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Hamburg Office Market Q2 2026
Demand for high-quality space underpins Hamburg office market
22 July 2026 5 Minute Read
Overview
The Hamburg office leasing market remained resilient in the first half of 2026 despite a still challenging economic environment, although activity fell short of the previous year’s result. Take-up totaled 157,000 sq m, representing a 31% decline year-on-year. Ongoing economic uncertainties continue to shape market activity and are leading to longer decision-making processes for occupiers. Companies are scrutinizing their space requirements more critically, and in some cases, AI-driven changes to business models are already influencing office space demand. At the same time, demand for high-quality office space in central locations remained stable.
Market activity in the first half of the year was primarily driven by smaller leasing transactions. Large-scale occupier deals remained the exception, while Hamburg City maintained its position as the market’s primary demand hub and was once again the strongest-performing submarket in the second quarter. Central locations in particular continued to benefit from occupiers’ pronounced focus on quality, with location and building quality increasingly outweighing purely space-related considerations.
Rental trends reinforce this pattern. The prime rent remained stable at €41.00/sq m/month in the second quarter, standing 14% above the level recorded a year earlier. At the same time, the weighted average rent increased by 6% year-on-year to approximately €23.00/sq m/month. Occupiers continue to show a willingness to accept higher rental levels for modern, ESG-compliant office space.
Trends
- The vacancy rate increased moderately to 4.6%, while remaining one of the lowest among Germany's major office markets; the lowest vacancy levels in Hamburg continue to be recorded in the CBD submarkets
- Around 40% of all leasing transactions in the first half of the year were in the size segment of up to 1,000 sq m, resulting in the average deal size declining to below 900 sq m compared with the same period last year
- The occupier profile remained broadly diversified in the first half of the year: The strongest demand came from companies in the transport and logistics, real estate, IT and professional services sectors, underlining the economic diversity of the market
- The prime office yield remained stable quarter-on-quarter at 4.7%, while further differentiation within the market continues; high-quality core assets in established CBD locations continue to attract stable investor demand, whereas yield adjustment is ongoing in secondary locations
Outlook
The Hamburg office letting market is expected to remain shaped by the macroeconomic environment throughout the remainder of the year. At the same time, demand for high-quality office space in well-connected locations is likely to remain solid. While leasing decisions for larger space requirements continue to be carefully evaluated and, in some cases, postponed, occupier demand overall remains selective and strongly focused on quality.
The growing differentiation of the market by location and asset quality is expected to continue. While modern, sustainable and centrally located office space is likely to maintain stable demand, older office stock in less sought-after locations is coming under increasing competitive pressure.
Approximately 100,000 sq m of additional office space is scheduled for completion by year-end. As the majority of this space has already been pre-let and future development volumes remain limited, particularly in central locations, the supply of modern premium office space in Hamburg’s prime locations will expand only moderately. The strong quality focus among occupiers and the constrained availability of new premium office space in the CBD submarkets are therefore expected to continue shaping the Hamburg office letting market beyond the current year.
Research Contacts
Jirka Stachen
Senior Director | Head of Research Consulting Continental Europe
Dr. Jan Linsin
Managing Director | Head of Research Germany
Business Contacts
Marc Rohrer
Managing Director | Head of Investment Hamburg & Region North
