Market report Hamburg full year 2025

In the Hamburg market area, a total of 335,000 m² of industrial and logistics space was taken up by tenants and owner-occupiers in full-year 2025, an increase of more than a fifth (+22%), equivalent to 60,000 m² more than the previous year’s 275,000 m². The analysis is based on market data from the REALOGIS Unternehmensgruppe (REALOGIS), Germany’s leading consultancy for industrial and logistics properties and commercial development land.

The five largest take-up drivers, Körber Technologies (34,300 m²), Mickeleit (20,000 m²), the Scan Global Logistics Group (19,600 m²), Garpa Garden & Park Einrichtungen (19,350 m²), and Heinrich Dehn (15,300 m²), accounted for 32% of the total space taken.

Average rent increased more noticeably, rising by €0.15/m², or 2%, to €6.40/m² (2024: €6.25/m²). Compared with the H1 2025 peak of €6.50/m², this also represented a decline of €0.10/m² in H2. As a result, the average rent was 7% above the five-year average of €5.99/m² and continued the upward trend in place since 2016.

Take-up: Existing Buildings Remained Dominant, Brownfields Back on the Radar

Leases in existing buildings continued to shape the market in 2025, accounting for 224,300 m², or 67%, of total take-up (2024: 230,000 m² / 84%). This represented a modest decline of 5,700 m², or 2%. Market share dropped by 17 percentage points as new builds on brownfield sites saw a marked resurgence. Large-scale leases by Mickeleit (20,000 m²) and Heinrich Dehn (15,300 m²) together contributed 16% of take-up in existing buildings.

New builds on brownfield sites ranked second in 2025, totalling 109,200 m², or 32.6%, after no deals in this category were recorded in the previous two years. The three largest deals, by Körber Technologies (34,300 m²), the Scan Global Logistics Group (19,600 m²), and Garpa Garden & Park Einrichtungen (19,350 m²), represented 67% of brownfield take-up.

New builds on greenfield sites amounted to just 1,500 m², representing a 0.4% share of the market (2024: 45,000 m² / 16%). This marked a sharp decline of 43,500 m², or 97%. Combined, new builds on greenfield and brownfield sites contributed 110,700 m², or 33%, to total take-up.

Market Structure: Tenants Set the Tone

The market remained tenant-driven. Tenants accounted for 274,700 m², or 82% (2024: 240,000 m² / 87%), while owner-occupiers took up 60,300 m², or 18% (2024: 35,000 m² / 13%). Take-up rose for both groups: tenants by 34,700 m² (+14%) and owner-occupiers by 25,300 m² (+72%).

Building Types: Big-box Space Ahead of Multi-let Estates

By building type, big-box space ranked first in 2025 with 175,000 m², representing a 52% share. In second place were properties that did not fall into either the big-box or business park categories, totalling 81,900 m², or 25%. Business parks accounted for 78,100 m², or 23%.

Major leases by Mickeleit, the Scan Global Logistics Group, and Garpa Garden & Park Einrichtungen (totalling 58,950 m²) accounted for 42% of the region’s take-up.

Eastern Hamburg ranked second with 131,900 m², or 39% (2024: 115,000 m² / 42%). Take-up increased by 16,900 m², or 15%, and the five-year average of 133,960 m² was only narrowly missed by 2%. The two largest deals, Körber Technologies and Heinrich Dehn, made up 38% of the total.

Western Hamburg saw the sharpest decline, falling to 35,800 m² (11% share) from 92,500 m² in 2024 (34%), a drop of 56,700 m², or 61%. The five-year average of 56,360 m² was undershot by 36%.

Northern Hamburg remained the weakest sub-market in 2025, with take-up of 25,900 m² (8%) compared to 45,500 m² (16%) in 2024, a fall of 19,600 m², or 43%. This was 52% below the five-year average of 54,260 m².

Manufacturing overtook retail to take second place, with 52,000 m² (16%), up from 35,000 m² (13%) in 2024. However, this was still 12% below the five-year average of 59,260 m². Körber Technologies' 34,300 m² lease accounted for 66% of this result.

Retail/Wholesale slipped to third with 44,700 m² (13%), down from 96,000 m² (35%), the weakest retail performance since data collection began in 2014. The five-year average of 117,020 m² was missed by 62%. Within this segment, e-commerce and traditional retail were nearly equal: 22,800 m² (51%) and 21,900 m² (49%) respectively. Both sub-segments declined, with traditional retail falling more sharply (–65%) than e-commerce (–32%). Garpa’s lease (19,350 m²) accounted for 88% of traditional retail take-up.

The Supply/Others category remained in last place with 28,400 m² (8%) versus 15,000 m² (5%) in 2024. This was a year-on-year rise of 13,400 m² (+89%) and 6% above the five-year average of 26,800 m².

The 5,001–10,000 m² size range ranked second with 84,600 m² (25%), up from 55,000 m² in 2024 (+54%). In total, units above 5,000 m² accounted for 64% of total take-up, more than double the previous year’s 29%.

As larger units gained ground, take-up in smaller ranges declined. The 3,001–5,000 m² bracket fell to 49,000 m² (15%) from 53,000 m² (19%). Units between 1,000–3,000 m² totalled 53,100 m² (16%), down from 66,000 m² (24%). Small units under 1,000 m² recorded the steepest drop, falling to 17,300 m² (5%) from 76,000 m² (28%), a decrease of 77%.

Outlook for 2026: Market Recovery Expected

Following a weak 2024, the Hamburg market regained momentum in 2025, though levels from earlier peak years have not yet been reached. Demand was focused primarily on existing space and established locations, especially in the southern region. The rise in take-up is a sign of stabilisation taking hold, underpinned by sustained or strengthening demand from the logistics and manufacturing sectors, along with broadly stable rental levels. Against this backdrop, a gradual continuation of the market recovery is expected in 2026.