Property consultancy Jones Lang La Salle (JLL) predicts a favourable outlook for Hamburg’s property market on the eve of the new millennium.
Vacany rate on the market is now at 5.1%, compared to 6% in the last three years, leaving 600,000 sq m of space available in the short term. In its report, the firm also forecasts a record turnover of 360,000 sq m by the end of the year as both demand and the volume of turnover continues to rise.
Meanwhile, JLL registered 260,000 sq m of newly let office space up to September, a figure up 17% on the first nine months of 1998.With no more office buildings due for completion before the end of this year, the firm expects the vacancy rate to drop even more.
Frankfurter Allgemeine Zeitung, 22 October 1999, page 54
