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Hamburg logistics market crashes Real estate magazine


immoflash
01/29/2020

The fourth quarter did not help either

Author: Charles Steiner

AEven a very lively fourth quarter of 2019 (132,000 m²) could not prevent what had already been indicated in the first nine months of the year: Due to the acute lack of supply, the Hamburg market for storage and logistics space (including the surrounding area) achieved a take-up of space 373,000 m² is its weakest result since 2008. This shows the analysis by BNP Paribas Real Estate.

“The increasingly narrow supply and demand relation is particularly evident in the proportion of space with modern equipment standards,” explains Christopher Raabe, Managing Director and Head of Industrial Services & Investment at BNP Paribas Real Estate. “In 2019, these didn’t even make up a third of the volume sold. At the same time, there are hardly any plots of land available for new buildings, so that primarily the demand close to the city has to switch to existing properties. However, these are often not in an adequate condition and no longer meet the requirements of modern logistics and industrial companies. This is a crucial location factor, especially for large companies, which is why many companies cannot present their expansion plans in Hamburg. ”In the past three years, not a single contract above 35,000 m² has been registered in the market area.

The logistics market in the Hanseatic city is at a critical point. “In order to remain attractive, a timely expansion of the range is urgently required. However, municipalities in the surrounding area are becoming increasingly restrictive when it comes to designating large commercial areas. Speculative project developments such as the “Mach2” near Four Parx near the harbor or the planned business park of Goodman in the Seevetal village of Beckedorf are currently exceptions. That is why many customers are already orientating themselves to the wider surrounding area, as they can find better quality space here at cheaper rents.

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