directions: in the premium segment they keep rising, because modern supply is scarce and occupiers are willing to pay for quality, location and ESG compliance. In the mid-market segment, by contrast, prices are under pressure. Owners give way only reluctantly, while cost-conscious tenants look for cheaper options.

What this means for tenants

If you are looking for modern space in central locations, expect rising rents and limited availability. Decisions are often delayed because the right space is missing. In return, peripheral locations and older buildings offer more choice and room to negotiate, at the expense of appeal and ESG compliance.

Lease renewals are gaining importance: many companies postpone decisions to move or extend existing leases, because financial and organisational uncertainty dominates. The market is becoming more advice-intensive.

Outlook: cautious stabilisation

For the full year 2026 we expect take-up of around 410,000 m², roughly in line with last year. The well-filled letting pipeline could turn into signed deals in the second half of the year, particularly in the premium segment. Geopolitical and macroeconomic risks are gradually receding, and a step-by-step economic recovery is supporting demand.

In the medium term, with stable construction activity and high pre-letting thresholds, modern space is likely to become even scarcer. That keeps upward pressure on the prime rent. Vacancy should stabilise from the autumn, as new-build space is gradually let.

The Hamburg office market remains a tenant's market for quality: landlords who offer flexibility, ESG and central locations find demand and achieve their prices.