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MARKET REPORT ON THE LEASING OF LOGISTICS PROPERTY AND INDUSTRIAL SPACE
Greater Hamburg area 1. half of 2015
Market report on logistics property and industrial
space leasing in the greater Hamburg area during
the first half of 2015
n Take-up in Hamburg‘s logistics market nearly
unchanged
n Reduction of large property vacancies in the
harborarea
n Developersonceagainbuildingspeculativesto-
rageandlogisticsspace
n Supply of commercial and industrial property
gettinglow–plansfortheOlympicGamescrea-
teinsecurityamongtenantsandowners
n Prognosis: Realogis expects an overall take-up
ofaround490,000sqmfor2015,basedonse-
verallarge-scalerequestsfromclients.
Hamburg‘s rental market for industrial and lo-
gistics properties* remained nearly unchanged
evenduring thefirsthalfof2015, compared to
the same period last year. According to the la-
test analysis from Realogis – Germany’s leading
consultingfirmfor logisticsproperties, industrial
properties,andcommercialparks–thetotalarea
leasedbyallmarketparticipantsintheregion,in-
cludingtheeconomically integratedouterareas,
cametoabout210,000sqmofspace(H12014:
215,000sqm).
Large-scale contracts (> 10,000 sqm) were on
theriseat39%ofthetotaltake-up.Thelargest
dealconcernedanewdevelopmentfortheRhe-
nus logistics company with around 52,000 sqm
inRade(southernmetropolitanarea),followedby
about31,000sqmforagroceriesretailerlocated
intheHamburgHarborarea.Theharbordistrict
alsosawcontractsfortwoproperties,eachwith
around10,000sqm,forcompaniesintheaviation
andaerospaceindustryplusan18,000sqmlease
fortheBLGlogisticscompany.Inaddition,freight
forwarderCarl BlockGmbH signed a long-term
lease for 12,500 sqm in the Altenwerder cargo
transportcenter.
“Due to short supply, itwasnotpossible to sa-
tisfy all clients searching for sites in the 3,000
to10,000sqmrange,primarilyclose to thecity
center intheHamburg-Ost,Billbrook,andAller-
möheareas.Therefore,themarketshareforthis
sizerangeslipped2percentagepointstoaround
20%.The1,000 to3,000 sqm rangeenjoyeda
solidleveloftake-upata35%shareofthemar-
ket,up2percentagepoints“,notedJörgLojews-
ki,headofRealogisImmobilienHamburgGmbH.
Several large-scale contracts in the harbor area
were responsible for reducing vacancies from
around 75,000 sqm in 2014 to around 47,000
sqmtoday.Thistrendisverypositive,considering
that about100,000 sqmof storage spacewere
stillavailablebetween2011and2013.Basedon
currentclientrequestsforlargeproperties,Realo-
gisexpectsthevacancyratetodropevenfurther
bytheendofthisyear.Thispositivedevelopment
intheharbordistrictwillresultinconfirmingthe
newprimeleaserateof5.60euros/sqm.Itisalso
expectedthatpropertyownerwillingnesstogrant
incentivestoprospectivetenantswilldecrease.
JörgLojewski:“Thepositivetrendonthedemand
sidehasresultedinmoredevelopersbuildingon
specagain.”Goodman,forexample,iscurrently
developinga roughly8,500 sqmstorage facility
in Hamburg Harbor with high third-party occu-
pancy,sotheycanquicklyrespondtoclients’re-
quests for space. The facility is scheduled tobe
completedinthefallof2015.
Thesupplyofcommercialandindustrialproperty
within Hamburg’s city limits and the metropoli-
tan region ingeneral remains limited.Nearly all
commercial districts are at full capacity, with a
fewsmall-scaleexceptions. For clients searching
forspace,lowinterestratesandapositiveorder
volume are tipping the trend toward the consi-
deration of owner-occupied commercial space
in preference to a lease. Furthermore, the City
of Hamburg’s application to host the Olympic
Gamesin2024hascausedinsecurityamongow-
ners and tenants in the Hamburg Harbor area.
The main focus for the event would be on the
Überseezentrum area along Kleiner Grasbrook,
whichwouldresultinanevenmorevolatilesitu-
ationwithgrowingdemand foreverdecreasing
space.
>> Take-upoflogisticpropertyandindustrialspaceinHamburg
>> RentrangeEUR/sqminHamburg
*forecast
800,000sqm700,000sqm600,000sqm500,000sqm400,000sqm300,000sqm200,000sqm100,000sqm
0sqm20142011 20132012 2015*
3,50€/sqm3,00€/sqm2,50€/sqm
4,00€/sqm4,50€/sqm5,00€/sqm5,50€/sqm6,00€/sqm
Ø 4,40
2011
3,20-
5,60
2013
Ø 4,45
3,30-
5,60
2014
Ø 4,45
3,30-
5,60
2012
Ø 4,40
3,20-
5,60
2015
Ø 4,50
3,40-
5,60
AccordingtotheRealogisanalysis,logisticscom-
panieswereoncemoreabletodefendtheirtop
positionasthetop-rankingindustrialsegmentby
stillreachinga63%marketshare(down4%from
lastyear).Thistakesintoaccounttherecentdeal
withRhenusinRade,aswellasdealswithEdeka,
BLG,andCarlBlockGmbHinHamburgHarbor.
Itremainstobeseenwhetherthedebtcrisis in
Greecewillhaveanegativeimpactontheove-
rall economic situation and consequently on
Hamburg’sstorageandlogisticsmarket.Clients
arealsomaintaininga critical eyeon the long-
termexpansionoftheA7Autobahnaswellas
the repair work of the Köhlbrand Bridge, both
resulting in ongoing traffic jams. “This means
that many logistics companies are increasingly
open to considering a move to the eastern or
southernpartsofthecitytoavoidthoseconst-
ructionsites”,JörgLojewskisaidinsummingup
thesituation.
Outlook
1. Rhenus,Rade,southernregion,52,000sqm
2. Edeka,HamburgHarbor,31,000sqm
3. BLG,HamburgHarbor,18,000sqm
4. CarlBlockGmbH,HamburgHarbor,12,500sqm
5. AIRBUS,HamburgHarbor,10,500sqm
6. DiehlComfortModules,HamburgHarbor,10,000sqm
Significant transactions during the first half of 2015:
>> Take-upoflogisticspropertyandindustrialspacebyindustrysectorinHamburgfirsthalfof2015
High-end logistics properties centrally located or close to the harbor with
thefollowingcharacteristics:minimumceilingheightof10.50m,rampac-
cesswithgenerousdockingzones,aminimumof1-2gatesper1,000sqmof
storagespace,andefficientheatingsystems.Rentalcostforstoragefacility:
5.40–5.60euros/sqm,associatedofficespace9.00–11.00euros/sqm
Functional existing properties in Hamburg-Ost/Billbrook/Allermöhe withthe
following characteristics: minimum ceiling height of 6.50 – 7.50 m, ramp
access,heatedorcoldbuilding.Rentalcostforstoragefacility:4.30–4.70
euros/sqm,associatedofficespace6.50–8.00euros/sqm
simple storage facility in Hamburg Harborwiththefollowingcharacteristics:
minimumceilingheightupto5.00m,coldbuildingwithoutinsulation,most-
lyfloor-levelaccessonly.Rentalcostforstoragefacility:3.70–4.30euros/
sqm,associatedofficespace5.00–6.00euros/sqm
Current rental prices for different types of properties in various locations:
Logistics companies continue to lead the indus-
trial sector
Distribution, Logistics63%Retailers
17%
Others4%
Manufacturing16%
255
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24
1
1
1
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39
JorkDollern
Bergedorf
Schwarzenbek
Geesthacht
Dassendorf
Kirchwerder
Winsen
SeevetalHollenstedt
Buxtehude
Moisburg
ApensenHarsefeld
Quickborn
NaheBarmstedt
Kollmar
HenstedtUlzburg
Rhen Kayhude
Bergstedt
Tangstedt
VolksdorfLangenhorn
Bad
Glinde
Steinburg
Oldesloe
Blankenese
Wandsbek
Harburg
Stade
Wilhelmsburg
BramfeldNiendorf
Pinneberg
Barsbüttel
Reinbek
Witzhave
Brunsbek
Ahrensburg
Trittau
Lütjensee
Schönberg
Barnitz
Norderstedt
Bargteheide
Uetersen
Elmshorn
Hasloh
HalstenbekHolm
Wedel
Hamburg
Buchholz
MARKET REPORT ON THE LEASING OF LOGISTICS PROPERTY AND INDUSTRIAL SPACE // GreaterHamburgarea1.halfof2015
>>*ThegreaterHamburgarea
Realogisdefinesthissubmarketastherelevantavailablewarehouse,logistics,industrialandproductionspacewithinaradiusofapprox.50kmaroundHam-
burg,alongthefederalmotorwaysA1„Lübeck–Bremen“,A7„Hannover–Flensburg“andA39fromthe„MaschenerKreuz“junction.
Stellingen
WaltershofAltenwerder
Neu Wulmstorf
Hausbruch
Rade
Billbrook/Allermöhe
REALOGISImmobilien
HamburgGmbH
Gotenstraße21
20097Hamburg
Tel.:+49(0)40-5480857-0
Fax:+49(0)40-5480857-29
Email:hamburg@realogis.de
www.realogis.de
MARKET REPORT ON THE LEASING OF LOGISTICS PROPERTY AND INDUSTRIAL SPACE // GreaterHamburgarea1.halfof2015
RegionHamburg
REALOGIS Immobilien Hamburg GmbH
Contact:
JörgLojewski(headofdepartment)
Tel.:+49(0)40-5480857-0
Fax:+49(0)40-5480857-29
Email:hamburg@realogis.de
The first address for industrial and
logistics real estate
WhenwefoundedREALOGISin2005,wehadan
ambitious goal: to become the market leader in
the leasingof industrial and logistics real estate.
Concentratingandbundlingourknow-howinthis
nichehasprovenitsworthovertime:In2015we
areonceagaintheGermanmarketleaderinterms
of floor-space turnover in industrial, warehouse
andlogisticsproperties.AndourshareoftheEu-
ropeanmarketisalsorisingsteadily.
Today, the owner-managed REALOGIS Group,
with itsheadquarters inMunichandbranches in
Berlin,Düsseldorf,HamburgandStuttgart,isnot
onlyabrokerandadvisor,butalsoasought-after
partnertoprivateandinstitutionalinvestors,who
wesupportwithallourexperienceandawealth
ofknowledgeaboutregional,nationalandinter-
nationalmarkets.
Awiderangeofadvisoryservicesinthefieldsof
logisticsandfulfillmentroundsoffourconsultancy
offering.Withourteamofhighlymotivatedand
qualifiedstaff,westrivetopartnerourclientsover
thelongterm,andtohelpthembenefitfromour
positionasmarketleader.
Our services
n Compilingadetailedandindividualized
requirementprofile
n Welltargetedoffers
n Developingpossiblealternatives
(lease,buy)
n IntegratedRealogislogisticsconsultingto
definethebestpossiblepropertyand
location
REALOGIS –
For you in Hamburg
Weareyourpartnerwhen leasing industrialand
logisticsrealestateandbusinessparksintheHam-
burgarea,wherewehavebeenthemarketleader
since2006.Youarelookingforacertainkindof
property?Wespecifyyourrequirementsindetail,
optimize your search profile and find precisely
whatyouneed.Needanewtenant?Wehelpyou
determineyourproperty‘svalueandtheoptimum
rent.Wemarketitprofessionallyandfindtheright
tenantfast.Whetheryouarelesseeorlessor,you
profitfromourmanyyearsofmarketexperience
andspecialization,ourclosecontacttothemarket
andthevaluablerelationshipsthatoursix-person
team maintains in the region. We only employ
qualifiedrealestateconsultantsandhaveourown
RealPropertydepartmentthatspecializesincom-
mercialandindustrialrealestate.
Andifyouare lookingforproperties inthisseg-
mentelsewhereinGermany,wewillbehappyto
linkyouupwithourRealogisofficesinBerlin,Düs-
seldorf,MunichandStuttgart.
n Sound,realisticvaluationofyourreal
estateasset
n Individuallytailoredmarketingconcept
n Adviceonhowtooptimizeproperties
n Extensive regional, national and internati-
onal network of contacts with potential
tenants
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