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Hamburg | Sylt | Berlin
Market SurveyCommercial | Retail
2017/2018 Hamburg
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www.grossmann-berger.de | page 2
Commercial | Retail Hamburg 2017/2018
200
120
140
100
130
100
70
80
50
30
35
40
30
310
300
220
210
180
140
120
120
100
70
60
60
50
0 50 100 150 200 250 300 350
Spitalerstrasse
Neuer Wall | BID
Mönckebergstrasse
Jungfernstieg
Poststrasse | BID
Gerhofstrasse | BID
Grosse Bleichen | BID
Bleichenbrücke | BID
Hohe Bleichen | BID
ABC-Viertel
Grosser Burstah | BID
Dammtorstrasse | BID
Colonnaden
Maximum attainable rents | City centre of Hamburg2018/at February | in €/m² mth. | by locations
Source: Grossmann & Berger GmbH
For many years, rents for retail space in Hamburg city centre climbed steadily, but the peak has now been reached. In al-most all major inner-city retail locations rents have plateaued at maximum rates. In high-footfall locations such as Spitaler-strasse or Mönckebergstrasse, smaller top quality premises of up to 120 m² still command rents above the €300/m²/month mark. However, there are locations that have fallen a little in price year on year, particularly in the western part of the city centre. For example the maximum rents tenants will pay for larger amounts of space on Hamburg’s luxury road, Neuer Wall, have slipped a little. The rents for premises on Hohe Bleichen also tend to be lower than they were twelve months ago.
Hamburg city centre attracts visitors with its shopping malls and centres, shopping streets that form part of Business Im-provement Districts (BID), and with spaces that invite the visi-
Key Facts | Retail
| Purchasing power per capita| Purchasing power index1| Turnover per capita| Turnover index1| Centrality index1
€7,118108.1€7,197123.3114.0
Source: Michael Bauer Research GmbH, Nürnberg (at 2017) | 1 Germany = 100
tor to linger. Further attractions are the redevelopment projects such as “Stadthöfe” and “Alter Wall” where new retail locations are being created. With over 1,000 retail shops and a sales area of some 350,000 m², Hamburg city centre is, after Berlin City, North Germany’s major retail location. However, the city cen-tre will in future face competition from an ambitious building project that the French real estate company Unibail-Rodam-co is undertaking in the south part of the “Überseequartier” in HafenCity. As part of this development, it is planned to com-
“Prices have peaked. The days of continuous rent increases are over.”Sven Bechert | Head of Retail
Locations and rentsRetailers in the City
“BoConcept” | Gänsemarkt 33 | brokered 2017/Q1
max. attainable rents for shops with 300–500 m² of floor space
max. attainable rents for shops with 80–120 m² of floor space
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www.grossmann-berger.de | page 3
Commercial | Retail Hamburg 2017/2018
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Hamburg | CityQuality of locations, lettings and developments
1 Zalando | Große Bleichen 19 | approx. 1,800 m²
2 Globetrotter* | Gerhofstr. 19 | approx. 1,100 m² | opened 2017
3 Clas Ohlson | Spitalerstr. 32 | approx. 1,000 m²
4 Burgerlich | Gänsemarkt 43 | approx. 800 m²
5 Classico* | Große Bleichen 32 | approx. 600 m²
6 BoConcept* | Gänsemarkt 33 | approx. 300 m²
7 Yargici | Mönckebergstr. 7 | approx. 250 m²
8 Label Kitchen* | Große Bleichen 31 | approx. 100 m²
New tenantsCity centre of Hamburg | selected lettings 2017 | * brokered by G&B
1 “Stadthöfe” | Stadthausbrückeapprox. 4,000 m² retail space | 2018 and later
2 “Alter Wall” | Alter Wall/Alsterfleetapprox. 12,000 m² retail space | 2018 and later
3 “Burstah Ensemble” | Großer Burstahapprox. 3,600 m² retail space | 2021 and later
4 “Springer Quartier” | Axel-Springer-Platzapprox. 2,000 m² retail space | 2020 and later
Retail developmentsCity centre of Hamburg
1
2
3
4 1
2
3
4
5
6
7
8
1A-location
1B-location
U-bahn station
S-bahn station
Car parking
Shopping mall
Public building
14
Stadthöfe
Mellin Passage
Europa Passage
Perle Hamburg
Levantehaus
Wandelhalle
Kaufmannshaus
Kaisergalerie
Galleria Passage
Alte Post
Hamburger Hof
Hanseviertel
Girardet Höfe
Gänsemarkt Passage
Shopping malls
Clothing/ department stores
Alsterhaus
SportScheck
Karstadt
AppelrathCüpper
C&A
Anson‘s
P&C
Karstadt Sport
Galeria Kaufhof
Saturn
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www.grossmann-berger.de | page 4
Commercial | Retail Hamburg 2017/2018
29%
18%
13%
5%
4%
31%
Take-up of space | Hamburg City2017 | by industry
15%2,900
31%5,900
20%3,800
34%6,400
up to150
up to500
up to1,000
up to2,000
Take-up of space | Hamburg City2017 | in m² | by size and number of lettings
15.0 19.0 21.0 19.0 18.6
2013 2014 2015 2016 2017
Take-up of space | Hamburg City2013–2017 | in 1,000 m²
Source: Grossmann & Berger GmbH
Source: Grossmann & Berger GmbH
Source: Grossmann & Berger GmbH
To many chain stores and sellers of branded goods, it is im-portant to have a base in Hamburg city centre. International retail concepts, in particular, find Hamburg a good launch pad for expansion into the German market. Despite the increasing market share of online retailers, there is still great demand for shop and gastronomy premises. 55 new rental agreements for around 18,600 m² of space in Hamburg city centre were signed in 2017, a number and size comparable to the prior year’s fig-ures. Accounting for 29% of take-up, the biggest group of new tenants were traders in the fashion and apparel industry.
The largest rental agreement in this sector was signed by on-line fashion retailer “Zalando” for over 1,000 m² of sales area on Grosse Bleichen. This online trader has developed an outlet concept that is scheduled to open in late summer in a new build development on the site once occupied by the Thalia book shop. Another fashion retailer, “Classico”, will likewise be opening on Grosse Bleichen in the autumn of 2018. For this firm, which is also successful online, G&B brokered the space that will be va-cated by the “Steen” fashion store (Grosse Bleichen 32). Other noteworthy new tenants from the fashion and apparel sector included “Max Mara”, an exclusive ladies’ fashion label, which opened at Schleusenbrücke, and the Turkish fashion and life-style chain “Yargici” which opened their first German store in May (“Levantehaus”, Mönckebergstrasse 7). There were also some changes at the “Kaufmannshaus” (Grosse Bleichen 31). In summer the fashion label “ba&sh” from Paris moved into space vacated by a fashion house from Stockholm, “ACNE”, which moved instead to premises in “63 Grad” (Neuer Wall 63). Its new neighbour will be the “Label Kitchen”, a concept store for which G&B acted as broker, which is moving into what was a “Balzac” coffee shop in the 2nd quarter of 2018.
Not only was the fashion trade on the move, the restaurant scene was also active, increasing its share of total take-up from 13% to 18% year on year. Some of the new rentals included premises for “Burgerlich”, a burger restaurant, (Gänsemarkt 43), “Kaiserwetter” (Brandstwiete 4) and “Brotstube”, the bak-ery cum café chain owned by Schanzenbäcker bakery (Alter Steinweg 1-3). It is also apparent that an increasing number of international gastronomy businesses are taking an interest in Hamburg. In summer, for example, the “IZAKAYA”, a restaurant specializing in Japanese-Peruvian cuisine, celebrated its open-ing in the boutique hotel Sir Nikolai (Katharinenstrasse 29).
Retail space marketDevelopments in the city centre
plete a shopping complex offering about 80,000 m² of sales area by 2021. Many in the industry are concerned by this pros-pect. The size of the shopping centre will probably mean that there will be no two-way traffic between it and retail locations in the city centre. In the medium term it seems highly question-able whether the planned linking of the two shopping areas via the Domstrasse axis will come about.
Household Goods
Other
Furniture
Wellness/Health Gastronomy
Fashion/ Apparel
take-up of space
no. of lettings
21 24 7 3
5-year average (2013–2017):approx. 18,500 m²
41 46 53 56 55
take-up of space no. of lettings
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www.grossmann-berger.de | page 5
Commercial | Retail Hamburg 2017/2018
13%
10%
10%
8%
7%6%
4%4%
39%
Visitor arrivals | Hamburg2017 | by country of origin
11.6 12.0 12.6 13.3 13.75.9 6.1 6.3 6.6 6.7
2013 2014 2015 2016 2017
Overnight stays and visitor arrivals | Hamburg2013–2017 | in millions | figures for 2017 are estimated
Retail turnover | Hamburg2013–2017 | turnover in € billions
The business side of Hamburg.Hamburg, Germany’s second-biggest city, is a superb busi-ness environment for retailers. Hamburg is growing - currently around 1.8m people live within city limits and more than 5m in the greater metropolitan area, making the city and its environs one of the major economic centres in Europe.
Tourism as an economic factor.For many years Hamburg has been rated one of Europe’s top travel destinations. The Elbphilharmonie, the city’s new land-mark concert hall and magnet for visitors, has enhanced the reputation of the city, especially in overseas countries. In 2017 Hamburg appeared for the first time in the “New York Times” list of “52 places to go in 2017”, where it was ranked number ten.
Cruise tourism is booming in Hamburg. In 2017 some 810,000 passengers embarked and disembarked in Hamburg, 14% more than the year before. This figure is likely to be higher in 2018, as 220 cruise ship arrivals are expected with some 880,000 pas-sengers on board.
Apart from the increase in cruise ship passengers, Hamburg’s hotels have registered appreciably more guests. Year on year the number of overnight stays rose from 13.3m to 13.7m and the number of guest arrivals from 6.6m to 6.7m. The interest of foreign visitors in Hamburg shows no signs of flagging. The tourist industry was pleased to report growth of 4% for both overnight stays and visitor numbers. The main beneficiaries of the tourist boom are retailers and restaurants/bars. A study by the tourist board, Hamburg Tourismus GmbH, reveals that more than half of the total gross tourist spend (some €6.9bn) benefits the local retail and restaurant business.
Source: Michael Bauer Research GmbH, Nürnberg
Source: Statistics Office for Hamburg
Source: Statistics Office for Hamburg
12.6 12.4 12.5 12.7 13.1
2013 2014 2015 2016 2017
Furniture and furnishing companies rented seven new city cen-tre premises in 2017. This industry accounted for some 13 % of take-up. In recent years many traders in this segment moved premises - above all to less expensive locations. One example is furniture store “BoConcept” which used to have premises at Neuer Wall before moving out of the centre for a lengthy peri-od; it has now, through the agency of G&B, moved into a new store at Gänsemarkt 33.
Facts and FiguresCommerce and tourism
overnight stays
visitor arrivals
Austria
Denmark
United Kingdom
Switzerland
United States
Other countries
Sweden
France
Netherlands
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www.grossmann-berger.de | page 6
Commercial | Retail Hamburg 2017/2018
BID OPERN-BOULEVARD
BID PASSAGENVIERTEL
BID HOHE
BLEICHEN
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Hamburg | CityBID boundaries
In 2005 the City of Hamburg first launched a scheme for busi-ness improvement districts (BIDs), using them as a develop-ment tool for the city centre. The principle is to encourage the owners of real estate to collaborate and invest in their neigh-bourhood through schemes to improve and maintain public spaces, plus a variety of marketing initiatives. The first inner city BID was the Neuer Wall neighbourhood. Since then numerous BID projects have been launched in Hamburg City.
For more information see: www.hamburg.de/bid-projekte
1
2
34
5
6
7
Business Improvement DistrictsA model for the city centre of Hamburg
1 BID Opernboulevard | since 2005
2 BID Quartier Gänsemarkt | since 2015
3 BID Hohe Bleichen/Heuberg | since 2009
4 BID Passagenviertel | since 2009
5 BID Neuer Wall | since 2005
6 BID Nikolai-Quartier | since 2014
7 BID Mönckebergstraße | since 2017
Business Improvement DistrictsCity centre of Hamburg
Shopping mall
Public building
Business Improvement District
-
www.grossmann-berger.de | page 7
Commercial | Retail Hamburg 2017/2018
GlossaryDefinitions for the retail trade
Skilled consultancy“We have brokered lets for 800 shops in Hamburg - that‘s a good recommendation”
What can we do for you?If you would like to know more about good locations in which to do good business, we look forward to talking to you in person.
Just call us.
From left to right | Jan Stieghahn, Sven Bechert, Sabine Peickert (assistant), Matthias Schücking
Sven Bechert | Head of RetailPhone: +49 (0)40 / 350 80 2 - 50 | Mobile: +49 (0)162 / 23 230 02Email: [email protected]
Matthias Schücking | Property consultantPhone: +49 (0)40 / 350 80 2 - 457 | Mobile: +49 (0)162 / 23 230 12Email: [email protected]
Jan Stieghahn | Property consultantPhone: +49 (0)40 / 350 80 2 - 611 | Mobile: +49 (0)162 / 23 230 69Email: [email protected]
Business Improvement District (BID): BIDs are usually initiated in areas dominated by retail within defined boundaries, where property owners
undertake, on a largely voluntary basis and for a specified period of time,
measures to improve the area and make it more attractive.
Retail purchasing power / Retail purchasing power index: Volume of retail spending by the population of a region measured by domicile, i.e. general
purchasing power less spending for rent, mortgage payments, insurance,
motor vehicles, travel and services.
Retail sales (POS turnover) / Retail sales index: The actual sales in local retail
shops measured at the point of sale (POS).
Retail centrality index: Relation between retail turnover and retail pur-
chasing power (permits statements about the capability of local shops to
attract shoppers from other areas and so add their purchasing power to the
purchasing power of the local residents).
Take-up of space: The total of all space let plus that sold to, or finished by
or for an owner-occupier during the period under review. The operative
date for inclusion in the statistics is the date on which the lease or purchase
agreement was signed. Lease renewals are not counted as take-up.
Attainable rent: The net rent that is sustainably attainable for the re-letting
of first-class sales floor in 1A locations (80-120 m²), based on the assessment
of current market developments.
Photo credits:Cover: City centre of Hamburg © i-stock, page 2: “BoConcept” (Gänsemarkt 33) © J.Bucher
We draw your attention to the fact that all statements made here are non-binding. Most of the information is based on third-party reports. The sole intention of this market survey is to provide general infomation for our clients.
Grossmann & Berger GmbH • Bleichenbrücke 9 (Stadthöfe) • D - 20354 Hamburg Phone: +49 (0)40 / 350 80 2 - 0 • Fax: +49 (0)40 / 350 80 2 - 36 Email: [email protected] • Internet: www.grossmann-berger.de Managing directors: Andreas Rehberg, Holger Michaelis, Lars Seidel, Axel Steinbrinker Chairman of the supervisory board: Frank Brockmann • Registered office Hamburg Registered at Hamburg no. B 25866