HAMBURG - THE MOST IMPORTANT OFFICE LOCATION IN GERMANY
Hamburg is one of the most important office locations in Germany. The demand for office space is influenced by the number of people in employment. The demand for office real estate is rising in particular with the economic structural change from a manufacturing industry to a service society.
OFFICE SPACE – COMPLETION BY 2019
After the completion of around 173,000 sqm of office space in the Hanseatic City of Hamburg in 2017, the completion volume increased by around a quarter to around 217,000 m² in 2018. The current volume was thus around 14% above the long-term average.
The Altona (approx. 38,000 sqm) and Neustadt (approx. 21,000 sqm) office submarkets account for around 35% of the total construction volume (new construction and renovation) by the end of 2019 (approx. 170,000 sqm). Among the largest projects to be completed by the end of the year are the new construction of the Institute for Geosciences and Climate Research ("Haus der Erde") at the University of Hamburg on the Bundesstrasse campus in Eimsbüttel (approx. 22,000 m²) and the new construction of the Euler Hermes headquarters on Gasstraße in Altona (approx. 20,000 sqm).