The Hamburg industrial and logistics property market recorded a take-up of 196,000 square metres in the first half of 2026. This figure represents a ten per cent decrease compared to the same period last year. Analysis by global real estate service provider CBRE indicates that this decline is not due to flagging demand, but rather to a continued limited supply of modern logistics space.
Tobias Heine, Team Lead Industrial & Logistics Leasing Northern Germany at CBRE, states that the Hamburg market is clearly supply-driven. Demand is fundamentally present but is hampered by the lack of available space. In particular, modern new-build space is only available to a very limited extent, and many projects are not being completed on schedule. Consequently, there is a shortage of space to realise additional transactions.
Market activity in the first half of the year was primarily characterised by traditional lettings. Larger transactions were predominantly concluded by companies from the transport and logistics and retail sectors. Owner-occupiers and production companies played a lesser role. Prime rents for logistics properties rose by approximately six per cent year-on-year to EUR 9.00 per square metre per month. Modern spaces in well-connected locations continue to be in high demand, contributing to the correspondingly higher rent levels.
Despite a slight interim increase, vacancy rates in the market segment remained at a very low level. While some existing properties are available, structural vacancies are still not apparent in the Hamburg market. Sarina Schekahn, Head of Industrial & Logistics Leasing Germany at CBRE, notes that the supply of classic big-box logistics properties in prime locations remains extremely tight. Individual smaller spaces are vacant, but vacancies are expected to remain at a very low level throughout the year.
CBRE expects solid demand to continue for the second half of the year. Tobias Heine points out that sales potential will continue to be significantly limited by the available supply. As long as only a few existing spaces become vacant and too few new-build projects are realised, take-up will lag behind its actual potential. Nevertheless, it is expected that the previous year's level of well over 300,000 square metres should be surpassed for the full year.
