Office Market Profile
Office Market Profile Hamburg | 1st quarter 2020 Published in April 2020 Hamburg Development of Main Indicators Absence of major deals on the letting market Around 98,000 sqm of space was let or secured by owner- occupiers in the Hamburg off ice letting market in the fi rst quarter, 30% and 20% below the fi ve- and ten-year averag- es, respectively. A higher take-up result was not possible due to the absence of major contracts: the two largest contracts were each concluded for units with less than 6,000 sqm. The City Centre and Port Fringe submarkets recorded the highest take-up, accounting for over 40% of the total re- however, more subleased space is expected to come onto sult. In terms of industrial sectors, business-related service the market in the near future as a result of the current coro- providers (19,000 sqm) assumed fi rst place in the rankings navirus crisis. Coupled with a weakening in demand, this as usual, followed by three sectors (construction and real will lead to a narrowing of the gap between supply and estate, education, health and social services, and manu- demand in tenants’ favour. Just 15% of the around 190,000 facturing), all of which accounted for around 10,000 sqm of sqm of off ice space to be completed in 2020 is still available take-up. Flexible off ice space providers rented around to the market and even less space will be completed next 7,000 sqm in three locations, including IWG at Jungfern- year, but an increase in the supply pipeline is expected in stieg for the Signature brand.
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