Hamburg showcases itself at MIPIM

Hamburg travels to Cannes’ commercial real estate fair

Hamburg showcases itself at MIPIM

With great confidence, Hamburg’s real estate industry will travel to Cannes this year, where the world’s largest and most relevant commercial real estate trade fair will be held from 6 – 9 March 2012. "MIPIM is one of the most important market places in the global competition among cities and Hamburg is in excellent position to hold its ground", says Mayor Olaf Scholz. "Despite the euro crisis, signals are set for growth in the Elbe metropolis." The latest figures of the commercial property market impressively reflect the city’s dynamic development. In 2011, the investment market for commercial properties has reported the best results since the record-breaking year of 2007. The positive trend of past years also prevailed with regards to the office space market and property leasing rates. The highest demand was registered for the sub-market "downtown".

Key figures at a glance:

  • Strong commercial real estate market: total transaction volume of 2.2 billion euro
  • Office space market: total turnover of 525,000 square metres (+4.9 per cent)
  • Vacancy rate for office space decreases from 9.8 per cent to 8.0 per cent
  • Leasing rates: prime rates at 24 euro/sq m (+ 1,50 euro/sq m), average rates at 14.50 euro/sq m  (+ 1.65 euro/sq m)
  • Particularly in demand were downtown properties (29.7 per cent), HafenCity (10.5 per cent) and City Süd (9.5 per cent)

"The very positive development of Hamburg’s commercial real estate market will advance in 2012, and we will continue to provide top arguments to invest in Hamburg to international investors in particular. The combination of economic strength and high quality of life creates Hamburg’s unique attraction", says Uwe Jens Neumann, CEO of HWF Hamburg Business Development Corporation. Hamburg's commitment to further growth in the context of urban densification continues to provide great potential to the real estate industry.

At Cannes’ MIPIM, the City of Hamburg will participate with a joint stand organised by HWF Hamburg Business Development Corporation. Here, the Elbe metropolis will present itself with strong partners such as HafenCity Hamburg GmbH, HSH Nordbank AG, and IBA Hamburg GmbH. A highlight of MIPIM’s events will be the Hamburg/HafenCity reception on Tuesday, 6 March at 3 pm in the presence of Dr. Peter Tschentscher, Hamburg Minister of Finance, as well as the subsequent talk on "German authorities and agencies: models of co-operation with investors and private partners". Another special highlight will be the MIPIM award ceremony on Thursday, 8 March at 7.30 pm.

As the only German project, the redevelopment of Hamburg’s "Alte Post", the former headquarters of the Hamburg postal service, is among the finalists of the MIPIM Awards. Developed by Quantum for alstria and acquired by Stenham Properties, the 9,200 sq m large office and retail block has been nominated in the “Refurbishment” category for one of the highly coveted prices. In any case, the German real estate industry will not leave Cannes empty-handed, since Germany is entitled to a special award as this year’s country of honour.