market report on the letting of · parx, which is constructing around 100,000 sqm of logistics...

Greater Hamburg area for 2018

MARKET REPORT ON THE LETTING OF LOGISTICS PROPERTIES AND INDUSTRIAL SPACES

Market report on the letting of logistics properties and industrial spaces in the Greater Hamburg area* for 2018

>> Take-up of logistic property and industrial space in the greater Hamburg area

MARKET REPORT ON THE LETTING OF LOGISTICS PROPERTIES AND INDUSTRIAL SPACES // Greater Hamburg area for 2018

n Hamburg logistics market sees volume growth

of 9 %

n Hamburg South the region with the highest

take-up at 49 %

n Five top deals in excess of 20,000 sqm

n Still no logistics boxes available in the size cate-

gory of 50,000 sqm and larger

n Prime rents approach the EUR 6.00/sqm

threshold

n Port of Hamburg almost fully let

n Forecast for 2019: Take-up could decline due to

shortage in supply (up to 18 %)

As forecasted by Realogis after the first half of

2018, the Hamburg logistics market* could out-

perform previous year’s results. Take-up by all

market participants amounted to 490,000 sqm in

2018, an increase of 9 % compared with 2017

(450,000 sqm). This represents the third-highest

figure in the past five years after the record fig-

ures registered in 2016 (610,000 sqm) and 2015

(540,000 sqm) and is just below the five-year av-

erage (512,000 sqm).

“Total take-up would have been considerably

higher if there had been more available space,”

commented Jörg Lojewski, Managing Director of

the market-leading logistics expert Realogis Im-

mobilien Hamburg GmbH, which itself brokered

around 100,000 sqm or one-fifth of the total

take-up in 2018.“ Unfortunately, the extremely

high level of demand – particularly for logistics

properties with high suitability for third-party use

– cannot be met due to the lack of product avail-

ability. Furthermore, there are very few plots still

in stock for development.

Hamburg South defended its leading position

in terms of take-up also in 2018, accounting

for an impressive 49 % of the overall figure

(240,100 sqm) at the end the year. Four of the

five biggest deals were concluded in the re-

gion around the Port of Hamburg and Harburg.

The East region took second place at 34 %

(166,600 sqm).

In 2018, the Hamburg logistics market was

particularly characterised by deals in the size

category of 10,000 sqm and above (34 %,

166,600 sqm). While no deals in excess of

20,000 sqm were concluded in 2017, Realogis

registered no fewer than five top deals last year.

Smaller units up to 3,000 sqm were well repre-

sented once again, accounting for 30 % of take-

up (147,000 sqm). Despite high demand, limited

availability in the medium size categories result-

ed in take-up of 16 % (3,001 to 5,000 sqm) and

20 % (5,001 to 10,000 sqm) respectively.

Take-up by size

Take-up by region

>> Take-up of logistic property and industrial space by regions in the greater Hamburg area 2018

>> Take-up of logistic property and industrial space by size in the greater Hamburg area 2018

2015 20162014 20182017

800,000 sqm700,000 sqm600,000 sqm500,000 sqm400,000 sqm300,000 sqm200,000 sqm100,000 sqm

0 sqm

Region East166,600 sqm

34 %

Region South240,100 sqm49 %

Region West44,100 sqm 9 %

Region North39,200 sqm

8 %

≥ 10,001 sqm 5,001 - 10,000 sqm 3,001 - 5,000 sqm ≤ 3,000 sqm


Logistics has been the leading sector in terms

of take-up for a number of years. In 2018, it

accounted for no less than 294,000 sqm or 60 %

of total take-up. This represents growth of 17 %,

signifying a record year for the Hamburg logistics

market. As many companies still want to be close

to the container terminals, Realogis expects logis-

tics to remain the sector with the highest take-up

in 2019.

Although retail defended its second place, it

accounted for just 24 % (117,600 sqm) of total

take-up, a quarter less than in the previous year

(157,500 sqm). Production companies saw lower

take-up of just 9 % (44,100 sqm) in 2018 com-

pared with between 14 % and 16 % in the past

four years.

Space in the size category of 50,000 sqm and

above, which is interesting for e-commerce in the

northernmost of Germany’s top seven logistics

markets in particular, remains unavailable. There

are no existing or planned logistics boxes of this

size.

Having remained stable at EUR 5.70/sqm for the

past four years, prime rents on the Hamburg

logistics market rose to EUR 5.90/sqm in 2018

(+3.5 %), thereby approaching the EUR 6.00/sqm

threshold in 2018 for the first time. Average rents

have also increased since 2016 and now amount

to EUR 4.80/sqm (+4 %).

No new development activity is possible in the

Port of Hamburg due to the lack of available

sites. This market segment will also be fully let for

the first time in Q2/2019. Where the Hamburg

logistics market does still have sites available for

development, new logistics space will also be

realised as multi-storey buildings in the future.

One example is provided by the developer Four

Parx, which is constructing around 100,000 sqm

of logistics space near the Port in the Hamburg

district of Wilhelmsburg; this will be the first fa-

cility of its kind to stretch over two floors.

Given this scenario, it is no surprise that prime

rents will exceed EUR 6.00/sqm for the first time

in 2019.

As the deepening of the Elbe River has finally

been approved following years of court proceed-

ings, the latest generation of container ships will

also be able to access the Port of Hamburg in the

future, leading to growth in container turnover.

Demand will remain high in 2019. However, the

low availability of space means we expect total

take-up to decline to between 400,000 and

430,000 sqm. This would represent a reduction

of between 12 % and 18 % compared with

2018.

>> Take-up of logistic property and industrial space by industry in the greater Hamburg area 2018 Take-up by industry

Relevant deals in 2018

Rising rents

1. nord logistic

in the Hamburg district of Altenwerder/Port,

29,000 sqm (Expansion)

2. BOR Handelslogistik

in the Hamburg district of Waltershof/Port,


3. IN tIME Express Logistik

in Buchholz i.d.N./Hamburg South,

28,000 sqm (Owner-occupier expansion)

4. Getriebebau Nord

in Bargteheide/Hamburg East,


5. Kühne + Nagel

in the Hamburg district of Moorburg/Port,


>> Prime and average rents of logistics property and industrial space in Hamburg

Outlook for 2019

Manufacturing9 %

Supply/Others7 %

Logistics/Distribution60 %

Retail/Wholesale

24 %

6.50 €/sqm

6.00 €/sqm

5.50 €/sqm

5.00 €/sqm

4.50 €/sqm

4.00 €/sqm2015 20162014 20182017

4.55 4.55 4.60 4.654.80

5.70 5.70 5.70 5.705.90

prime rents average rents


* Greater Hamburg market area

Realogis defines as a sub-market the relevant, available warehouse, logistics and production space in the Hamburg region and along the A1 motorway

(Lübeck – Bremen), the A7 (Hanover – Flensburg) and the A39 from “Maschener Kreuz” within a radius of approx. 50 km.

Logistics Property Market Hamburg: Rental Prices 2019 (EUR/sqm)

Lübeck

ItzehoeKellinghusen

261

23

2321

20

20

24

24

1

1

1

7

7

7

39

FintelDahlenburg

Hitzacker

Vellahn

Wittenburg

Gadebusch

Kalkhorst

Amt Neuhaus

Bremervörde

Sittensen

Scheeßel

Lamstedt

Tarmstedt

Hemmoor

BadSchwartau

Brunsbüttel

BurgWacken

Quickborn

Ratzeburg

Barsbüttel

Ahrensburg

Norderstedt Bargteheide

Kaltenkirchen

Elmshom

Jork

Geesthacht

Lünesburg

Salzhausen

Hanstedt

Tostedt

Büchen

Trittau

Roseburg

LauenburgWinsen

Seevetal

Buxtehude

Fredenbeck

Apensen

BadOldesloe

BadBramstedt

BadSegeberg

Stade

Pinneberg

Barmstedt

Hamburg

Region North3.80 - 5.50

Region East3.90 - 5.50

South5.70 - 5.90

West5.00 - 6.80

Nord5.50 - 6.50

East4.80 - 5.90

Region South4.30 - 4.70

Region West4.50 - 5.50

Sandesneben


REALOGISImmobilien

HamburgGmbH

Gotenstraße 21

20097 Hamburg

phone: +49 (0)40 - 54 80 857 - 0

fax: +49 (0)40 - 54 80 857 - 29

email: [email protected]

www.realogis.de

Contact:

Jörg Lojewski (Managing director)

phone: +49 (0)40 - 54 80 857 - 0

fax: +49 (0)40 - 54 80 857 - 29


Contact:

Stefan Imken (Managing director)

phone: +49 (0)40 - 54 80 857 - 0

fax: +49 (0)40 - 54 80 857 - 29


Contact:

Irina Lysenko (Research Analyst)

phone: +49 (0)89 - 51 55 69 - 287

fax: +49 (0)89 - 51 55 69 - 29


REALOGIS –

Pioneers in Logistics since 2005

When Realogis was first established in 2005, we

had an ambitious goal: to become the market

leader for property lettings in the “industrial and

logistics” segment. The concentration and poo-

ling of our know-how into this niche market has

proved successful: in 2015 we again gained

market leadership in Germany for space take-up

in industrial properties, warehouses and logistics

properties. What’s more, we have also continued

to expand our share of the European market.

Today, the owner-managed Realogis group, which

is headquartered in Munich and also has offices in

Berlin, Dusseldorf, Frankfurt, Hamburg and Stutt-

gart, not only offers lettings and consultancy ser-

vices but is also a sought-after partner of investors

and institutional investors, to whom we offer our

comprehensive experience and in-depth regional,

national and international market knowledge.

Extensive consultancy services in the areas of

logistics and fulfilment round off our range of

services. With a team of highly motivated and

well-trained professionals, we continually strive

to provide long-term support to our customers

and enable them to benefit from our position as

market leader.

Our services

n Preparation of a detailed and individual requi-

rements profile

n Targeted offers

n Development of possible alternatives

(leasing, purchase)

n Integrated Realogis logistics consultancy to

define the optimal location and implement

internal processes in an existing property

REALOGIS –

Available to you directly on-site in Hamburg

We are your point of contact for the letting of in-

dustrial and logistics property as well as business

parks in the Hamburg region, and have been the

market leader in this segment since 2012. You’re

looking for a certain type of property? We will

define the precise details of your requirements,

enhance your search profile and provide you with

exact property matches. Maybe you are looking

for a new tenant for your property. In that case we

will assist you in valuing your property and setting

the optimal rental price. We handle the professio-

nal presentation of your property to the public and

ensure a prompt letting.

Both tenant and landlord benefit from the many

years of specialist market knowledge of our ap-

proximately five-strong consultancy team in the

region, as well as our market proximity and valu-

able contacts. We only employ well educated and

experienced property consultants, and also offer

access to an in-house department that can sup-

port your built-to-suit solutions across Germany.

Please contact us about any decisions relating to

industrial and logistics property.

n Sound and realistic valuation of your property /

land

n Individual marketing concept

n Advice on optimising property

n Strategy consulting to minimise the risk of

vacancies and defaults

n Extensive regional, national and international

contact network of potential tenants

market report on the letting of · parx, which is constructing around 100,000 sqm of logistics...

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