Office Market Profile

Hamburg | 3rd quarter 2020 Published in October 2020 Development of Main Indicators

800 ‘000 sqm % or €/sqm/month 35.00 30.00 No major deals were concluded 600 25.00 245,500 sqm of office space was let or reserved by owner- 20.00 400 occupiers in the Hamburg office letting market in the first 15.00 three quarters of 2020. This is 43% lower than the volume 200 10.00 secured during the same period last year and by far the 5.00 weakest result for the past ten years. However, contrary to 0 0.00 the pandemic-induced slump observed in the previous 2015 2016 2017 2018 2019 Q3 2020 quarter, a slight increase in the take-up of smaller premises Take-up cumulated (LHS) Prime rent (RHS) Vacancy rate (RHS) was observed. Again, no major lettings were concluded dur- ing this quarter, and just six leases for premises of 5,000 - Just under 131,000 sqm of office space will be completed 6,000 sqm were signed over the past nine months. Four of- in the final quarter of this year. At 84%, most of this has al- fice submarkets (City Centre, Altona--, ready been let or reserved by owner-occupiers. A further City South (Core Area) and the Harbour Fringe) were respon- 454,000 sqm is currently under construction, over 60% of sible for over two-thirds of take-up. The vacancy rate is un- which is still available to let in the market; these projects changed since the previous quarter at 2.7%. Although there are expected to be completed between 2021 and 2023. are no signs yet of the anticipated (pandemic-induced) in- creased volume of space released for subletting in Ham- The prime rent is unchanged at €30.00/sqm/month and burg’s commercial property market, this could change over the weighted average rent has levelled off at €17.47/ the next six months. sqm/month.

Hamburg: Office Space Market Areas with Rental Bands (€/sqm/month) Hamburg: Office Space Market Areas with Rental Bands (€/sqm/month) JLL Research 2020/Q3

Hummelsbüttel A 23 Wellingsbüttel

Puetjen FuhFllsubgühttaeflen Hamburg Niendorf Airport / Ohlsdorf Groß Borstel Hamburg North-East B 4 € 9.00-13.50 € 9.00-12.50

Halstenbek Farmsen-Berne Groß Borstel

Rahlstedt Schenefeld City Nord € 9.50-15.00 Barmbek / Bramfeld / Eppendorf / Winterhude € 10.00-15.50 HarvesteEphpuenddoer f/ Stellingen € 10.00-14.50 Barmbek-Nord Hamburg-West € 9.00-12.50 € 12.50-22.00 Tonndorf -Ost Hamburg Hoheluft-West Barmbek-Süd Wandsbek Osdorf Bahrenfeld € 9.00-14.50 Eimsbüttel Eimsbüttel Uhlenhorst € 10.00-14.50 Barsbüttel Rotherbaum Marienthal Altona-Nord A 24 Groß Flottbek Altona-Ottensen-Bahrenfeld Hohenfelde € 12.00-17.50 St. Pauli East of Alster / € 12.00-22.50 St. Georg St. Pauli St. Georg City Centre Hamm € 12.50-21.50 Ottensen Neustadt City Süd (Outer Zone) Horn € 14.50-30H.a0m0burg- A 7 / Altona- Altstadt € 9.00-12.50 Altstadt / Harbour fringe City Süd (Core Area) A 1 Billstedt € 13.50-22.50 € 9.50-16.00 € 6.00-12.50 HafenCity WalteHrsahorfburg - south of the river € 16.00-26.00 € 9.00-14.50 Kleiner Billbrook Grasbrook € 9.00-15.00

Office Market Profile | rd 3 quarter 2020 Hamburg Contacts Contact Berlin Stephan Leimbach Helge Scheunemann Gerald Dietzold Head of Office Leasing , Head of Research Germany Senior Team Leader Office Leasing Member of the JLL Strategy Board +49 (0) 40 350011 225 +49 (0) 30 203980 144 Germany [email protected] [email protected] +49 (0) 69 2003 1245 [email protected]

Contact Düsseldorf Kontakt Frankfurt Contact Hamburg Martin Becker Suat Kurt André Hoffmann Senior Team Leader Office Leasing Senior Team Leader Office Leasing Senior Team Leader Office Leasing +49 (0) 211 13006 600 +49 (0) 69 2003 1347 +49 (0) 40 350011 352 [email protected] [email protected] [email protected]

Contact Cologne Contact Munich Contact Stuttgart Knut Kirchhoff Fritz Maier-Hartmann Sebastian Treier Regional Manager Cologne Senior Team Leader Office Leasing Team Leader Office Leasing +49 (0) 221 2775 17 +49 (0) 89 290088 139 +49 (0) 711 900370 36 [email protected] [email protected] [email protected]

jll.de Information regarding JLL and our services jll.de/research All research reports on current market figures and special topics jll.de/immo Commercial real estate properties for sale or to let througout Germany

Copyright © JONES LANG LASALLE SE, 2020. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of Jones Lang LaSalle. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We would like to be told of any such errors in order to correct them.