Hamburg is the second busiest port in Europe and, with a population of over 1.7 million people, the city is an attractive proposition for those looking to relocate in the heart of Europe or for businesses that intend to expand their presence on the German market. As well as multiple business districts that place you in proximity to the best Hamburg has to offer, it’s also a family-friendly city. In fact, Hamburg was ranked the most liveable city in Germany by the Economist magazine in 2017.
Benefits of renting an office space in Hamburg
One of the main benefits of renting office space in Hamburg is the fact that the port attracts countless international companies. Moreover, numerous industrial sectors have chosen to call Hamburg home over the last few years. The city is home to several popular districts for those hunting for their next office space, including Hafencity, Neustadt, and Binnenalster. When renting an office space in Hamburg, you are sure to be in close quarters with businesses and employees from all over the world. Moreover, you’ll also be very well-connected, with Fuhlsbüttel Airport being located just 30 minutes away from the city centre.
Vacancy rates in 2020
According to the Hamburg Database for Commercial Real Estate, the competition for free office space in Hamburg is increasing in 2020. This last year has seen an increase of 15% in take-up space compared to 2018, and the trend is expected to continue in 2020. The same source mentions that 315,000 sqm of new office space is in the pipeline for Hamburg in 2020. However, up to 70% of this space is pre-rented.
Predictions for the years to come
Vacancy rates are not expected to increase in Hamburg over the next few years, as the demand for office space in the city is still on the rise. As the city deals with a lack of supply on the investment market, the average rent for office spaces has consistently increased between 2013 and 2020. Unfortunately, this is not expected to slow in the near future.
