Stefan Imken, Managing Director of REALOGIS Immobilien Hamburg GmbH, comments: “The increase in take-up should primarily be seen as a sign of emerging stabilisation, even though the level of previous peak years has not yet been reached. Against this backdrop, we expect a gradual recovery of the market in 2026, supported by continued solid to strengthening demand from logistics and industry and overall stable rental growth.”

Rents: prime rent at 8.30 €/sqm, average rent at 6.40 €/sqm
In 2025, the prime rent stood at 8.30 €/sqm. Compared with the previous year (8.25 €/sqm), this represents an increase of 0.6%, or €0.05/sqm. Over the course of the year, the prime rent reached 8.40 €/sqm at the end of June, before easing by €0.10/sqm in the second half of the year.

The average rent was 6.40 €/sqm at year-end (2024: 6.25 €/sqm). At the end of June 2025, it amounted to 6.50 €/sqm, i.e. €0.10/sqm higher.

Space types: existing space dominated; new builds mainly on brownfield sites
Market activity in 2025 largely focused on existing buildings. A total of 224,300 sqm was leased in existing stock, corresponding to a 67% share of take-up (2024: 230,000 sqm / 84%). The leases signed by Mickeleit and Heinrich Dehn played an important role and accounted for 16% of take-up in existing space.

In new builds, a total of 110,700 sqm was leased in Hamburg, accounting for 33% of total take-up. Particularly significant were deals in newly constructed buildings on former brownfield sites: 109,200 sqm, or 32.6% of total take-up, was attributable to these schemes. Körber Technologies, Scan Global Logistics Group and Garpa Garten & Park Einrichtungen GmbH together accounted for 67% of the brownfield take-up. By contrast, greenfield developments reached only 1,500 sqm (0.4%), compared with 45,000 sqm (16%) in the previous year.

Market structure: tenant activity in the majority, big-box space in the lead
Once again in 2025, the market was predominantly driven by leasing activity. Tenants accounted for 274,700 sqm, representing 82% of total take-up (2024: 240,000 sqm / 87%). Owner-occupiers took up 60,300 sqm, or 18% (2024: 35,000 sqm / 13%).

By building type, big-box space recorded the largest share: 175,000 sqm, or 52%. Space not categorised as either big-box or business parks totalled 81,900 sqm (25%), while business parks accounted for 78,100 sqm (23%).

Regions: the South takes the lead, the East close behind
The most sought-after region in 2025 was Hamburg South (city area and southern region), with 141,400 sqm and a 42% market share (2024: 22,000 sqm / 8%). With an increase of 119,400 sqm, i.e. +543%, the South recorded the strongest growth of any region, having ranked last in 2024. The large leases by Mickeleit, Scan Global Logistics Group and Garpa Garten & Park Einrichtungen GmbH, totalling 58,950 sqm, contributed significantly to the recovery following the 2024 slump.

The East accounted for 131,900 sqm (39%) (2024: 115,000 sqm / 42%). In the West, take-up came to 35,800 sqm (11%), marking the steepest decline among Hamburg’s regions (2024: 92,500 sqm / 34%). The North followed with 25,900 sqm (8%) (2024: 45,500 sqm / 16%).

Sectors: Logistics/Distribution clearly in front; Retail/Wholesale reached 44,700 sqm
Logistics/Distribution totalled 209,900 sqm, accounting for 63% of take-up (2024: 129,000 sqm / 47%).

Manufacturing reached 52,000 sqm (16%) (2024: 35,000 sqm / 13%).

Retail/Wholesale recorded 44,700 sqm (13%) (2024: 96,000 sqm / 35%). Within this segment, e-commerce accounted for 22,800 sqm (51%) and traditional retail for 21,900 sqm (49%). The category Supply/Others totalled 28,400 sqm (8%) (2024: 15,000 sqm / 5%).

Size brackets: large units above 10,001 sqm set the pace
Demand was strongest in the segment above 10,001 sqm: 131,000 sqm (39%) (2024: 25,000 sqm / 9%). This was followed by deals between 5,001 and 10,000 sqm with 84,600 sqm (25%) (2024: 55,000 sqm / 20%).

The segment 1,000 to 3,000 sqm reached 53,100 sqm (16%) (2024: 66,000 sqm / 24%), closely followed by 3,001 to 5,000 sqm with 49,000 sqm (15%) (2024: 53,000 sqm / 19%). Units below 1,000 sqm accounted for 17,300 sqm (5%) (2024: 76,000 sqm / 28%).

Key figures at a glance

• Take-up: 335,000 sqm
• Prime rent: 8.30 €/sqm
• Average rent: 6.40 €/sqm
• Existing space: 224,300 sqm | Greenfield developments: 1,500 sqm |
  Brownfield sites: 109,200 sqm
• Tenants: 274,700 sqm (82%) | Owner-occupiers: 60,300 sqm (18%)

Press contact REALOGIS:
TARGA Communications
Jochen Goetzelmann and Arne Degener
Tel: +49 (151) 196 933 90
E-Mail: realogis@targacom.de

Company contact REALOGIS:
REALOGIS Holding GmbH
Silja Schuppler
Marketing Manager
Leopoldstraße 154, 80804 Munich
Phone: +49/89/51 55 69 17
E-mail: s.schuppler@realogis.de
www.realogis.de

REALOGIS. The No. 1 in industrial and logistics real estate
The REALOGIS Group is Germany's leading address for consulting and brokerage services for industrial and logistics real estate as well as commercial properties. As an owner-managed company with offices in Berlin, Düsseldorf, southern and northern Germany, Frankfurt am Main, Hamburg, Leipzig, Munich and Stuttgart, the company, founded in 2005, has in-depth market knowledge and more than twenty years of experience in the German real estate sector.

Around 70 employees support national and international companies from the logistics, industrial, retail and e-commerce sectors, as well as private and institutional investors. The range of services includes finding tenants for existing and new-build properties, supporting investors with acquisitions and project developments, advising on property searches or sales, and developing and implementing holistic real estate strategies, from location analysis to the utilisation of assets no longer required for business operations.