Avison Young in Hamburg
The Avison Young team in Hamburg, led by Jochen Völckers, comprises office leasing and investment experts who provide national and international clients with customized real estate advisory solutions in Hamburg and the greater region.
Located on the river Elbe, Hamburg is the economic center of Northern Germany. With some 1.8 million inhabitants within the city boundaries and five million in total in the greater metropolitan region, Hamburg is not only the second largest city in Germany, but also an important business and trade destination. Although trade always was and still is a very important pillar of the local economy, because of the second largest harbour in Europe (in terms of container handling), Hamburg’s economic landscape is diversified overall, with a broad industrial and service sector base. Hamburg is a leader in medical and aerospace technology as well as in solar and biotechnology. Furthermore, the Hanseatic city is one of Germany’s leading media and publication hubs, home to major magazines and newspapers and a center for creative advertising, design and games.
Hamburg’s office market is the third largest in Germany, with some 15.1 million square metres of office space – outperformed only by Munich and Berlin. The development of the brand new city district HafenCity has had a positive and dynamic impact on the traditionally stable and solid city’s office market.
For some years now, annual take-up has been well above 500,000 square meters, vacancy has decreased, and both prime rents and average rents have given in to upward pressure. Hamburg’s most sought-after office submarkets are the CBD and HafenCity.
Hamburg is Germany’s top retail location in the North. Its historical and vast CBD is home to national and international retailers active in the mid-market to luxury segment who value Hamburg’s above- average purchasing power. Whereas Mönckebergstraße and Spitalerstraße cater for the mid-market segment, the western part of Hamburg’s CBD with Jungfernstieg, Neuer Wall and Große Bleichen attracts mostly luxury retailers and shoppers. Due to its historic city development, Hamburg has a number of strong retail destinations outside the CBD which provide retail facilities for entire city districts and beyond. As Hamburg is home to international shopping center developer ECE, it comes as no surprise that shopping center density is above average in the Hanseatic City.
Hamburg harbor, with 8.8 million in TEU (2017), is the second largest in terms of container handling in Europe, outperformed only by Rotterdam. It offers excellent infrastructure for modal split creating high demand for logistics space in and around the harbour. As supply is relatively limited, prime rents are among the highest in Germany. The harbour’s proximity to the North Sea and Baltic Sea and its excellent inland connections make it a hub for trade and transport flows in Northern Europe.
For a number of years now, investors have valued Hamburg’s diversified economy, the city’s overall economic strength and its comparatively solid leasing markets. Accordingly, investment volumes have steadily risen over the past few years and prime yields decreased. In Hamburg, while all segments are in high demand, office transactions traditionally have accounted for the largest share.
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