REALOGIS: Take-up up of 22 per cent in Hamburg's logistics and industrial property market on course for recovery in 2025

• 335,000 m² take-up
• Rent level largely stable
• Logistics/freight forwarding industry with the highest demand
• The south of Hamburg was a regional focus
• Existing space in high demand

Hamburg, 26 January 2026 – The REALOGIS Group, Germany's leading consulting firm for industrial and logistics real estate as well as commercial properties, recorded take-up of 335,000 m² in the owner-occupier and rental market for logistics and industrial real estate space in Hamburg for the full year 2025. This exceeded the previous year's result of 275,000 m² by 22%. However, the 5-year average of 406,000 m² was missed by 17%.

The five deals with the highest turnover were accounted for by Körber Technologies (34,300 m²), Mickeleit (20,000 m²), Scan Global Logistics Group (19,600 m²), Garpa Garten & Park Einrichtungen GmbH (19,350 m²) and Heinrich Dehn (15,300 m²). Together, they accounted for 32% of total take-up.

Stefan Imken, Managing Director of REALOGIS Immobilien Hamburg GmbH, puts it in perspective: "The increase in take-up is primarily a sign of an incipient stabilisation, even if the level of previous peak years has not yet been reached. Against this backdrop, we expect a gradual continuation of the market recovery in 2026, supported by continued solid to increased demand from logistics and industry as well as an overall stable rental trend."

Rents: Prime rent at €8.30/m², average rent at €6.40/m

The prime rent in 2025 was €8.30/m². Compared to the previous year (€8.25/m²), this represented an increase of 0.6% or 5 ct/m². In the course of the year, the prime rent had reached €8.40/m² at the end of June, falling by 10 ct/m² in the 2nd half of the year.

The average rent at the end of the year was €6.40/m² (2024: €6.25/m²). At the end of June 2025, it was €6.50/m², which is 10 ct/m² more.

Land types: existing areas dominated; New construction mainly on brownfields

In 2025, market activity was largely concentrated on existing properties. A total of 224,300 m² was let here, which corresponds to a share of take-up of 67% (2024: 230,000 m² / 84%). The leases concluded by Mickeleit and Heinrich Dehn played an important role in this and were responsible for 16% of the take-up of existing space.

A total of 110,700 m² or 33% of new buildings were let in the Hamburg market. Significant were the deals in newly constructed buildings on former brownfields; They accounted for 109,200 m² or 32.6% of total market take-up. Körber Technologies, Scan Global Logistics Group and Garpa Garten & Park Einrichtungen GmbH accounted for 67% of brownfield sales. New buildings on greenfield sites, on the other hand, reached only 1,500 m² (0.4%); in the previous year it had been 45,000 m² (16%).

Market structure: Leases in the majority, big-box spaces at the top

In 2025, the market was again predominantly dominated by leases. Tenants take up 274,700 m² and thus determine 82% of market activity (2024: 240,000 m² / 87%). Owner-occupiers accounted for 60,300 m² or 18% (2024: 35,000 m² / 13%).

In terms of building types, big-box space accounted for the largest share of take-up: 175,000 m² or 52%. Areas that could not be assigned to big boxes or business parks accounted for 81,900 m² or 25%, while business parks accounted for 78,100 m² or 23%.

Regions: The south takes the lead, sub-market East just behind

The most sought-after region in 2025 was the south of Hamburg (urban area and surrounding area south) with 141,400 m² or 42% market share (2024: 22,000 m² / 8%). With growth of 119,400 m² or 543%, the south, which was still in last place last year, achieved the most significant growth of all regions. The major deals by Mickeleit, Scan Global Logistics Group and Garpa Garten & Park Einrichtungen GmbH totalling 58,950 m²  made a significant contribution to the recovery after the slump in 2024.

The east accounted for 131,900 m² or 39% (2024: 115,000 m² / 42%). In the west, take-up of 35,800 m² or 11% was registered, which corresponded to the largest decline among the individual regions of the Hanseatic city (2024: 92,500 m² / 34%). Only the north of Hamburg was behind  with 25,900 m² or 8% share of take-up (2024: 45,500 m² / 16%).

Sectors: Logistics/freight forwarding clearly ahead, retail had reached 44,700 m²

Logistics/freight forwarding accounted for 209,900 m², accounting for 63% of take-up (2024: 129,000 m² / 47%). Industry/production reached 52,000 m² and thus a share of 16% (2024: 35,000 m² / 13%). Retail recorded 44,700 m², which corresponded to 13% (2024: 96,000 m² / 35%). Within retail, 22,800 m² (51%) was accounted for by e-commerce and 21,900 m² (49%) by traditional retail. The "Other" category totalled 28,400 m² or 8% of take-up (2024: 15,000 m² / 5%).

Size classes: Large spaces from 10,001 m² as a pacesetter

In 2025, space from 10,001 m² was in the highest demand: This segment accounted for 131,000 m² or 39% (2024: 25,000 m² / 9%). This was followed by deals between 5,001 and 10,000 m² with 84,600 m² and 25% (2024: 55,000 m² / 20%). The segment of 1,000 to 3,000 m² accounted for 53,100 m² or 16% (2024: 66,000 m² / 24%), closely followed by the segment between 3,001 and 5,000 m² with 49,000 m² or 15% (2024: 53,000 m² / 19%). Very small areas of less than 1,000 m² accounted for 17,300 m² or 5% (2024: 76,000 m² / 28%).

Key figures at a glance

• Take-up: 335,000 m²
• Prime rent: €8.30/m² (2024: €8.25/m²)
• Average rent: €6.40/m² (2024: €6.25/m²)
• Existing areas: 224,300 m² | New building on a greenfield site: 1,500 m² |New building on brownfield: 109,200 m²
• Tenants: 274,700 m² (82 %) | Owner-occupiers: 60,300 m² (18 %)

REALOGIS. The No. 1 in industrial and logistics real estate

The REALOGIS Group is Germany's leading address for advising and brokering industrial and logistics real estate as well as commercial properties. As an owner-managed company with locations in Berlin, Düsseldorf, Germany South/North, Frankfurt am Main, Hamburg, Leipzig, Munich and Stuttgart, the company, founded in 2005, has in-depth market knowledge and more than twenty years of experience in the German real estate sector.

Around 70 employees support national and international companies from logistics, industry, trade and e-commerce as well as private and institutional investors. The range of services includes the mediation of tenants for existing and new properties, the support of investors in acquisitions and project developments, advice on the search for or sale of land as well as the development and implementation of holistic real estate strategies, from location analysis to the realisation of assets that are no longer necessary for operation.

Contact MediaTarga Communications
Arne DegenerT +49 151 196 933 90E ad@targacommunications.de