According to Cushman & Wakefield, take-up in the Hamburg office letting market (new lettings and owner-occupier transactions) totalled 189,700 sq m in the first half of 2026. This was approximately 11% below the result recorded in the same period last year (213,100 sq m).
Demand for Large Floorplates Remains Muted
Take-up in the first half of 2026 was 17% below the five-year average (229,600 sq m) and 23% below the ten-year average (244,900 sq m).
Looking solely at the second quarter of 2026, take-up amounted to 89,300 sq m, representing a decline of 11% compared with the previous quarter (Q1 2026: 100,400 sq m). Compared with the corresponding period of the previous year (Q2 2025: 103,100 sq m), take-up was down 13%.
A total of 297 transactions from new lettings and owner-occupier deals were recorded in the first half of 2026. Of these, 157 transactions were completed in the second quarter, reflecting a modest increase of 12% (17 additional deals) compared with the previous quarter. Combined with the decline in take-up volume, this points to a market increasingly driven by smaller-sized lettings.
In the first half of 2025, 229 transactions were recorded. This represents an increase of around 30% year-on-year for the first six months of the year – further evidence that market activity remains present, albeit concentrated in medium-sized and smaller space requirements and lettings.
“Market activity is there, but leasing processes, particularly for larger requirements, are often taking longer and decision-making structures have become more complex. Quality and location requirements only convince occupiers when they offer a clear added value,” said Vera Passade, Head of Office Agency Hamburg at Cushman & Wakefield.
With a share of approximately 29%, Hamburg’s CBD accounted for almost one-third of total take-up in the second quarter. Among other transactions, the submarket benefited from Deutsche Bank’s interim lease of around 7,600 sq m at the Emporio office building, the largest letting recorded during Q2. The Hafenrand submarket followed with around 11% of total market activity, while City Süd accounted for just over 10% of take-up.
The largest transaction of the first half of the year was the owner-occupier deal already recorded in the first quarter by MSC. The company is currently developing its German headquarters in Stockmeyerstrasse, within the HafenCity submarket, comprising approximately 12,800 sq m of office space.
Prime Rent Reaches New Level
Rental growth remained on a stable upward trajectory in the first half of 2026. At €37.50 per sq m per month, the achievable prime rent stood 4.2% above the level recorded a year earlier. This represented the second-highest increase among Germany’s five leading office markets, although Hamburg continues to record the lowest prime rental level within this group.
The weighted average rent remained largely unchanged compared with the previous quarter, increasing by only 0.5% to €22.10 per sq m per month.
“The fact that both prime and average rents continue to rise underlines the resilience of Hamburg’s office market. In particular, high-quality space that meets occupiers’ increasing demands for quality, sustainability and flexibility remains sought-after and is shaping current rental levels,” added Vera Passade.
Rising Supply Meets Selective Demand
By the end of the first half of 2026, vacancy in Hamburg’s office market had continued to increase. The vacancy rate stood at 7.0% at the end of June, 40 basis points above the previous quarter and 90 basis points higher than a year earlier. In total, around 1.0 million sq m of office space was available for immediate occupation.
Sublease space also remains an important component of available supply. As of the reporting date, approximately 74,800 sq m was being marketed as immediately available sublease accommodation.
The development pipeline remains substantial. At mid-year 2026, around 427,200 sq m of office space was under construction. Of this total, approximately 224,600 sq m remained available, equating to a pre-letting rate of around 47%.
Approximately 88,200 sq m of office space was completed during the first half of 2026, including around 47,200 sq m between April and June, with 26% of the newly delivered space still available.
Among the most significant completions in the second quarter were the “Borx” development in City Süd with approximately 22,000 sq m of office space, the new Fire Brigade Control Centre office building in the Hamm/Rothenburgsort/Billbrook submarket with around 8,100 sq m, and “Flüggerhöfe” in Hafenrand, providing around 5,000 sq m of office accommodation.
“Several larger occupier requirements are emerging for the second half of the year. Whether these translate into completed transactions before the end of 2026 remains to be seen. Overall, Hamburg’s office market is likely to remain characterised by selective demand, while high-quality space in central locations should continue to retain its appeal,” concluded Vera Passade.
