Commercial property sector booming, says Chamber of Commerce
Demand for office space rose by 15 per cent year-on-year to 565,000 square metres in 2022 and exceeded the ten-year average (2013-2022) of 522,500 square metres, according to the "Hamburger Wirtschaft" (HW) published Monday (April 10, 2023) by the Chamber of Commerce. The picture is similar for industrial and logistics properties in Hamburg. Dr. Rolf Strittmatter, Managing Director of Hamburg Invest Wirtschaftsförderungsgesellschaft (HIW), comments on the reasons for the post-pandemic boom, the report shows.
Rising demand for smaller commercial properties
The boom is due among others to the changed working behaviour of employees, who are working remotely more frequently, said Strittmatter, adding: "Due to the change in working environments, office users are reducing their respective space requirements. However, the pressure on companies to change is rising continuously and goes hand in hand with more requests. The trend is towards downsizing existing office space amid rising demand, Strittmatter said. The trend is towards downsizing existing office space and demand is rising, said Strittmatter. The article also highlights changing office space requirements and the need to rethink concepts for industrial property.