Hamburg | Sylt | Berlin

Market SurveyCommercial | Retail

2017/2018 Hamburg

www.grossmann-berger.de | page 2

Commercial | Retail Hamburg 2017/2018

200

120

140

100

130

100

70

80

50

30

35

40

30

310

300

220

210

180

140

120

120

100

70

60

60

50

0 50 100 150 200 250 300 350

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 | City centre of Hamburg2018/at February | in €/m² mth. | by locations

Source: Grossmann & Berger GmbH

For many years, rents for retail space in Hamburg city centre climbed steadily, but the peak has now been reached. In al-most all major inner-city retail locations rents have plateaued at maximum rates. In high-footfall locations such as Spitaler-strasse or Mönckebergstrasse, smaller top quality premises of up to 120 m² still command rents above the €300/m²/month mark. However, there are locations that have fallen a little in price year on year, particularly in the western part of the city centre. For example the maximum rents tenants will pay for larger amounts of space on Hamburg’s luxury road, Neuer Wall, have slipped a little. The rents for premises on Hohe Bleichen also tend to be lower than they were twelve months ago.

Hamburg city centre attracts visitors with its shopping malls and centres, shopping streets that form part of Business Im-provement Districts (BID), and with spaces that invite the visi-

Key Facts | Retail

| Purchasing power per capita| Purchasing power index1| Turnover per capita| Turnover index1| Centrality index1

€7,118108.1€7,197123.3114.0

Source: Michael Bauer Research GmbH, Nürnberg (at 2017) | 1 Germany = 100

tor to linger. Further attractions are the redevelopment projects such as “Stadthöfe” and “Alter Wall” where new retail locations are being created. With over 1,000 retail shops and a sales area of some 350,000 m², Hamburg city centre is, after Berlin City, North Germany’s major retail location. However, the city cen-tre will in future face competition from an ambitious building project that the French real estate company Unibail-Rodam-co is undertaking in the south part of the “Überseequartier” in HafenCity. As part of this development, it is planned to com-

“Prices have peaked. The days of continuous rent increases are over.”Sven Bechert | Head of Retail

Locations and rentsRetailers in the City

“BoConcept” | Gänsemarkt 33 | brokered 2017/Q1

max. attainable rents for shops with 300–500 m² of floor space

max. attainable rents for shops with 80–120 m² of floor space

www.grossmann-berger.de | page 3

Commercial | Retail Hamburg 2017/2018

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Hamburg | CityQuality of locations, lettings and developments

1 Zalando | Große Bleichen 19 | approx. 1,800 m²

2 Globetrotter* | Gerhofstr. 19 | approx. 1,100 m² | opened 2017

3 Clas Ohlson | Spitalerstr. 32 | approx. 1,000 m²

4 Burgerlich | Gänsemarkt 43 | approx. 800 m²

5 Classico* | Große Bleichen 32 | approx. 600 m²

6 BoConcept* | Gänsemarkt 33 | approx. 300 m²

7 Yargici | Mönckebergstr. 7 | approx. 250 m²

8 Label Kitchen* | Große Bleichen 31 | approx. 100 m²

New tenantsCity centre of Hamburg | selected lettings 2017 | * brokered by G&B

1 “Stadthöfe” | Stadthausbrückeapprox. 4,000 m² retail space | 2018 and later

2 “Alter Wall” | Alter Wall/Alsterfleetapprox. 12,000 m² retail space | 2018 and later

3 “Burstah Ensemble” | Großer Burstahapprox. 3,600 m² retail space | 2021 and later

4 “Springer Quartier” | Axel-Springer-Platzapprox. 2,000 m² retail space | 2020 and later

Retail developmentsCity centre of Hamburg

1

2

3

4 1

2

3

4

5

6

7

8

1A-location

1B-location

U-bahn station

S-bahn station

Car parking

Shopping mall

Public building

14

Stadthöfe

Mellin Passage

Europa Passage

Perle Hamburg

Levantehaus

Wandelhalle

Kaufmannshaus

Kaisergalerie

Galleria Passage

Alte Post

Hamburger Hof

Hanseviertel

Girardet Höfe

Gänsemarkt Passage

Shopping malls

Clothing/ department stores

Alsterhaus

SportScheck

Karstadt

AppelrathCüpper

C&A

Anson‘s

P&C

Karstadt Sport

Galeria Kaufhof

Saturn

www.grossmann-berger.de | page 4

Commercial | Retail Hamburg 2017/2018

29%

18%

13%

5%

4%

31%

Take-up of space | Hamburg City2017 | by industry

15%2,900

31%5,900

20%3,800

34%6,400

up to150

up to500

up to1,000

up to2,000

Take-up of space | Hamburg City2017 | in m² | by size and number of lettings

15.0 19.0 21.0 19.0 18.6

2013 2014 2015 2016 2017

Take-up of space | Hamburg City2013–2017 | in 1,000 m²

Source: Grossmann & Berger GmbH

Source: Grossmann & Berger GmbH

Source: Grossmann & Berger GmbH

To many chain stores and sellers of branded goods, it is im-portant to have a base in Hamburg city centre. International retail concepts, in particular, find Hamburg a good launch pad for expansion into the German market. Despite the increasing market share of online retailers, there is still great demand for shop and gastronomy premises. 55 new rental agreements for around 18,600 m² of space in Hamburg city centre were signed in 2017, a number and size comparable to the prior year’s fig-ures. Accounting for 29% of take-up, the biggest group of new tenants were traders in the fashion and apparel industry.

The largest rental agreement in this sector was signed by on-line fashion retailer “Zalando” for over 1,000 m² of sales area on Grosse Bleichen. This online trader has developed an outlet concept that is scheduled to open in late summer in a new build development on the site once occupied by the Thalia book shop. Another fashion retailer, “Classico”, will likewise be opening on Grosse Bleichen in the autumn of 2018. For this firm, which is also successful online, G&B brokered the space that will be va-cated by the “Steen” fashion store (Grosse Bleichen 32). Other noteworthy new tenants from the fashion and apparel sector included “Max Mara”, an exclusive ladies’ fashion label, which opened at Schleusenbrücke, and the Turkish fashion and life-style chain “Yargici” which opened their first German store in May (“Levantehaus”, Mönckebergstrasse 7). There were also some changes at the “Kaufmannshaus” (Grosse Bleichen 31). In summer the fashion label “ba&sh” from Paris moved into space vacated by a fashion house from Stockholm, “ACNE”, which moved instead to premises in “63 Grad” (Neuer Wall 63). Its new neighbour will be the “Label Kitchen”, a concept store for which G&B acted as broker, which is moving into what was a “Balzac” coffee shop in the 2nd quarter of 2018.

Not only was the fashion trade on the move, the restaurant scene was also active, increasing its share of total take-up from 13% to 18% year on year. Some of the new rentals included premises for “Burgerlich”, a burger restaurant, (Gänsemarkt 43), “Kaiserwetter” (Brandstwiete 4) and “Brotstube”, the bak-ery cum café chain owned by Schanzenbäcker bakery (Alter Steinweg 1-3). It is also apparent that an increasing number of international gastronomy businesses are taking an interest in Hamburg. In summer, for example, the “IZAKAYA”, a restaurant specializing in Japanese-Peruvian cuisine, celebrated its open-ing in the boutique hotel Sir Nikolai (Katharinenstrasse 29).

Retail space marketDevelopments in the city centre

plete a shopping complex offering about 80,000 m² of sales area by 2021. Many in the industry are concerned by this pros-pect. The size of the shopping centre will probably mean that there will be no two-way traffic between it and retail locations in the city centre. In the medium term it seems highly question-able whether the planned linking of the two shopping areas via the Domstrasse axis will come about.

Household Goods

Other

Furniture

Wellness/Health Gastronomy

Fashion/ Apparel

take-up of space

no. of lettings

21 24 7 3

5-year average (2013–2017):approx. 18,500 m²

41 46 53 56 55

take-up of space no. of lettings

www.grossmann-berger.de | page 5

Commercial | Retail Hamburg 2017/2018

13%

10%

10%

8%

7%6%

4%4%

39%

Visitor arrivals | Hamburg2017 | by country of origin

11.6 12.0 12.6 13.3 13.75.9 6.1 6.3 6.6 6.7

2013 2014 2015 2016 2017

Overnight stays and visitor arrivals | Hamburg2013–2017 | in millions | figures for 2017 are estimated

Retail turnover | Hamburg2013–2017 | turnover in € billions

The business side of Hamburg.Hamburg, Germany’s second-biggest city, is a superb busi-ness 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.

Tourism as an economic factor.For many years Hamburg has been rated one of Europe’s top travel destinations. The Elbphilharmonie, the city’s new land-mark concert hall and magnet for visitors, has enhanced the reputation of the city, especially in overseas countries. In 2017 Hamburg appeared for the first time in the “New York Times” list of “52 places to go in 2017”, where it was ranked number ten.

Cruise tourism is booming in Hamburg. In 2017 some 810,000 passengers embarked and disembarked in Hamburg, 14% more than the year before. This figure is likely to be higher in 2018, as 220 cruise ship arrivals are expected with some 880,000 pas-sengers on board.

Apart from the increase in cruise ship passengers, Hamburg’s hotels have registered appreciably more guests. Year on year the number of overnight stays rose from 13.3m to 13.7m and the number of guest arrivals from 6.6m to 6.7m. The interest of foreign visitors in Hamburg shows no signs of flagging. The tourist industry was pleased to report growth of 4% for both overnight stays and visitor numbers. The main beneficiaries of the tourist boom are retailers and restaurants/bars. A study by the tourist board, Hamburg Tourismus GmbH, reveals that more than half of the total gross tourist spend (some €6.9bn) benefits the local retail and restaurant business.

Source: Michael Bauer Research GmbH, Nürnberg

Source: Statistics Office for Hamburg

Source: Statistics Office for Hamburg

12.6 12.4 12.5 12.7 13.1

2013 2014 2015 2016 2017

Furniture and furnishing companies rented seven new city cen-tre premises in 2017. This industry accounted for some 13 % of take-up. In recent years many traders in this segment moved premises - above all to less expensive locations. One example is furniture store “BoConcept” which used to have premises at Neuer Wall before moving out of the centre for a lengthy peri-od; it has now, through the agency of G&B, moved into a new store at Gänsemarkt 33.

Facts and FiguresCommerce and tourism

overnight stays

visitor arrivals

Austria

Denmark

United Kingdom

Switzerland

United States

Other countries

Sweden

France

Netherlands

www.grossmann-berger.de | page 6

Commercial | Retail Hamburg 2017/2018

BID OPERN-BOULEVARD

BID PASSAGENVIERTEL

BID HOHE

BLEICHEN

BID NEUER WALL

BID QUARTIER GÄNSEMARKT

BID NIKOLAI-QUARTIER

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Hamburg | CityBID boundaries

In 2005 the City of Hamburg first launched a scheme for busi-ness improvement districts (BIDs), using them as a develop-ment tool for the city centre. The principle is to encourage the owners of real estate to collaborate and invest in their neigh-bourhood 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

2

34

5

6

7

Business Improvement DistrictsA model for the city centre of Hamburg

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 | since 2017

Business Improvement DistrictsCity centre of Hamburg

Shopping mall

Public building

Business Improvement District

www.grossmann-berger.de | page 7

Commercial | Retail Hamburg 2017/2018

GlossaryDefinitions for the retail trade

Skilled consultancy“We have brokered lets for 800 shops in Hamburg - that‘s a good recommendation”

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

Sven Bechert | Head of RetailPhone: +49 (0)40 / 350 80 2 - 50 | Mobile: +49 (0)162 / 23 230 02Email: s.bechert@grossmann-berger.de

Matthias Schücking | Property consultantPhone: +49 (0)40 / 350 80 2 - 457 | Mobile: +49 (0)162 / 23 230 12Email: m.schuecking@grossmann-berger.de

Jan Stieghahn | Property consultantPhone: +49 (0)40 / 350 80 2 - 611 | Mobile: +49 (0)162 / 23 230 69Email: j.stieghahn@grossmann-berger.de

Business Improvement District (BID): BIDs are usually initiated in areas dominated 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 pur-

chasing 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 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: City centre of Hamburg © i-stock, page 2: “BoConcept” (Gänsemarkt 33) © J.Bucher

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 (Stadthöfe) • D - 20354 Hamburg Phone: +49 (0)40 / 350 80 2 - 0 • Fax: +49 (0)40 / 350 80 2 - 36 Email: info@grossmann-berger.de • Internet: www.grossmann-berger.de Managing directors: Andreas Rehberg, Holger Michaelis, Lars Seidel, Axel Steinbrinker Chairman of the supervisory board: Frank Brockmann • Registered office Hamburg Registered at Hamburg no. B 25866