Research

Hamburg Office Market Dynamics, Q4 2024

Summary and analysis of Hamburg's current office real estate market conditions.

January 16, 2025
Contributors:
  • Jessica Wöhrle

In 2024, the Hamburg office leasing market recorded a take-up of 430,900 sq.m., representing a 6% decrease compared to the previous year. Despite lower take-up, there were more deals than in the previous year (504 vs 484).

Even though completions were halved in 2024, the vacancy rate increased by 50 basis points within the year to 5.3%.

During the year, the prime rent increased by €1.50 to €36.00/sq.m./month.