BNP Paribas Real Estate publishes logistics market figures for Q3 2023 - Hamburg logistics market performs well in location ranking despite lower result

After the first three quarters, Hamburg's logistics market only lacked transactions of over 20,000 sqm to report a good interim result: Although take-up in the first nine months totalled 246,000 m², down by almost 37% year-on-year, the number of deals was significantly higher. This is the result of the analysis by BNP Paribas Real Estate.
       
"It is also positive to note that the logistics market in the Hanseatic city has nothing to hide with its current performance compared to other locations. Hamburg thus leads the ranking of the top markets together with Leipzig with 264,000 m² and Frankfurt with 245,000 m². The largest deals in the third quarter, each for around 15,000 m², are the transshipment hall under construction for the Nagel Group in Allermöhe and the letting to Pandora in Hamburg East," says Christopher Raabe, Managing Director and Head of Logistics & Industrial at BNP Paribas Real Estate GmbH.
 
Meanwhile, the upward trend in rents continues. Hamburg has now exceeded the €8/m² mark at its peak (€8.10/m²), and the average has also risen slightly to €6.25/m². In the ranking of demand groups, the three most important sectors all achieved take-up shares of over 20 % after the first nine months. Logistics service providers led the way, accounting for a good 37% of take-up and also generating the largest deals with TST in Neu Wulmstorf (19,400 m²) and the Nagel Group (15,000 m²). The retail sector accounted for a further 29% and industrial companies contributed a good 21%.

In terms of size categories, medium-sized contracts between 12,000 and 20,000 m² stand out with a share of just under 32 % and were the only category to achieve above-average take-up. In addition, requests for small spaces of up to 3,000 m² (almost 24 %) and for spaces between 5,000 and 8,000 m² met with a corresponding supply.    Although the new-build sector is noticeably limited by the limited supply, it nevertheless achieved an above-average volume of 116,000 m² (47%) within the top markets.  

"Even if this is not reflected in the results for the first three quarters, market activity on the Hamburg logistics market can still be considered lively. A high number of deals, a broadly diversified sector structure and strong momentum in the smaller and medium-sized space segments are clear indications of the generally favourable demand situation.     

In contrast, there is currently less movement on the supply side: Due to the fact that there are currently hardly any speculative projects in the Hamburg logistics region and the existing sector can only rarely provide relief, particularly in the larger segments, many requests are only met with adequate space offers to a limited extent.       

Against the backdrop of the ongoing tense supply-demand ratio, further increases in rents cannot be ruled out in the coming months despite the already high level," says Bastian Hafner, Head of Logistics & Industrial Advisory at BNP Paribas Real Estate GmbH.

Press contact:
Chantal Schaum - Tel: +49 (0)69-298 99-948, Mobile: +49 (0)174-903 85 77, chantal.schaum@bnpparibas.com
Viktoria Gomolka - Tel: +49 (0)69-298 99-946, Mobile: +49 (0)173-968 60 86, viktoria.gomolka@bnpparibas.com

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