The Hamburg office market continues to show stability. By mid-2026, a take-up of 221,000 m² was registered. This indicates a positive year. According to Gordon Beracz, Head of Office Leasing at Robert C. Spies in Hamburg, demand remains constant despite companies' careful decision-making processes. The city centre accounted for the highest share of total take-up, at 29.5 percent.
The prime rent rose to 35.20 EUR/m² in the second quarter. The average rent remained stable at 20.70 EUR/m². User preference continues to be for modern, efficient and high-quality spaces in established locations. At the same time, quality differences between marketable and less attractive existing properties are increasing.
High-quality office spaces remain in demand. Older properties that do not feature contemporary amenities are increasingly coming under pressure. In addition, there is rising cost pressure on the supply side, driven by material shortages and supply chain issues. According to Gordon Beracz, these factors can only be compensated to a limited extent by higher rents.
The challenges in the office market are shifting from mere letting to the strategic further development of existing stock. Properties with increased vacancies, in particular, require active repositioning and a future-oriented concept. Beracz highlights that owners are increasingly reliant on consultants and partners to support them in the strategic alignment of their properties.
Many existing properties are affected by a backlog of investments, and achievable returns are under pressure. Nevertheless, investments in existing stock remain essential to ensure long-term competitiveness. In parallel, conversions continue, whereby office spaces are repurposed for other uses and thus permanently withdrawn from the office market. This development responds to changed demand and usage structures.
For the full year 2026, an office space take-up of between 400,000 and 450,000 m² is predicted. This target appears achievable after the first half of the year. Numerous space enquiries and ongoing negotiations suggest further market activity in the coming months. While the decision against a possible Hamburg Olympic bid might affect individual development projects, it does not alter the fundamental prospects of the office market. Hamburg boasts stable economic conditions and high location attractiveness. Continuous self-driven development of the city is expected.
The active further development of existing properties remains a central task for owners. Early investment and adaptation to changing requirements form the basis for long-term competitiveness and stable letting success.
