market survey · hamburg 2015/2016 hamburger city quality of locations, lettings and developments...

MARKet SuRveyCommerCial | retail

2015/2016

Hamburg

Grossmann & Berger’s promise: Flagshipstores.

www.grossmann-berger.de | page 2

CommerCial | retailhAMbuRg 2015/2016

230

180

160

140

140

130

100

80

80

40

40

40

30

280

280

220

210

180

180

140

130

120

60

60

60

50

0 50 100 150 200 250 300

Spitalerstraße

Neuer Wall | BID

Mönckebergstraße

Jungfernstieg

Poststraße | BID

Gerhofstraße | BID

Große Bleichen | BID

Bleichenbrücke | BID

Hohe Bleichen | BID

ABC-Viertel

Großer Burstah | BID

Dammtorstraße | BID

Colonnaden

Maximum attainable rents.2016/at February | by locations

Source: Grossmann & Berger research

Currently some 345,000 m² of retail space is available in Ham-burg’s inner city, spread over a large number of shopping streets, shopping centres and malls. Being the two most heavily frequen-ted shopping streets, Spitalerstrasse and mönckebergstrasse are the prime retail locations. the highest rents are charged here. However, there is practically no empty space in these locations. at present a shop with between 80 and 120 m² in a prime site on Spitalerstrasse will rent for up to €280/m². on mönckebergstras-se the highest attainable rent is now some €220/m²/month.

Neuer Wall in the western part of the city centre is the prime loca-tion for luxury labels. Here too, rents for between 80 and 120 m² of retail space can be as high as €280/m². But, unlike the situa-tion on Spitalerstrasse and mönckebergstrasse, some properties can be found offering shop floor space of varying sizes for month-ly rents between €140 and €220/m².

Key FActS | RetAil

| Purchasing power per capita

| Purchasing power index*| turnover per capita

| turnover index*| Centrality index*

6,961 €107.87,094 €123.1114.2

* Germany = 100

these vacancies are concentrated in the section of the street lea-ding to the Stadthausbrücke S-Bahn station, which is currently impaired by construction work on the “Stadthöfe” project.

Whether office or retail space - at present there is a lot of buil-ding activity in the city centre. the process of downtown renewal is in full swing. retail projects such as the “Stadthöfe” and “al-ter Wall” are changing the face of shopping in the city, generating new locations and even greater variety.

“In view of the small number of available properties, rents in the most popular locations remain high. hoch.” Sven Bechert | Head of retail

lOcAtiONS AND ReNtSretailers in the City

max. attainable rents for shops with 300 -500 m² of floor space| €/m² mth.max. attainable rents for shops with 80 -120 m² of floor space| €/m² mth.


Jungfernstieg

Neu

er

Dam

mto

rstr

aße

EsplanadeGorch-Fock-Wall

Colonnaden

Colonnaden

Jung

fern

-

stie

g

Stadthausbrücke

Ballindam

m

Hermannstr.

Ferdin

andstraße

Raboisen

Rosen-

Gerhart-Hauptmann-

Platz

Meßberg

Burchard-platz

Deichtor-platz

Willy-Brandt-

Straße

AlterFisch-markt

Adolfs-platz

Rathaus-platz

Gänse-markt

Axel-Springer-

Platz

Stephans-platz

Alter

Wall

Wall

Neuer

ABC-

straße

Bleichen

Große

Hoh

eB

leic

hen

Kaiser-Wilhelm-Str.

Wexstraße

An der S

tadthausbr.

Adm

iralit

ätss

tr.

Valentinskamp

Caffam

acher-reihe

Neuer Wall

Rödi

ngsm

arkt

Rödi

ngsm

arkt

Steintordamm

Steintorw

all

Steintor-

wall

Ernst-

Holz-

damm

St. Georgstr.

St. Georgs KirchhofRautenberg

str.

Alstertwiete

Merck-Straße

Speersort

Gr. Reichenstr.

twiete

Brands-

Kl. Reichenstr.

Schopenstehl

Gr. Reichenstr.Neß

Hopfenmarkt

GraskellerAlte

nwallbr.

Hahntrapp

Börsenbrücke

Adolphsbrücke

Bleichenbrücke

Poststraße

straße

Jungfernstieg

Post-

Kl. Theaterstr.

Kalk

hof

Gerhofstr.

Drehbahn

Dammtorwall

Welckerstr.

Büsch

stra

ße

Fehlandstr.

Große

Theaterstraße

Schleusenstr.Große Bleichen

Amelungstr.

Heuberg

Neue

ABC

-Straße

Schauen-

Große Johannisstr.

GroßerBurstah

burger- straße

Pelz

er-

stra

ße

Ida-

Ehre

-Pla

tz

Burchardstr.Altstädter Straße

Kattrepel

Springeltw

iete

Kl. Rosenstr.

Mohlenhofstr.

Jakobi-kirchhof

Burchardstr.

Niedern-

Klingberg

Dep

enauKat

tr. B

r.

Buc

eriu

sstr

aße

Kleine Johannisstr.Gr. Bäckerstr.

Bro

dsch

rang

en

Tros

tbrü

cke

Neue B

urg

Kl. B

urstahH

olzbrücke

Hermannstr.

Reesendamm

Plan

Bergstraße

Bergstr.

Schm

iede-

straße

Rathaus- straße

Str.

Pumpenstraße

Burchard-

Joha

nnis

wal

l

Klo

ster

-

wal

l

Dom

str.

Willy-

KennedybrückeAn der A

lster

Kirchenallee

Lombardsbrücke

Brandt- Straße

Dom-

str.

Bugenhagenstraße

Steinstraße

Mönckebergstraße

Mönckebergstraße

straße

Spitalerstraße

Lilie

nstr

aße

Raboisen

Alstertor

Gertrudenstr.

Glockengießer-

wall

Glockengießer-

wall

Brands-

ende

Kurzee M

ührenLange M

ühren

Gertruden-

kirchhof

Georgs-platz

Willy-Brandt-Straße

Hopfensack

Dovenfleet

Jako

bikirchhof

Curiens

tr.

Dornbusch

Mönkedamm

Deichstr.

Ferd

inan

dstor

Ferd

inan

dsto

r

St. Georgs Kirchhof

Düst

ernstra

ße

Heiligengeistbr.

Ludwig-Erhard-Str.

Staatsoper

Justizbehörde

Finanzbehörde

Behörde für KulturSport u. Medien

Klinik ABC-Bogen

BSU

Behörde für Stadtentwicklung

und Umwelt

Oberfinanz-direktion

KlinikFleetinsel

Rathaus

ThaliaTheater

Ev.-Ref. Kirche

KunsthalleHamburg

OhnsorgTheater

Dreieinigkeits-kirche

Finanzamt

MoscheeK.D.

Brecht-Sch.

St.-Petri-Kirche

St.-Jacobi-Kirche

Finanzamt

Haupt-bahnhof

Polizei

Bezirksamt Mitte

Kunstverein

Markt-halle

Bücherhalle

Deichtorhallen

HSH-Nordbank

Handelskammer

Börse

HSBA

Polizei

Wallringtunnel

Wal

lrin

gtun

nel

Steintortunnel

StreitsFilmtheater

Schule

Handels-Schule

PassageKino

Binnenalster

Alster-

fleet

Kleine Alster

Bleichen-

fleet


hAMbuRgeR cityQuality of locations, lettings and developments

Shopping malls Gänsemarkt Passage

Girardet Höfe

Hanse-Viertel

Hamburger Hof

alte Post

Galleria Passage

Kaisergalerie

Kaufmannshaus

Bleichenhof

mellin Passage

europa Passage

HSH Passage

levantehaus

Wandelhalle

Department stores alsterhaus

SportScheck

Karstadt

appelrathCüpper

C & a

anson’s

P & C

Karstadt Sport

Galeria Kaufhof

Saturn

New tenants.City centre of Hamburg i selected lettings 2015

Retail developments.City centre of Hamburg

1 Reserved | Spitalerstr. 22-26 | approx. 2,800 m²

2 Mango | Spitalerstr. 22-26 | approx. 2,200 m²

3 Koton | Spitalerstr. 22-26 | approx. 1,800 m²

4 clas Ohlson | Jungfernstieg 38 | approx. 1,800 m²

5 & Other Stories | Spitalerstr. 28 | approx. 1,000 m²

6 vapiano | Gänsemarkt 24 | approx. 800 m²

7 Who‘s perfect | Große Bleichen 36 | approx. 600 m²

8 lululemon athletica | Poststr. 9-11 | approx. 350 m²

3

1 “Stadthöfe” | Stadthausbrücke

approx. 4,000 m² retail space; 2017 and later

2 “girardet höfe“ | Gänsemarkt


3 Pe Alter Wall | alter Wall/alsterfleet


4 hSh-Passage | Gerhardt-Hauptmann-Platz


5 former Allianz building | Großer Burstah

approx. 22,000 m² retail and office space, 2018 and later

1

2

14

3

45

5

4

21

6

7 8

1a location

1b location

u train

S train

Parking

Shopping mall

Public building

green space



BekleidungGastronomie

Spielwaren

Sonstiges

Lebensmittel

52%

15%

9%

10%

3%

11%

take-up of space hamburg-city.2015 | by industry

1,500

5,900

4,000

4,600 5,000

up to

150

up to

500

up to

1,000

up to

2,000

over

2,000

take-up of space hamburg city.2015 | by size and number of lettings

11.9

12.4

12.6 12.4

12.5

2011 2012 2013 2014 2015

Retail turnover hamburg.2011 – 2015 | turnover in millions €

gastronomy

furniture

household goods

sporting

other

clothing

Source: michael Bauer research GmbH, Nürnberg



the number of new leases signed each year for restaurant and retail premises in the centre of Hamburg is directly linked to the amount of available space. in each of the past three years 47 agreements were concluded for space totalling some 18,000 m². Due to several contracts signed for space in new developments, 2015 saw appreciably more new lets than recent years, with the number of new contracts reported rising to 53 and the amount of space involved to 21,000 m². Fashion and apparel concept stores were especially keen takers of space. accounting for over 50% of take-up, this sector of trade rented more space than any other, followed by gastronomy and furniture/furnishings. Year on year the average amount of space let per lease (including ancillary space) fell from 420 m² to 400 m².

Product presentation issues and creating a positive brand image are becoming increasingly vital in the face of the growing pow-er of internet retailing. increasingly, retailers compete for online shoppers. medium-range forecasts indicate that online retailers will take up to 20% of Germans’ non-food consumer spending. online shops are increasingly influencing consumers’ purchase decisions. the internet offers customers a new level of transpa-rency regarding the quality and price of a product. Consequently, many retail chains, especially international operations, are com-mitted to multi-channel sales strategies. the role of the “bricks and mortar” store is to create a brand experience and burnish its image. Besides, customers still want to handle the goods first. the trade has come to recognize that. Household appliance manufac-turers such as Vorwerk and Bosch/Siemens, or car-makers such as tesla have opened their own shops in Hamburg city centre.

the fact that retail space in Hamburg City is in huge demand with national and international labels and chains shows that attrac-tive city centres are excellent places in which to establish brand awareness and image. However, the supply of space in heavily frequented city centre locations remains very limited. accor-dingly, there are no problems letting new retail projects, such as the development of the former Vattenfall / HeW building on Spi-talerstrasse 22-26. the chain stores reserved (about 2,800 m²), mango (about 2,200 m²) and Koton, a turkish fashion label, (about 1,800 m²) secured space at the new address. the stores are due to open in spring 2017. For the adjoining HSH-Nordbank shop-ping mall, currently undergoing comprehensive refurbishment, it was also possible to find an attractive new tenant in 2015 in the shape of the H&m Group’s premium brand & other Stories (about 1,000 m²).

another redevelopment project in a 1a location is the “Streits House” at Jungfernstieg 38. once used as a cinema, the space is being refitted for Clas ohlson, a Swedish household goods store, that plans to open its first shop in Germany by mid 2016 (about 1,800 m²). New retail space is also now being developed on Gerhofstrasse. Here the “Girardet Höfe” are nearing completion. in December 2015 Vapiano, a successful pizza and pasta chain, opened a branch in this building complex (about 1,200 m²). Some vacant space does, however, remain in the Gerhofstrasse area.

take-up [m²]no. of lettings

17 25 6 3 2

RetAil SPAce MARKetDevelopments in the city centre



visitor arrivals in hamburg.2015 | by country of origin

9.5

10.6

11.6 12.0

12.6

5.1 5.6 5.9 6.1 6.3

2011 2012 2013 2014 2015

Overnight stays | visitor arrivals in hamburg.2011 – 2015

business barometer hamburg.2015 | Survey of companies in Hamburg

the business side of hamburg.Hamburg, Germany’s second-biggest city, is a superb bu-siness environment for retailers. Hamburg is growing - currently around 1.8m people live within city limits and more than 5m in the greater metropolitan area, making the city and its environs one of the major economic centres in europe. Some 1.2m people work in Hamburg, and 170,000 businesses and sole traders are registered in the city.

economic factor tourism.tourism is a growing industry in Hamburg. in a recent survey of top european destinations for a city break, Hamburg was in eleventh place. in the space of five years the industry has posted a marked increase in overnight stays (+33 %) and in visitor arrivals (+24 %). it is estimated that, not counting the day trippers, some 6.3 milli-on people visited Hamburg in 2015, generating 12.6 million over-night stays. Hamburg is also increasingly popular with an interna-tional clientèle. Year on year, the number of overseas visitors rose by about 4%. overall, some 22 % of visitors came from outside Germany. the number of people stopping over on cruise ships has also grown. Whereas some 525,000 people arrived on cruise ships in 2015, the number of passengers is expected to rise to 661,000 in 2016. this 26% increase results from ships with greater capa-city anchoring more often in Hamburg. the main beneficiaries of the tourist boom are retailers and restaurants/bars. a survey for 2014 conducted by the tourist board Hamburg tourismus GmbH revealed that over 32% (€4.07bn) of the gross tourist spend went to retail shops and some 24% (€2.78bn) to bars and restaurants.

overnight stays in millionsvisitor arrivals in millions

Source: Chamber of Commerce Hamburg, at 2015 | Q4

Source: Statistics office for Hamburg

Source: Statistics office for Hamburg

27.8

19.4

22.9 24.9

28.4

-1.3 -3.2

16.6

3.0 5.2

2011 2012 2013 2014 2015

the “alter Wall” project to redevelop the bank complex formerly occupied by the Vereins- und Westbank has generated consider-able interest. Scheduled for completion in 2018, this excellent location opposite Hamburg town Hall will offer around 10,000 m² of retail space. this project will help alter Wall, which was a bust-ling shopping street in the early 1900s, to regain former glory. the redevelopment project will place what has been a rather quiet location more prominently on the map of shopping in Hamburg. Here, in the heart of the inner city and embedded in the “Nikolai Quarter” Business improvement District, new connecting paths are to be created. a passage through the middle of the building complex and a pedestrian bridge over the alsterfleet canal will redefine connectivity. thus the project will create a new axis bet-ween mönckebergstrasse and Neuer Wall.

estimation of the current business situationestimation of the future business situation

unfa

vour

able

favo

urab

le

FActS AND FiguReSCommerce and tourism

14%

9%

9%

7%

6% 6% 5%

4%

40%

France

other countries

Denmark

Switzerland

austria

Netherlands

United Kingdom

Sweden

United States


BID Opern-boulevard

BID Passagenviertel

BID Hohe Bleichen

Heuberg

BID Neuer Wall

BID Quartier Gänsemarkt

BID Nikolai-Quartier

BID Mönckebergstraße

Jungfernstieg

Neu

er

Dam

mto

rstr

aße

EsplanadeGorch-Fock-Wall

Colonnaden

Colonnaden

Jung

fern

-

stie

g

Stadthausbrücke

Ballindam

m

Hermannstr.

Ferdin

andstraße

Raboisen

Rosen-

Gerhart-Hauptmann-

Platz

Meßberg

Burchard-platz

Deichtor-platz

Willy-Brandt-

Straße

AlterFisch-markt

Adolfs-platz

Rathaus-platz

Gänse-markt

Axel-Springer-

Platz

Stephans-platz

Alter

Wall

Wall

Neuer

ABC-

straße

Bleichen

Große

Hoh

e

Ble

iche

n

Kaiser-Wilhelm-Str.

Wexstraße

An der S

tadthausbr.

Adm

iralit

ätss

tr.

Valentinskamp

Caffam

acher-reihe

Neuer Wall

Rödi

ngsm

arkt

Rödi

ngsm

arkt

Steintordamm

Steintorw

all

Steintor-

wall

Ernst-

Holz-

damm

St. Georgstr.

St. Georgs KirchhofRautenberg

str.

Alstertwiete

Merck-Straße

Speersort

Gr. Reichenstr.

twiete

Brands-

Kl. Reichenstr.

Schopenstehl

Gr. Reichenstr.Neß

HopfenmarktGraskeller

Altenwallb

r.

Hahntrapp

Börsenbrücke

Adolphsbrücke

Bleichenbrücke

Poststraße

straße

Jungfernstieg

Post-

Kl. Theaterstr.

Kalk

hof

Gerhofstr.

Drehbahn

Dammtorwall

Welckerstr.

Büsch

stra

ße

Fehlandstr.

Große

Theaterstraße

Schleusenstr.

Große Bleichen

Amelungstr.

Heuberg

Neue

ABC

-Straße

Schauen-

Große Johannisstr.

GroßerBurstah

burger- straße

Pelz

er-

stra

ße

Ida-

Ehre

-Pla

tz

Burchardstr.Altstädter Straße

Kattrepel

Springeltw

iete

Kl. Rosenstr.

Mohlenhofstr.

Jakobi-kirchhof

Burchardstr.

Niedern-

Klingberg

Dep

enauKat

tr. B

r.

Buc

eriu

sstr

aße

Kleine Johannisstr.Gr. Bäckerstr.

Bro

dsch

rang

en

Tros

tbrü

cke

Neue B

urg

Kl. B

urstahH

olzbrücke

Hermannstr.

Reesendamm

Plan

Bergstraße

Bergstr.

Schm

iede-

straße

Rathaus- straße

Str.

Pumpenstraße

Burchard-

Joha

nnis

wal

l

Klo

ster

-

wal

l

Dom

str.

Willy-

KennedybrückeAn der A

lster

Kirchenallee

Lombardsbrücke

Brandt- Straße

Dom-

str.

Bugenhagenstraße

Steinstraße

Mönckebergstraße

Mönckebergstraße

straße

Spitalerstraße

Lilie

nstr

aße

Raboisen

Alstertor

Gertrudenstr.

Glockengießer-

wall

Glockengießer-

wall

Brands-

ende

Kurzee M

ührenLange M

ühren

Gertruden-

kirchhof

Georgs-platz

Willy-Brandt-Straße

Hopfensack

Dovenfleet

Jako

bikirchhof

Curiens

tr.

Dornbusch

Mönkedamm

Deichstr.

Ferd

inan

dstor

Ferd

inan

dsto

r

St. Georgs Kirchhof

Düst

ernstra

ße

Heiligengeistbr.

Ludwig-Erhard-Str.

Staatsoper

Justizbehörde

Finanzbehörde

Behörde für KulturSport u. Medien

Klinik ABC-Bogen

BSU

Behörde für Stadtentwicklung

und Umwelt

Oberfinanz-direktion

KlinikFleetinsel

Rathaus

ThaliaTheater

Ev.-Ref. Kirche

KunsthalleHamburg

OhnsorgTheater

Dreieinigkeits-kirche

Finanzamt

MoscheeK.D.

Brecht-Sch.

St.-Petri-Kirche

St.-Jacobi-Kirche

Finanzamt

Haupt-bahnhof

Polizei

Bezirksamt Mitte

Kunstverein

Markt-halle

Bücherhalle

Deichtorhallen

HSH-Nordbank

Handelskammer

Börse

HSBA

Polizei

Wallringtunnel

Wal

lrin

gtun

nel

Steintortunnel

StreitsFilmtheater

Schule

Handels-Schule

PassageKino

Binnenalster

Alster-

fleet

Kleine Alster

Bleichen-

fleet

DDeDeaapla

-

mt t MM

llalrllall

lal

richtor-htohtoeiiplatzatzatzplpl

Klo

ster

-K

lost

Klo

ster

-

wal

ll

MitteMM ttt eettM

ereinKuKuKuunstveunstve

kt-Marktktehallee

Wa

WWa

Business

Improvement District

Shopping mall

Public building

Green area


hAMbuRgeR cityBiD boundaries

in 2005 the City of Hamburg first launched a scheme for business improvement districts (BiDs), using them as a development tool for the city centre. the principle is to encourage the owners of real estate to collaborate and invest in their neighbourhood through schemes to improve and maintain public spaces, plus a variety of marketing initiatives. the first inner city BiD was the Neuer Wall neighbourhood. Since then numerous BiD projects have been launched in Hamburg City.

For more information see: www.hamburg.de/bid-projekte

1 biD Opernboulevard | since 2005

2 biD Quartier gänsemarkt | since 2015

3 biD hohe bleichen/heuberg | since 2009

4 biD Passagenviertel | since 2009

5 biD Neuer Wall | since 2005

6 biD Nikolai-Quartier | since 2014

7 biD Mönckebergstraße | planning stage

business improvement Districts.City centre of Hamburg

1

2

3

4

5

6

7

buSiNeSS iMPROveMeNt DiStRictSa model for the city centre of Hamburg



business improvement District (biD): BiDs are usually initiated in areas domi-

nated by retail within defined boundaries, where property owners undertake, on a

largely voluntary basis and for a specified period of time, measures to improve the

area and make it more attractive.

retail purchasing power / retail purchasing power index: Volume of retail

spending by the population of a region measured by domicile, i.e. general

purchasing power less spending for rent, mortgage payments, insurance, motor

vehicles, travel and services.

retail sales (PoS turnover) / retail sales index: the actual sales in local retail

shops measured at the point of sale (PoS).

retail centrality index: relation between retail turnover and retail purchasing

power (permits statements about the capability of local shops to attract shoppers

from other areas and so add their purchasing power to the purchasing power of

the local residents).

take-up of space: the total of all space let plus that sold to, or finished by or for an

owner-occupier during the period under review. the operative date for inclusion in

glOSSARyDefinitions for the retail trade

SKilleD cONSultANcyour recommendation is the letting of 700 shops in Hamburg

the statistics is the date on which the lease or purchase agreement was signed.

lease renewals are not counted as take-up.

attainable rent: the net rent that is sustainably attainable for the re-letting of

first-class sales floor in 1a locations (80-120 m²), based on the assessment of

current market developments.

Photo credits:Cover: Galerie lumas (Poststraße 37) © C. leuzinger, page 2: adenauer (Gerhofstr. 38) © C. leuzinger.

We draw your attention to the fact that all statements made here are non-binding. most of the information is based on third-party reports. the sole intention of this market survey is to provide general infomation for our clients.

Grossmann & Berger GmbH • Bleichenbrücke 9 (Bleichenhof) • D - 20354 Hamburg Phone: +49 (0)40 / 350 80 2 - 0 • Fax: +49 (0)40 / 350 80 2 - 36 Email: [email protected] • Internet: www.grossmann-berger.de managing directors: andreas rehberg, Holger michaelis, lars Seidel, axel Steinbrinker Chairman of the supervisory board: Dr. Jörg Wildgruber • Registered office Hamburg registered at Hamburg no. B 25866

Sven bechert | Head of retailPhone: +49 (0)40 / 350 80 2 - 50 | mobile: +49 (0)162 / 23 230 02email: [email protected]

Matthias Schücking | Property consultantPhone: +49 (0)40 / 350 80 2 - 457 | mobile: +49 (0)162 / 23 230 12email: [email protected]

Jan Stieghahn | Property consultantPhone: +49 (0)40 / 350 80 2 - 611 | mobile: +49 (0)162 / 23 230 69email: [email protected]

What can we do for you?if you would like to know more about good locations in which to do good business, we look forward to talking to you in person.

Just call us.

From left to right | Jan Stieghahn, Sven Bechert, Sabine Peickert (assistant), matthias Schücking

market survey · hamburg 2015/2016 hamburger city quality of locations, lettings and developments...

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