Hamburg Office Market Dynamics, Q1 2026

Office take-up in Hamburg amounted to 98,800 sq.m. in Q1 2026, below the prior-year level. Leasing activity continued to be shaped by smaller transactions, while demand focused primarily on central and established submarkets.

Vacancy increased to around 1.1 million sq.m. at the end of the quarter, corresponding to a vacancy rate of 6.9%. At the same time, 50,700 sq.m. of office space was completed in the first quarter.

Following a 14% increase at the end of 2025, prime rent remained stable at €41.00/sq.m./month, while average rent showed a moderate increase to €22.14/sq.m./month.