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Germany's property finance market entered 2026 with a fragile optimism that has not survived contact with reality. The German Real Estate Financing Index — the Difi , compiled quarterly by JLL and the Hamburg Institute of International Economics (HWWI) — fell by almost ten points in Q1 2026 to minus 9.1, slipping…
Nach einer Untersuchung von Realogis hat es in den 33 deutschen Logistikmärkten bei den Mieten im Durchschnitt nur wenig Veränderung gegeben. Unter der Entwicklung in den Top-8-Märkten ragen Hamburg und München positiv heraus.
Analysis of Hamburg's office leasing market highlighting constraints on take-up driven by insufficient large transaction activity.
Cushman & Wakefield reports Hamburg office market activity in early 2026, with first-quarter leasing volume exceeding 100,000 m² but declining approximately 9% year-over-year.
Quarterly market analysis of Hamburg's office real estate sector covering first-quarter 2026 performance metrics and trends.
CBRE market analysis of Hamburg's logistics sector performance in Q4 2025.
CBRE and Hamburg Team examine social infrastructure as an investment opportunity and future priority.
Cushman & Wakefield reports that Hamburg's office leasing market recorded 100,400 sq m of take-up in Q1 2026, approximately 9 percent below the prior year, while the number of transactions increased 40 percent year-on-year to 140 deals, reflecting highly fragmented demand dominated by small and medium-sized units. Prime rent remained stable at €37.00 per sq m, the weighted average rent declined marginally to €21.85 per sq m, and the vacancy rate rose to 6.6 percent by quarter-end.
In the first three quarters of 2025, Düsseldorf's investment market recorded €766 million in investment volume, matching the previous year but remaining 55% below the 10-year average of €1.7 billion, with the market ranking fourth among A-cities behind Berlin, Munich, and Hamburg. Net prime yields stood at 4.50% for office properties, 3.95% for inner-city retail, and 4.40% for logistics properties, with no transactions exceeding €100 million recorded so far in the year.
BNP Paribas Real Estate's Q1 2026 Hamburg office market review reports office take-up of 91,000 sqm (down 18% year-over-year) amid challenging economic conditions, with prime rents rising 8.3% to €39.00/sqm as demand concentrates on high-specification space in prime locations like the City, City South, and HafenCity. Vacant space increased marginally to 942,000 sqm (6.4% vacancy rate), with transport and logistics accounting for nearly 22% of take-up led by MSC's 13,000 sqm headquarters relocation, while the outlook notes continued upward pressure on prime rents with the €40/sqm threshold potentially achievable in coming quarters.
Hamburg's commercial real estate investment market recorded €1.9 billion in 2025, representing a 17.4% decline from 2024's €2.3 billion but ranking third among German A-cities behind Berlin and Munich, with office properties dominating at 38% market share and net prime yields stabilizing at 4.25% for offices while retail rose to 3.85% and logistics increased to 4.50%. The report forecasts that improved investor sentiment combined with federal economic stimulus should drive transaction volumes above €2 billion by end of 2026, supported by Hamburg's stable occupier markets, moderate vacancies, and signs of increasing rent levels in premium office segments beyond €40 per square meter.
Hamburg's logistics market achieved 276,000 square meters of take-up in the first three quarters of 2025, surpassing the weaker annual totals of 2023 and 2024, with manufacturing and logistics firms accounting for nearly 76 percent of activity and owner-occupier deals representing 38 percent of volume. Prime rents remained stable at €8.50 per square meter while average rents held at €6.50 per square meter, with supply constraints in larger space segments and macroeconomic headwinds expected to maintain upward pressure on rents despite the already elevated pricing level.
This is a market report published by CBRE in December 2025 covering the logistics sector in Hamburg, Germany.
Hamburg's office rental market achieved space take-up of approximately 393,600 m² in 2025, representing a 5 percent decline from the previous year, with 433 total transactions recorded across 100 deals in the final quarter characterized by small-scale lettings. Top rents rose 5.7 percent to £37.00/m² and weighted average rents increased 7.5 percent to £22.80/m², while the vacancy rate stabilized at 6.4 percent with 206,000 m² of completions during the year, of which 81 percent of completed projects were pre-let.
Hamburg's office market recorded 401,000 sqm of take-up in 2025, only 4.5% below the prior year despite macroeconomic headwinds, with prime rents rising 5.6% to €38.00/sqm and a first major deal exceeding €40/sqm signaling sustained upward pressure in the premium segment. Vacant space increased 22% to 924,000 sqm (6.3% vacancy rate), while available space under construction fell to 103,000 sqm, reflecting tight supply of high-quality first-time occupancy space that is driving competition and rent growth in top locations.
Hamburg's residential market recorded the highest rental growth among Germany's eight largest cities in H2 2025, with median offered rents reaching €18.12/m² and growing 9.03 percent annually, while new construction rents surged 12.4 percent year-over-year and 57.7 percent over five years. Across the Big 8 cities analyzed, median offered rents averaged €18.17/m² with 4.4 percent annual growth in H2 2025, though construction completions fell to a 2015-era low of 251,900 units in 2024 with further declines expected in 2025–2026, creating persistent supply shortages despite policy interventions including October 2025's "Bau-Turbo-Gesetz.
Hamburg's office rental market recorded 396,400 square meters of space transactions in 2025, a 5.2% decline from 2024, with prime rents rising 8.6% to €38.00 per square meter and average rents increasing 10.4% to €22.30 per square meter, while the vacancy rate rose 110 basis points to 5.5%. The investment market achieved €1.86 billion in transaction volume (down 1.3% year-over-year), with office properties representing 41% of total volume at a prime yield of 4.6%, and family offices comprising the largest buyer group at 25% of transactions.
Hamburg's investment market achieved €1.3 billion in transaction volume during the first three quarters of 2025, a 27% increase from the same period in 2024 and the strongest three-year result, with office properties leading at €500 million and approximately 50 transactions averaging €28 million per deal. Prime yields remained stable across office (4.25%) and retail (3.75%) segments, while logistics yields rose 15 basis points to 4.40% in Q3, with major transactions including the Pflege & Wohnen care facilities portfolio sale and the Atlantic Haus office tower contributing to market momentum despite the overall German market's decline.
Hamburg's office rental market recorded 311,500 m² of space transacted in the first three quarters of 2025, representing a 7.4% increase year-over-year, with prime rents holding steady at €36.00/m² and average rents rising 4.4% to €21.50/m². The investment market showed stronger momentum with €1.4 billion in commercial transaction volume (up 80.2% year-over-year), with office properties accounting for 35% of total volume at a prime yield of 4.6%, down 40 basis points from the prior year.
This JLL report covers Germany's housing market in the second half of 2025 across eight major cities (Berlin, Hamburg, Munich, Cologne, Frankfurt, Dusseldorf, Stuttgart, and Leipzig), analyzing rental and condominium price developments, construction activity, and supply-demand dynamics. Key findings include: rental growth in the Big-8 cities averaged +4.4 percent annually with significant variation by city (Hamburg +9.0 percent, Berlin +0.2 percent); condominium prices showed recovery with median growth of +2.9 percent in Munich and +5.3 percent in Dusseldorf; construction completions declined to preliminary lows of 251,900 units in 2024 and projected at 220,000–230,000 for 2025; and all analyzed cities face supply deficits ranging from 10 to 40 units per 10,000 inhabitants, with 2026 expected to mark the lowest completion point before recovery.