room for growth – values for the future

Transcription

Property Market Report 2014
ROOM FOR GROWTH –
VALUES FOR THE FUTURE
BUSINESS PROMOTION
DAS MOST
THE
WICHTIGSTE
IMPORTANT
AUF EINEN
FIGURES
BLICK
AT A GLANCE
1.12 million
14.20 €/m 2
inhabitants in the
Hannover Region
peak rents for office space
in the city centre 2014
150 million €
105,000 m 2
transaction volume in
office market 2013
office space
turnover 2013
500 million €
195 €/m 2
transaction volume
retail trade 2013
peak retail rent 2014
TOP 5
4.50 €/m 2
ranking of Germany’s retail locations with the strongest sales (GfK)
peak rent for logistics
space 2014
77 million €
200,000 m 2
transaction volume in
logistics market 2013
logistics space
turnover 2013
13.50 €/m 2
8,000
peak rent residential
new build 2014
new housing units
by 2025
HANNOVER: SUB-MARKETS AT A GLANCE
Office rents in Hannover 2003 –2014*
Office property market1
15.0
Hannover is by far the largest and most dynamic
14.0
regional market in Germany.
13.0
and therefore the largest office property inventory after
the seven A-locations.
Over 1.2 million m² office space has been turned over
in Hannover since 2003; with an average of almost
in €/m 2 MF-G
The location boasts over 4.94 million m² office space,
140,000 m² per year in the last five years.
12.0
11.0
10.0
The investment risk is relatively low compared to the
9.0
average figures for B-cities because of relatively low vacancy rate (5.8 % compared to 6.2 %) as well as because
2014*
2013
2012
2011
2010
2009
2008
2007
2006
2004
2003
The investment transaction volume in the office property
2005
8.0
of the high market transparency.
market amounted to approx. € 150 million in 2013.
Lettable space office portfolio 2013 in m²
MF-G**
of which Hannover city
Peak rent city centre
4.94 million
Peak rent city centre
periphery
Peak rent office centres
4.46 million
*The reported figures for 2013 are based on details provided by the market players on developments in the
Net initial return in prime locations
city centre 2014
5.70 %
150
100
50
0
2013
10.40
2012
Peak office rent, city centre periphery 2014
in €/m² MF-G
2011
14.20
2010
Peak office rent city centre 2014 in €/m² MF-G
250
200
2009
5.80 %
300
2008
259,000
Office space turnover* and vacancies** 2003 –2013
2007
80,000
2006
Vacant space ratio 2013**
105,000
2005
Vacant space 2013 in m² MF-G**
Source: bulwiengesa AG; Hannover Region surveys; details provided by market players
2004
of which lettings 2013 in m² MF-G*
first half of 2014
2003
Office space turnover 2013 in m² MF-G*
0.47 milion
In thousand m² MF-G
of which surrounding towns of Garbsen,
Laatzen and Langenhagen
* Only State Capital Hannover
** Figure for Hannover, Garbsen, Laatzen, Langenhagen
Space turnover
Vacant space
* Figures for Hannover, Garbsen, Laatzen, Langenhagen
** Only State Capital Hannover
Source: bulwiengesa AG; Hannover Region surveys; details provided by market players
1
Sources for all further figures (unless otherwise specified): bulwiengesa AG; Hannover Region calculations; cross-checked details provided by market players from the project round of the Hannover Region Property Market Report
HANNOVER: SUB-MARKETS AT A GLANCE
Retail space Hannover Region in m²
Retail
property market
1.91 million
of which Hannover city in m²
877,000
of which Hannover city centre in m²
290,000
The Hannover Region is one of the five retail locations in
Germany with the strongest sales. 2
The Georgstraße in Hannover is one of the 10 most attractive
shopping streets in Germany in one of the nation’s Top A1
Peak rent city centre A1 locations 2014 in €/m²*
195
Average rent city centre A1 location 2014 in €/m²
145
Net initial return in A1 locations 2014*
5.10 %
locations, in terms of pedestrian frequency and peak rent.
The city and Region are very central 3 ; the catchment area
* Bahnhofstraße, Große Packhofstraße, Georgstraße
extends westwards as far as North Rhine-Westphalia.
Almost two thirds of commercial investments in Hannover
Region totalling € 725 million were for retail properties in
2013, a total of almost € 500 million.
Logistics space turnover 2013 in m²
Logistics
property market*
Against the background of the eastwards expansion of the
EU, the Hannover Region has developed into the European
200,000
Peak rent (new builds with excellent
building services and optimal transport
connections) 2014 in €/m²
4.50
Average rent 2014 in €/m²
3.40
hub for goods flows and traffic.
Hannover is second only to Hamburg as the most important
Net initial return prime buildings in prime
sites 2014
6.70 %
logistics location in North Germany.
Around 80 location and expansion projects have been realised
* Figures valid for Hannover Region
since 2003, representing an investment volume of more
than € 1.3 billion.
In 2013 the Region saw trading in logistics properties reach a
total value of around € 77 million.
Residential rent, new builds 2014,
peak rent in €/m²
Retail
residential market*
The residential property market in Hannover is currently
experiencing a renaissance.
Both the construction of new housing by major housing corporations and project developers as well as the trade in residential
properties are experiencing a significant upswing.
In 2012 some 1,000 new housing units were completed, in 2013
the figure was approx. 640 housing units.
4
In 2013 trade in apartments and houses in the Region have a
total value of around € 1.45 billion.
Population growth in the State Capital and some neighbouring municipalities is helping drive this development.
Residential rent, re-let property 2014,
peak rent in €/m²
Purchase price for owner-occupied apartments, new builds, peak group 2014 in €/m²
Purchase price for owner-occupied apartments, new builds, average 2014 in €/m²
3
4
9.80
4,390
3,170
Multiplier for apartment blocks/investment
properties, average 2013
14.1
Multiplier for apartment blocks / investment
properties inventory, peak group 2014
16.8
Multiplier for apartment blocks/investment
properties in new builds, peak group 2014
* Values refer to State Capital Hannover unless otherwise specified.
2
13.50
Gesellschaft für Konsumforschung (GfK), 2014, with respect to retail turnover at a district level
According to GfK centrality metric is 131.0 (city) and 107.7 (region) in 2014 (D = 100)
With respect to completed apartments in residential and non-residential buildings, Lower Saxony State Statistical Office, 2014
20 to 22
CONTENTS 3
Foreword
Hannover
Region locations
Office
property market
Science and business
Dependable values,
promote growth
clear prospects
Page 6
Page 16
Retail
property market
Logistics
property market
Residential
property market
Hannover's refurbished city
Perfectly connected, looking
Attractive living spaces,
centre ready for action
forward to growth
in high demand
Page 30
Page 42
Page 52
Hannover in
comparison
Imprint
Maps
Page 66
Page 15, 28/29, 41, 50/51, 63
Room for growth –
Values for the future
Page 5
Page 64
Alliance for clinical research: Hannover Medical School (Medizinische Hochschule Hannover – MHH), the Fraunhofer Institute ITEM and the Helmholtz Centre for Infection
Research joined forces to found the Clinical Research Centre Hannover. The new clinical centre for studies is located directly adjacent to the MHH. The Fraunhofer Gesellschaft and the state of Lower Saxony have invested approx. € 40 million in the building's construction and fixtures and fittings.
FOREWORD 5
Room for growth – values for the future
Dear Readers,
For many years now, Hannover has been one of the key
locations on the German property map. The region’s
dependability and its robust figures have earned it
"1st place in the 2nd row”, behind the seven major
A-locations in Germany. From office to retail, from
logistics to residential – national and international
players in the property business have got Hannover high on their agendas.
The Regional Property Market Report confirms this development. First published in 2003, the report
has helped establish a high degree of transparency. Regional business development promotion experts
working in co-operation with partners from the property sector have compiled and comprehensively
prepared key metrics on all relevant sub-markets across the Region for more than a decade.
This, the 12th issue, was prepared jointly with 18 partners. Regional business promotion experts ensure
that the high standards of the Gesellschaft für immobilienwirtschaftliche Forschung (gif) (property
industry research corporation) are observed: the well-known consulting firm bulwiengesa AG examines
and supplements the findings. Market players in Hannover contribute to this report by way of their
committed engagement.
Hannover Region offers room for growth, room to sustainably develop and secure values for the future.
The faith of all market players in robust figures provides one of the best platforms for good business.
Ulf-Birger Franz
Sabine Tegtmeyer-Dette
Head of Business, Transport and Education
Department
Hannover Region
Head of the Business and Environment
Department, First Town Councillor
State Capital Hannover
Global think-tank for tyre production at Continental: The Continental AG has completed the work of renovating and substantially rebuilding the “Research and Development Tyres”
building in Hannover-Stöcken. Central element is the Skywalk, connecting the many refurbished buildings of the new Technology Centre Campus with one another.
HANNOVER REGION LOCATION
7
Science and business promote growth
Hannover Region is the leading business location in Lower Saxony. The transition from an industrial to a science
economy with a core, stable industrial production sustainably underpins the growth of the regional property market
in all sub-areas.
More jobs thanks to science and innovative companies
The stable and positive development of Germany’s economy is
driving production, consumption and employment. The number
of employees paying national insurance has risen by around
32,000 during the last five years in Hannover Region to around
458,000. All sub-markets of the regional property market have
benefited from this development.
Office market: The number of people employed in offices
is estimated to have risen by 11,000 during the last five years.
The rise in demand was noticed in the office property market
above all in 2011 and 2012.
Research and innovation: Hannover Region is a key university and education location and as a result has a high number
of start-ups in the high-tech sector. At the present time several
Fighting cancer and infectious diseases: The research Centre for Biomolecular Active Substances will be home to chemists and biologists undertaking joint research to further develop active and natural substances
to improve their utilisation in medical applications. The costs for the new
building together with fixtures and fittings and major equipment is set at
approx. € 21.5 million.
new research buildings are under construction or in the final
planning stages. The most ambitious project is the Mechanical
In particular retail and industry sectors have a growing demand
Engineering Campus of the Leibniz University Hannover, being
for logistics.
developed in Garbsen. Several municipalities are offering
expansive technology companies attractive sites in the direct
vicinity of research locations.
Retail: Consumption is on a steep upwards slope. The Region,
as one of Germany’s five highest turnover retail locations, will
again see sales in 2014 approaching € 6.45 billion in over-the-
Logistics: The eastwards expansion of the European Union
counter retailing.
has shifted Hannover more strongly into the centre of Europe
where it is increasingly exercising as a major hub function within
Residential: The residential property market has been gaining
Europe's transport infrastructure. More than € 1.3 billion have
pace in recent years thanks to population and economic growth.
been invested in over 80 locations and expansions since 2003
A weak new build phase at the start of the decade has been
by logistics operations, including highly versatile and modern
overcome. 8,000 housing units are scheduled to be completed in
logistics centres. Logistics is a service sector which underpins a
Hannover by 2025, while adjoining municipalities will also be
number of important industries in the Region.
creating new space for living on a large scale.
8 HANNOVER REGION LOCATION
You can’t get any greener: The new build for the Centre for Molecular Plant Science is sited in the direct neighbourhood of the Royal Gardens of Herrenhausen. The building will allow the joining of forces of five institutes in the fields of plant sciences and microbiology – creating a facility unparalleled in Germany.
The projects described in this report of the individual sub-
In the next few years the Mechanical Engineering Campus
markets also illustrate that new build projects, refurbishments
is being created on an approx. 9 hectare site, and will enable
and modernisations can achieve much more than merely
around 5,000 people to study, work and research. The new
satisfy the more sophisticated demands of users and providers
campus provides a platform for enhancing cooperation between
in the Hannover Region property market.
business and science in the fields of research and innovation.
The state of Lower Saxony will invest around € 100 million
Bundling cutting edge research
directly opposite the existing production technology centre (PZH),
Research and innovation have considerably boosted
itself completed in 2004. The project includes not only the new
Hannover’s strong position in the regional rankings. Science
refractory and faculty buildings but also the research centre for
and business will be growing together even more robustly in
“Dynamics in Energy Conversion”; this building alone repre-
the future at the Garbsen location in Hannover Region:
sents an investment of € 35 million. Building work is set to begin
in mid 2015, with the new complex, covering almost 21,000 m²,
scheduled for overall completion by summer semester 2018.
In the neighbouring Science and Technology Park Hannover, in
Hannover’s Marienwerder district, new plots are already available
for companies working in the engineering sector. The approx. 20
hectare former industrial brown-field site is situated just 2 km
south of the new mechanical engineering campus. Other non-university research institutes and regional research companies are
focusing their activities on the new campus: as an example, the
Test Centre for Load-bearing Structures is currently under
construction between the motorway and the Mittelland canal.
This site will allow the Fraunhofer Institute for Wind-power and
A co-operation between non-university research institutes and a university
clinic in the Clinical Research Centre Hannover will expedite the realisation
of research results.
Energy System Technologies (IWES) together with other institutes from Leibniz University to recreate offshore conditions and
HANNOVER REGION LOCATION 9
The Test Centre for Load-bearing Structures in Hannover allows the load-bearing and foundation designs of offshore wind turbines and associated
building components to be investigated and assessed under realistic scale conditions.
test realistic components designed for offshore wind farms. The
laboratory incorporated in the Centre for Molecular Plant
research centre is unique in Europe, and scheduled to commence
Research (2,500 m²). The Clinical Research Centre
work in autumn 2014. In contrast, the Skywalk is ready today: this
(6,000 m²) being constructed on the same site as the Fraun-
structure links the buildings of the Continental AG Technology
hofer Institute for Toxology and Experimental Medicine is
Centre Campus. The Hannover-based automobile industry sup-
scheduled for completion in early 2015. Working in co-operation
plier is concentrating its research activities at this site in Jädekamp
with the Hannover Medical School (MHH) and the Helmholtz
in the district of Stöcken. The building still under construction
Centre for Infection Research, new and as yet unapproved
there will provide a representative office and reception premises
medicines can be investigated to assess their safety and
for the company.
efficacy. The Lower Saxony Centre for Biomedical
Technology, implant research and development (7,000 m²)
Other important research building projects have been com-
bundles the research competence of the medical technology
pleted, for example the Research Centre for Biomolecular
and the engineering experts at the MHH, the University of
Active Substance (2,000 m²), in which scientists are focusing
Veterinary Medicine Hannover as well as the Leibniz University
their research on active and natural substances to improve their
from 2015 onwards with the goal of developing better
utilisation in medical applications. Biologists and botanical
functioning and significantly more durable implants.
engineers penetrate into the tiniest structures of plants in the
TRENDS IM ÜBERBLICK
A very special address for fans of the silver screen: 1991 saw the opening of the CinemaxX, Germany’s first multiplex cinema, in the Nicolaistraße. 23 years later on, Germany’s
cinematic experience is about to be redefined in the same place. The former multiplex, empty for 12 months, is to be reborn as a premium cinema with 2,200 seats, following
in the footsteps of the reopened Berlin Zoo Palast cinema.
HANNOVER REGION LOCATION
Ultra-modern and extremely versatile: the new multifunction arena of the Deutsche Messe AG is under construction directly next to the northern entrance
to the exhibition grounds. The complex is a design of architects Gerkan, Marg und Partner (gmp). The building will be inaugurated at CeBIT 2015. The interior
provides an exhibition area of approx. 15,000 m² together with conference facilities on two levels.
Culture, trade fair and congress infrastructure:
halls in Germany. In order to continue to attract famous artists and
image beacons
orchestras for concerts in the future, around € 7 million are being
Hannover city boasts the world’s largest exhibition grounds,
invested – also to improve the acoustics in the 24 m high domed
featuring approx. 47,000 m² of covered exhibition space (halls),
structure built in 1914.
making it one of the foremost international trade fair venues.
The Deutsche Messe AG is currently investing around € 55
The owners of the former CinemaxX multiplex cinema in the
million in the construction of a multifunctional arena
Nikolaistraße have now, some 12 months after its closure, presen-
(approx. 14,300 m² exhibition hall) to replace halls 19 and 20.
ted their concept for repurposing: the Zwei Freunde Besitz GmbH
The new complex located directly at the north entrance of the
plans to spend € 8 million on converting the former multiplex
fair grounds will offer state-of-the-art technology and flexibili-
cinema into a premium screen centre with opening scheduled for
ty enough to satisfy even the most sophisticated demands.
early 2015.
The Herrenhausen Palace has been the new magnet for
scientific congresses and conferences since 2013. The Volkswagen
Foundation invested € 20 million in the reconstruction of the
palace building, including a new integrated underground conference
infrastructure. Two wings of the palace are home to a museum.
The rebuilding of the palace on a revised footprint is the design of
Hamburg architect JK Jastrzembski Kotulla.
The Sprengel Museum Hannover, a museum for modern art
focusing on the 20th century plans to open its latest extension
(6,100 m²) on the promenade of the Maschsee lake in 2015. The
facade has an eye catching polished concrete surface.
While some areas of the Hannover Congress Centre have been refurbished in recent years, from mid 2015 onwards to early 2016 the
historic Kuppelsaal hall will be the focus of an extensive renovation. The hall seats 3,600 and is one of the largest classic concert
Historical flair and state-of-the-art event technology: the rebuilt Herrenhausen Palace in the Great Garden of the Royal Gardens of Herrenhausen is
a striking venue for scientific conferences and congresses. A museum is now
housed in the wings.
The central goods station in Hannover on Weidendamm was the central freight hub in Hannover up until 1997. The railhead building dates back to 1877.
Following its closure, only a fraction of the almost 40,000 m² hall remains in use. The city and the owner, aurelis Real Estate, are seeking to revitalise the
brown-field site, which may include partial demolition of the hall.
two major scale transactions: the sale of the Kröpcke Center,
Investment market: focus on selected sub-markets
located at the very centre of Hannover, and the Leine Centre
The investment market has seen in part dynamic developments
in Laatzen were the two major deals of the year. 2013 saw
across some sub-markets. Investors have increasingly developed
office property market transactions amounting to approx.
an interest for core objects at B-locations. This reflects the
€ 150 million, which is relatively speaking much less than in the
fact that some A-locations are considered to be overpriced: the
retail sector. Reasons for this could be the relatively low-level
prospects for returns in B-cities appear more attractive. The
of new build completions in the office sector. There was there-
market in Hannover is of interest above all in the medium price
fore only relatively little potential for major scale investments
sector. This applies in principle above all to national players,
in new build projects. The VGH insurer sold its property on the
while foreign investors have tended to go for larger scale
Hans-Böckler-Allee 11 (approx. 9,500 m², main tenant
projects. Hannover has benefitted in particular from the global
Sparkasse Hannover) to the Canadian investor Inovalis REIT.
rise in pressure to invest pushing investors into B-locations.
During the first six months of 2014, investments in the office
During 2013, the Hanoverian market was undoubtedly of inte-
sector were again substantially higher than transactions in the
rest to foreign investors, even though a broad range of major
retail market. Transactions included the purchase by Hannover-
projects was lacking, of the type typically sought out by foreign
based SCHRAMM & SCHOEN Immobilien AG of, the former head
investors.
office of VHV Versicherung (insurer) (around 30,000 m² area) in
the Constantinstraße in the List district from a foreign investor
Overall, the market in Hannover attracted above all open funds
group.
and asset managers (25 % respectively). The sector is again
picking up pace as a result of the global increase in pressure to
The lacking of major projects in logistics is reflected in the invest-
invest. Some 30 % of buyers were foreign investors.
ment market figures. In 2014 the value of transactions for logistics
properties totalled only around Euro 77 million. The demand for
The sub-markets paint a varied picture.
attractive properties and the level of interest, rather the willingness to invest in investment properties is, however, still present to
Both the retail and the office property markets continue
a significant degree. The statistics are, however, slightly distorted
to be very much in demand amongst investors and promise
by the high fraction of owner-occupied properties and properties
relatively stable investments. The positive development of
transferred and leased by project developers and asset managers
Germany’s economy is driving consumption and employment
in self-managed funds or into their own portfolio.
above all in the service sector, and hence also amongst office
employees.
The regional residential property market is characterised
primarily by regional providers and demand (above all from
Investments were dominated by the retail trade: in 2013 some
domestic households). In the Region turnover of apartments
€ 500 million were marked up by retail properties, representing
and houses had a total value of € 1.45 billion in 2013.
two thirds of the overall commercial investment volume in
Hannover Region. This extraordinary situation is explained by
Selected transactions 2013
Object name and/or
address
Quarter
Year
Seller
Purchaser
Building
area
Hans-Böckler-Allee 11
Q2
2013
Versicherungsgruppe
Hannover (VGH)
Inovalis
9,500 m 2
Fuhrberger Straße 5
Q3
2013
VALAD Europe
no data
3,300 m 2
Minister-Stüve-Straße 22
Q3
2013
Europäischer Real Estate
Investmentmanager
no data
3,900 m 2
Ernst-August-Platz 10
(Ernst-August-Carrée)
Q4
2013
CBRE Global Investors
Real I.S. AG BGV V
6,100 m 2
Bürohaus 40 (Günther-WagnerAllee 12, 14, 16, 16 a)
Q4
2013
Degi German Business
no data
13,600 m 2
Georgstraße 23 (Karstadt)
Q1
2013
Highstreet
Friedrich Knapp (New Yorker)
13,900 m 2
Albert-Schweitzer-Straße 10–12
(Leine-Center Laatzen)
Q1
2013
THI Holding/AdlerImmobilien Investment/
Fay/LaSalle Investment
Management
CBRE Global Investors/
European Shopping Center
Fund (ESCF)
28,200 m 2
Hamburger Allee 17–19, 21–23/
Rundestraße 5–9 (Einkaufszentrum Raschplatz)
Q2
2013
TAF Hannover B.V.
Cerberus
20,200 m 2
Karmarschstraße 17–23
(Kröpcke-Center)
Q3
2013
CENTRUM Grundstücksgesellschaft mbH
Uniimmo: Deutschland
23,100 m 2
Marktplatz 7 (City-Center
Langenhagen/Westpassage)
Q3
2013
HBB Hanseatische
Betreuungs- und Beteiligungsgesellschaft mbH
ILG Fonds
20,700 m 2
Münchner Straße 37
(bauwo-Terminal Langenhagen)
Q3
2013
Schroder EuroLogistik
Fonds Nr. 1
ProLogis Germany
Management GmbH
57,400 m 2
Münchner Straße 52–54
(Weatherford Continental
Europe Center)
Q4
2013
CS Euroreal
The Blackstone Group
36,450 m 2
Alte Ricklinger Straße 59–63
(NETRADA Europe Garbsen)
Q4
2013
NETRADA Europe GmbH
arvato AG
34,950 m 2
Office
Retail
Logistics
Map//Current developments in sub-markets
24
1
16
3
6
32
5
7
21
23
29 9
22
8
2 4
33
20 28
18
14
26
11
13
17
15
10 30
19
31
25
27
1 km
2 km
3 km
N
12
Research and Science
1
2
3
4
5
6
7
8
9
Mechanical Engineering Campus, Garbsen
Clinical Research Center
Research centre DEW
Lower Saxony Centre for
Biomedical Technologies, Implant
Research and Development
Technology Centre Campus
Continental AG
Offices
10
11
12
13
14
15
Deloitte
Deutsche Hypo
Deutsche Rentenversicherung
Braunschweig-Hannover
Mecklenburgische Versicherungen a. G.
Sparkasse Hannover
Retail
Centre for Biomolecular
Active Substances
Centre for Molecular
Plant Sciences
Trade fairs and congresses
18
26
19
20
21
Marstall Ost
Test Centre for Load-bearing Structures
Science and Technology Park
Hannover
Residential
22
23
24
25
16
17
A2-Centre Altwarmbüchen
Kröpcke-Center
An der Gartenbauschule
Büntekamp Kirchrode
Klagesmarkt
Podbielskistraße/
corner Pasteurallee
Student accommodation
“The Fizz“
27
28
29
30
HCC Kuppelsaal
Multifunction arena
Deutsche Messe AG
Premium cinema Nikolaistraße
Logistics
31
32
33
arvato logistics centre
Toyota Material Handling
Deutschland
Central goods station
Herrenhausen Palace
Sprengel Museum Hannover
Airport
Hannover exhibition grounds
VIER
Main station/intercity
Wietzeaue Isernhagen
zero:epark
At the eastern end of Marstall square, STRABAG Real Estate (SRE), Hannover division, is developing a residential and retail building with approx. 5,100 m² gross floor space
(GFS) on a ca. 1,260 m² site currently occupied by a car park. The architectural competition was won by Pool2 architects, Kassel. The design is of a clearly structured standalone building with a brick facade. The ground floor includes space for retail outlets and services, first and second floors are offices while the higher floors have rental
apartments. The concept also includes a single-level underground car park. Construction is scheduled to start during 2015.
OFFICE PROPERTY MARKET 17
Dependable size, clear prospects
Hannover’s office property market offers robust dependability: during 2013, 105,000 m² was turned over. Although
turn-over was significantly below the excellent results of the previous year, it is nonetheless still at the annual average
for the previous 10 years.
The office property market has remained at a satisfactory
Robust annual balance total despite market weakness
level despite a drop in turnover during 2013. 105,000 m² was
Weak turnover figures for 2013 did not affect Hannover alone;
turned over during the 12 months of 2013 in Hannover and the
other top national property markets suffered a similar fate:
neighbouring cities of Garbsen, Laatzen and Langenhagen.
in Hamburg office space turnover was approx. 10 % below the
Total turnovers are well below the excellent figures for 2012
10 year average, in Munich and Frankfurt turnovers also fell by
(150,000 m²) but are nonetheless only slightly less than the
some 10 % year-on-year. Nonetheless, after a slow start in the
average of the last 10 years (118,000 m²). Of the total turnover
first quarter, 2013 did develop to be ultimately satisfactory. The
of 105,000 m² in 2013, some 80,000 m² is accounted for by
Hannover office property market, while remaining quiet overall,
letting. Approximately 25,000 m² were acquired or built for
nonetheless enjoyed a good positioning in 2013 on key indi-
companies for their own use.
cators such as peak rent and space turnover in the city centre.
The year ending figures for the property market finished on an
Core sector turnovers up
unsurprising but solid level.
The core areas for the office property market are formed by
the city, city periphery and major arterial roads – in this zone
some 5,000 m² more office space was turned over than in 2012.
Demand was above all for areas in Hannover city centre: in that
area alone new contracts were closed for approx. 35,000 m².
Turnover of office space actually climbed year-on-year by
45 % (plus 11,000 m²). On the city centre periphery and on the
major arterial roads, Podbielskistraße, Hildesheimer Straße and
Vahrenwalder Straße, only slightly more 44,000 m² office space
attracted new tenants or purchasers. This is a minor drop of 12 %
compared with 2012 (minus 6,000 m²).
Office centres experience drop in turnover
The losers in terms of turnover during 2013 were office centres
in the city and surrounding areas. Market players reported in
part large, extensive lease extensions (which are not covered in
the statistics) but significantly fewer new tenancy contracts or
purchased or constructed office properties for own use.
New life in former transformer substation: At the end of the year system
caterer L’Osteria will be opening its second Italian restaurant in Hannover
on the Vahrenwalder Straße. The approx. 1,050 m² catering area is
complemented some 1,200 m² office space in the upper floors of the listed
building dating from 1920, to be occupied by the neuwaerts advertising
agency. The conversion is taking place under the auspices of IF-architecture.
18 OFFICE PROPERTY MARKET
Peak city centre rent: stable to slightly rising
Office space portfolio 2004 to 2013 6
At year-ending 2013 the peak rent was 14 €/m². Market partici6.000
pants confirmed this value in the middle of 2014. They anticipate
year (14.20 €/m²).
Peak rents on peripheral city centre areas were at approx.
10.40 €/m² (plus 1 % compared with year-end 2012). Higher rents
are also achievable for top quality new buildings or old buildings
refurbished to a high standard in all areas compared to the
reported peak rents – maximum rents 5 in the city centre and on
In thousand m² MF-G
a stable to slightly rising trend in the market to the end of the
5.000
4.000
3.000
2.000
peripheral city centre locations were 17.50 €/m² in 2013.
Players in the Hannover market agree unanimously that peak
1.000
Investors casting an eye on regional markets
Because of the low market risk and the good growth prospects,
Hannover remains an interesting target for both domestic and
2013*
2 0 1 2 ***
2011*
2008 *
2007 *
lack of high quality space in central office locations.
2006 *
currently less due to the location’s potential but more due to the
2005 *
2004 *
0
2010 *
course of 2014. The fact that no new peak rents were achieved is
2009 ***
rents in all locations will remain stable or rise slightly during the
■ Office market Hannover** ■ of which Hannover city
* at the end of year in each case
** with Garbsen, Laatzen und Langenhagen
*** year of a total office space survey by bulwiengesa AG and Baasner Stadtplaner GmbH
foreign investors who are keen on securing the best core buil-
Source: bulwiengesa AG
dings. The market in Hannover endows these buildings with
the required high quality which in good locations can be let on
long-term agreements to strong, creditworthy tenants. Hannover
is benefiting from the global pressure on finding investments
experienced world-wide, which is pushing more investors into
B-cities. In addition to trade properties, office properties are
currently in high demand amongst investors and promise a solid
investment basis. The stable and positive development of the
German economy is driving up consumption and jobs. The service
sector is profiting above all from this, with the number of office
employees, and hence demand for office properties, climbing.
Total office employees 2003 to 2015
in thousands
Year
Hannover
city
Ratio**
Hannover
Region***
Ratio**
2003
151,8
42,2
63,2
28,2
2004
151,8
42,1
63,7
27,7
2005
150,3
41,5
64,0
28,1
2006
149,7
40,9
64,2
28,3
build completions in the office sector, there was a reduced poten-
2007
150,5
40,6
64,2
28,2
tial for major scale investments. Despite this, the office market
2008
153,1
40,3
65,3
28,2
registered a transaction volume of around € 150 million. The focus
2009
155,5
40,8
66,0
27,7
to date in 2014 is again on office property buildings, in the first six
2010
156,9
40,9
63,2
26,5
months investments had already risen to around € 90 million.
2011
159,1
41,0
64,7
26,7
During 2012 and 2013, however, because of the low number of new
14.20 €/m 2
Peak rents office
in the city centre
2014
5
2012*
163,3
41,7
65,6
26,6
2013*
164,3
41,8
66,5
26,7
2014*
165,8
42,0
67,2
26,7
2015*
166,0
42,1
67,3
26,5
* Estimate or forecast based on reports provided by the Lower Saxony State Office for Statistics
** Ratio of office employees to total workforce in per cent
*** only districts
The maximum rent achieved is the first maximum registered nominal net rent excluding utility bills, independent of local sub-markets, qualities and size of the let area, as concluded during the respective reporting
period. This not only takes into account letting contracts concluded and considered part of letting turnover, but also includes letting contract extensions which are not part of letting turnover.
6
Based on an updated total survey of office space portfolio and vacant space by bulwiengesa AG at the end of 2012/early 2013. The estimates for office space portfolio and vacant space reported in previous years’ market
reports were compared with the results of the total surveys in 2009 and 2012 and in part retrospectively adapted. The results were input into the forecast and model calculations of bulwiengesa AG for 2013 and compared
with those of local market players.
Hannover office market completions 2003 to 2016
80
70
In thousand m²
60
50
40
30
20
10
■ New build completions
2016*
2015*
2014*
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
0
■ Refurbishments
*based on the spring forecast of bulwiengesa AG; Hannover Region surveys; details provided by market players; data status Q2/2014
Speculative new builds absent
means of the refurbishment and demolition/new build of several
Market players share the opinion that speculative new build
older office buildings. The Prinzenareal is scheduled to welcome
projects play practically no role in Hannover because new office
the first tenants by end 2016.
spaces being built boast a high pre-letting ratio. Completions
in past and coming years and the continuing low vacancy rates
confirm this impression.
Important new construction projects in the finance
and insurance sector
Owner occupiers are also characteristic of the Hannover office property market. The highest demand is for office properties for the
finance and insurance industries and the public sector. In the city
centre, project developments are currently under way in the Osterstraße, for which the primary tenant is Deutsche Hypo (13,200 m²
office, 1,200 m² retail) and the Quantum Immobilien AG project for
accounting firm Deloitte (10,500 m²) on Aegidientorplatz, both
nearing completion. The largest project for an owner-occupier is
the new build completed for the Deutsche Rentenversicherung
Braunschweig-Hannover in Laatzen (18,500 m²). Another arrival
is the new build of the Mecklenburgischen Versicherungen a.G.
on the Karl-Wiechert-Allee (5,600 m², of which 1,600 m² available
for let). The VGH Versicherungen group is developing an office
project for approx. 7,000 m² rental space on the Prinzenstraße by
The Hamburger investment firm Quantum is constructing a new block on
the Aegidientorplatz featuring light engineered stone and glass. Primary
tenant from early 2015 is the accounting firm Deloitte. The office tower
will create a city-scape accent at Aegidientorplatz in the centre of
Hannover. The new build is a design of Hannover architects BKSP, and is
of similar height to the post-war Nord/LB building diagonally opposite.
Unadorned, clear lines: this new building will provide around 2,100 m² offices and retail space in the immediate vicinity of the future Mechanical Engineering Campus
of Leibniz University Hannover. The tenants of the Osteriede office block benefit above all from the location: excellent traffic connections and very close to the
Mechanical Engineering Campus in Garbsen.
Moderate vacancies
building costs in recent years are impacting rental prices, on the
The vacant space ratio7 in the city of Hannover was 5.8 % at the
other hand the overall development also reflects the higher
end of 2013. Compared with A-locations (vacancies 2013 on
qualities demanded from office space.
average 7.7 %), and the largest German regional locations
(vacancies 2013 on average 6.2 %), this value can be considered
The projects described in this report of the individual
as low. The reasons for the vacancies are many: the demand for
sub-markets also illustrate that new build projects,
modern, energy-efficient office space and the use of owner-
refurbishments and modernisations can achieve much more
occupied offices has resulted in a tangible increase in the
than merely satisfy higher quality demands.
proportion of difficult to let office properties in recent years.
Owners are finding it increasingly difficult to place large inefficient office spaces onto the market without undertaking comprehensive conversion and refurbishment work – if the quality
does not meet this demand even in good locations, the buildings
remain empty and have a negative influence on the market as
long as they remain vacant.
Excellent start 2014, good prospects for turnover
and peak rents
Players in the Hannover market anticipate that turnovers in
2014 will climb significantly year-on-year. Demand has risen:
office space turnover in the first six months 2014 has already
reached approximately 60,000 m² (of which 40,000 m² for let).
Over the long term, peak rents, which are relatively low in
Hannover in the opinion of market players, are expected to
continue upwards. While on the one hand noticeably higher
7
Office centre investment CO 4zig: The former HQ of VHV insurance in
Constantinstraße in the List district was sold in the first half of 2014 by a
foreign group of investors to the Hannover-based SCHRAMM & SCHOEN
Immobilien AG.
Based on updated total survey of office portfolio and vacancies by bulwiengesa AG end 2012/early 2013. The forecast and model calculations of bulwiengesa AG are based on the total inventory surveys of 2009 and 2012.
The new build of the Mecklenburgische Versicherungs-Gesellschaft a.G. is located in one of Hannover’s most easily reached office locations, the
Karl-Wiechert-Allee. The insurer will use part of the building itself, for 170 employees, from early 2016 onwards, with the remaining areas leased. With clean
lines and a representative brick facade including supporting and bearing components, the building is a design of Cologne-based architects Kaspar Kraemer
Architekten expressing composure and solidity.
New builds – Completions*
No.
Building
Address
Investor, developer,
owner
Space MF-G
Status,
completion
1
Office building Osteriede
Garbsen, Osteriede 6
Klasing Karacay
Klasing GbR
2,000 m 2 offices
Q1/2014
2
Office lofts
Jathostraße 11 a–b
H.-W. Nebel Immobilien
3,000 m 2 offices
690 m 2 workshops
Q2/2014
3
Stichweh Leinepark
(3 rd phase)
Wunstorfer Straße 38/
Färberstraße 10
Stichweh Leinepark GbR
3,500 m 2 offices
1,700 m 2 retail
Q3/2014
4
Deutsche
Rentenversicherung
Laatzen,
Lange Weihe 2
Deutsche Rentenversicherung Braunschweig-Hannover
18,500 m 2 offices
owner-occupied
Q4/2014
New builds – under construction
5
Federal labour office,
regional administration
office NiedersachsenBremen
Röpkestraße
Rahlfs Immobilien
GmbH
4,000 m 2 offices
Q4/2014
6
Office and entrance
building Continental AG
Jädekamp 30
Continental AG
1,700 m 2 offices
owner-occupied
Q4/2014
7
Office and retail building
Kirchrode
Tiergartenstraße 118
Großer Hillen 2–4
Gundlach GmbH & Co. KG
750 m 2 offices and
professional chambers
1,700 m 2 retail
1,200 m 2 residential
Q4/2014
8
Deutsche Hypo
Osterstraße 31
Bertram Projektmanagement GmbH
13,200 m 2 offices
1,200 m 2 retail
Q4/2014
9
expert AG
Langenhagen
Bayernstraße 4
expert AG
4,000 m 2 offices
owner-occupied
Q4/2014
10
Niedersächsische Wachund Schliessgesellschaft
Vahrenwalder
Straße 136
Nds. Wach- u.
Schliessges. Eggeling &
Schorling KG
2,700 m 2 offices
2,700 m 2 storage area
owner-occupied
Q4/2014
11
Adult education college
Hannover
Am Hohen Ufer 3
City of Hannover
7,000 m 2 offices/
training owner-occupied
Q4/2014
12
Deloitte
Aegidientorplatz 2 a
Quantum Immobilien AG
10,500 m 2 offices
Q1/2015
13
Tiergarten-Carré
Tiergartenstraße 114
950 m 2 offices,
Q1/2015
retail and professional chambers
660 m 2 residential
14
ZAG ZeitarbeitsGesellschaft
Podbielskistraße/
Eulenkamp
bauwo
Grundstücks AG
4,140 m 2 offices
Q1/2015
15
Lower Saxony
justice centre
Augusten-, Ferdinandand Hinüberstraße
Gothaer Asset
Management AG
11,900 m 2 offices
Q3/2015
16
Mecklenburgische
Versicherungen
Berckhusenstraße 150
Mecklenburgische
VersicherungsGesellschaft a.G.
5,600 m 2 offices, of
which 4,000 m 2 offices
owner-occupied
Q1/2016
17
Gesellschaft für Bauen
und Wohnen Hannover
mbH (GBH)
Klagesmarkt/
Otto-Brenner-Straße
Gesellschaft für Bauen
und Wohnen Hannover
mbH
4,000 m 2 offices
owner-occupied
Q4/2016
18
Prinzenareal
Prinzenstraße 19–23
VGH Projekt GmbH & Co.
Prinzenareal KG
6,864 m 2 offices
Q4/2016
* The numbers refer to maps on pages 28 and 29.
New builds – under construction*
No.
Building
Address
owner
Space MF-G
Status,
completion
19
Office and residential
project Groß-Buchholz
Podbielskistraße/
corner Pasteurallee
STRABAG Real Estate
7,000 m 2 GFS offices
9,500 m 2 GFS
residential,
in part retail
-
20
Marstall Ost
Am Marstall
STRABAG Real Estate
2,500 m 2 retail,
residential
-
21
Office project Pferdeturm (formerly AOK)
City of Hannover
(owner)
-
22
Office project
Pferdeturm
(formerly car showroom)
City of Hannover
(owner)
-
23
City Gate Nord
Vahrenwalder
Straße 236
Projektentwicklung HRG
& DELTA BAU AG
and retail
-
24
Stichweh Leinepark
(4th phase) (formerly
vocational school)
Wunstorfer Straße 14/
Limmerstraße 150
Stichweh Leinepark GbR
17,000 m 2 GFS
-
25
Administrative building
city of Hannover
Location not yet
specified
City of Hannover
29,000 m 2 GFS
-
New builds
Completed
In planning
Under construction / construction preparation
Medium-term planning
105 thousand m ²
Office space
turnover 2013
The refurbishment of the DEVK regional HQ was planned by the Darmstadtbased architects Lengfeld & Wilisch: two existing buildings on the Hamburger
Allee (admin building and residential/office building) dating from 1958/1959
are joined to form a single entity.
* The numbers refer to maps on pages 28 and 29.
On Hannover’s cityring, more than 100 m roadside kerbing has been redesigned. The VGH Versicherungen have invested € 33 million in the Prinzenareal on Prinzenstraße in
the city centre: overall by 2016 more than 6,800 m² modern office space will have been created. The architectural concept is to optically distinct new build blocks located on
both sides of a small listed villa, which has been refurbished. The new build on the left of the villa is designed by the Rastede OMP group (brick facade, windows with sandstone
facing); the building on the right of the villa is designed by O.M. Architekten of Braunschweig (natural stone facade).
OFFICE PROPERTY MARKET
Refurbishment – Completions*
No.
Building
Address
owner
Space MF-G
Status,
completion
26
Talanx-HDI Sachversicherungsgruppe
Riethorst 2
Talanx Immobilien
Management GmbH
21,000 m 2 offices
owner-occupied
Q3/2013
27
Forum Herrenhäuser
Markt
Herrenhäuser Markt 1–3
WGH Wohnungsgenossenschaft
Herrenhausen
1,200 m 2 offices and
professional chambers
Q4/2013
28
Kröpcke-Center
Karmarschstraße 19–23
Union Investment
Real Estate GmbH
3,130 m 2 offices
16,000 m 2 retail
Q1/2014
29
Office and commercial
building Nordstadt
Arndtstraße 1
alstria Office REIT AG
10,700 m 2 offices
Q2/2014
30
Clevertor
Brühlstraße 9
Kindler & Fries
Unternehmensgruppe
3,700 m 2 offices
Q2/2014
31
DEVK regional HQ
Hamburger
Allee 20–24
DEVK Versicherung
4,100 m 2 offices,
in part owner-occupied
Q2/2014
32
building Bahnhofstraße
(formerly Palast cinema)
Bahnhofstraße 5
Görgens Gruppe Köln
1,120 m 2 offices
1,000 m 2 retail
Q3/2014
Refurbishment – under construction/construction preparation *
33
L’Osteria GmbH
Vahrenwalder
Straße 269
FR L’Osteria GmbH,
Hannover Sysgastro
GmbH
1,200 m 2 offices
1,050 m 2 catering
Q4/2014
34
building Georgstraße
Georgstraße 44
Talanx Immobilien
Management GmbH
2,400 m 2 offices
1,100 m 2 retail
Q1/2015
35
Sparkasse Hannover HQ
Raschplatz 4
Sparkasse Hannover
27,500 m 2 offices
owner-occupied
Q2/2015
36
Admin building
Hannover Region
Weinstraße 2–3
Hannover Region
3,200 m 2 GFS
offices/professional
chambers
Q3/2016
Refurbishment – in planning*
37
üstra HQ
Am Hohen Ufer 6
üstra Hannoversche
Verkehrsbetriebe AG
5,700 m 2 offices
owner-occupied
Q3/2016
38
Lower Saxony State
Criminal Police Agency
and Forensic Institute
Am Waterlooplatz
State of Lower
Saxony
36,000 m 2 offices
owner-occupied
Q4/2018
39
Office project Friedrichswall (formerly adult
education college)
Theodor-LessingPlatz 1–2/Ebhardtstraße 1
BAUM group
5,000 m 2 GFS
Q4/2018
Refurbishment
Completed
In planning
Under construction /construction preparation
Medium-term planning
* The numbers refer to maps on pages 28 and 29
The building at Brühlstraße 9 dates from 1957 and is directly adjacent to the historic Clevertor. The refurbishment respects the architectural language of the 1950s while
satisfying today's modern-day office requirements.
The office sub-markets in Hannover (cf. map of office projects on p. 29):
With approx. 4.9 million m² lettable office space (MF-G) the office market in Hannover comprises the city of Hannover and the
neighbouring cities of Garbsen, Langenhagen and Laatzen, which border the State Capital directly to the north or south, and to
which it has close functional ties:
Map
Sub-zones, location
City centre: bordered by the cityring road. This area comprises Georgstraße, Georgsplatz, Raschplatz, Friedrichswall,
Aegidientorplatz and Schiffgraben.
City centre periphery locations and arterial roads: High-quality office locations are situated in the north and
southeast of the city centre with the main traffic axes comprising Vahrenwalder Straße in the north, Podbielskistraße in
the northeast, Marienstraße/Hans-Böckler-Allee in the east and Hildesheimer Straße in the south.
Roderbruch office centre/Karl-Wiechert-Allee: This location hosts the large sites and facilities of the Hannover
Medical School and the adjacent Medical Park, and in particular owner-occupied office complexes for groups involved
in the finance, insurance and tourism sectors.
Office centre Lahe: Location in the north-east of Hannover boasting excellent transport connections to the A 2 and
to the tram system. A number of rezoning and restructuring activities offer considerable scope for further developing
the potential at this location.
Expo-Park: High-quality office buildings oriented towards IT, design and media, partially comprising some of the
original buildings and open spaces constructed for the EXPO 2000 World Exposition. The buildings constructed on the
nearby Kronsberg (Kattenbrookstrift) are outstanding examples of modern architecture.
City of Garbsen: Office buildings concentrated around the centre of the city and the new Mechanical Engineering
Campus for Leibniz University. Outstanding transport connections including light rail transit, and direct proximity to
the A 2 and B 6.
City of Laatzen: Office buildings concentrated around the centre of Laatzen. Directly adjacent to the Hannover
Exhibition Grounds and the A 37/A 7 motorways, outstanding local public transport connections.
City of Langenhagen: Office buildings concentrated in the town centre and around the LRT station LangenhagenMitte. Also outstanding transport connections to the motorways and the airport. Additional office properties in
Godshorn and Airport business parks.
Map//Office projects
9
1
6
Lahe
33
23
26
19
14
2
27
10
3
16
24
22
39
21
5
Cityrand
7
13
Expo-Gelände
1 km
2 km
3 km
N
4
New builds
Completed
1
2
3
4
Office building Osteriede
Under construction/
construction preparation
5
Office lofts
Stichweh Leinepark (3 rd CP)
6
Deutsche Rentenversicherung
7
8
9
Federal labour office, regional
administration building
Niedersachsen-Bremen
Office and reception building
Continental AG
Kirchrode
Deutsche Hypo
expert AG
10 Niedersächsische Wach- und
Schliessgesellschaft (security)
Planning, current
Planning, medium-term
11
19
21
12
13
14
15
16
17
18
Adult education college Hannover
Deloitte
20
Office and residential project
Groß-Buchholz
Marstall Ost
22
Tiergarten-Carré
ZAG Zeitarbeits-Gesellschaft
Lower Saxony Justice Centre
Mecklenburgische Versicherung a.G.
Gesellschaft für Bauen und Wohnen
Hannover mbH (GBH)
Prinzenareal
23
24
25
Pferdeturm office project
(formerly AOK)
Pferdeturm office project
(formerly car showroom)
City Gate Nord
Stichweh Leinepark (3 th CP)
formerly vocational college)
Admin building City of Hannover
(location not yet specified)
Map//Office projects (city centre detail)
29
31
17
35
15
32
30
20
37
28
34
11
8
Marktkirche
18
39
12
36
38
100 m
200 m
300 m
N
Refurbishments
Completed
26
27
28
29
30
31
32
Talanx-HDI specialist insurance group
Forum Herrenhäuser Markt
Kröpcke-Center
Office and retail building, Nordstadt
Under construction/
construction preparation
Planning, current
Planning, medium-term
33
37
38
34
35
36
L’Osteria GmbH
Georgstraße
üstra head office
39
Lower Saxony State Criminal Police
Agency and Forensic Institute
Partial zones/districts (cf. p. 27)
City centre
City centre periphery
Office project Friedrichswall
(former adult education college)
Office centres
Sparkasse Hannover head office
Office centres Laatzen, Langenhagen
Admin building Hannover Region
Clevertor
DEVK regional HQ
Bahnhofstraße
(formerly Palast cinema)
Airport
Exhibition grounds
Tram
City boundary
The conversion of the Kröpcke-Center was completed in spring 2014. Anchor tenant remains Peek & Cloppenburg. The Hamburg-based organisation now retails on an area
doubled in size (11,000 m²) reflecting its "Weltstadthaus" concept. The city has also undertaken substantial investments in renewing the areas around the Kröpcke-Center
building. The leaf fountain at the entrance to the Eckerle shop is back in service after a three-year intermission.
RETAIL
BÜROIMMOBILIENMARKT
PROPERTY MARKET 31
Hannover's refurbished city centre ready for action
The Georgstraße in Hannover city is one of Germany’s 10 most attractive shopping streets, while the city itself overall is
one of the top national retail locations. All around Hannover there are further retail locations with high levels of turnover
and investment.
The Gesellschaft für Konsumforschung (GfK) (consumer research
Top 10 retail locations in Germany
based on total turnover
corporation) forecasts a retail turnover of approx. € 6.45 billion in
Hannover Region in 2014. This ranks Hannover Region as number
5 of Germany’s municipalities and cities with the highest turnovers
Inhabitants
Retail
turnover in
€ billion
Total
trading
turnover *
Berlin
3,501,872
17.49
42.9
2
Hamburg
1,789,836
10.75
26.3
3
Munich
1,378,176
10.32
25.3
4
Cologne
1,017,155
6.94
17.0
5
Hannover
Region
1,135,967
6.45
15.8
6
Düsseldorf
592,393
4.24
10.4
7
Frankfurt
am Main
691,518
4.22
10.3
8
Stuttgart
613,392
4.12
10.1
9
Nuremberg
510,602
3.45
8.6
10
Essen
573,468
3.46
8.5
(cf. Table below). The overall retail area in the Region is estimated
straße, Georgstraße, Große Packhofstraße and Karmarschstraße)
Ranking
City/
municipality
have a combined total of almost 170,000 m², while overall the
1
at around 1.92 million m², Hannover’s top 4 locations (Bahnhof-
inner city has a retail area of approx. 290,000 m². The total space
available in the State Capital Hannover is around 877,000 m². 8
TOP 5
Highest turnover German
retail locations
*
percentage share of national over-the-counter retailing total turnover
Source: GfK, retail turnover 2014
8
cf. Jones Lang LaSalle, City Retail Guide Hannover and Braunschweig 2012–2013, and calculations by CIMA Beratung+Management GmbH on behalf of Hannover Region 2012.
32 BÜROIMMOBILIENMARKT
RETAIL PROPERTY MARKET
The 25 most expensive German retail cities according to rent level*
Peak rent in €/m²*
National
ranking
City
Top sites
H2 2013
H1 2014
1
Munich
Kaufinger Straße/Neuhauser Straße
350
360
2
Frankfurt am Main
Zeil
290
300
3
Düsseldorf
Königsallee
275
285
4
Berlin
Tauentzienstraße
280
280
5
Hamburg
Spitalerstraße
255
255
6
Cologne
Schildergasse
250
250
7
Stuttgart
Königstraße
240
245
8
Dortmund
Westenhellweg
220
220
9
Hannover
Georgstraße/Bahnhofstraße/
Große Packhofstraße
190
195
10
Nuremberg
Ludwigsplatz/Hefnersplatz/Karolinenstraße
165
165
11
Mannheim
Planken
155
160
12
Münster
Ludgeristraße
160
160
13
Freiburg
Kaiser-Joseph-Straße
150
155
14
Wiesbaden
Kirchgasse
140
140
15
Aachen
Adalbertstraße
120
120
16
Heidelberg
Hauptstraße
120
120
17
Leipzig
Petersstraße
120
120
18
Mainz
Am Brand/Schusterstraße/Stadthausstraße
120
120
19
Würzburg
Dominikanerplatz/Schönbornstraße
115
120
20
Bielefeld
Bahnhofstraße
110
115
21
Ulm
Bahnhofstraße/Hirschstraße
115
115
22
Bonn
Remigiusstraße
110
110
23
Bremen
Sögestraße
110
110
24
Darmstadt
Schuchardstraße/Ernst-Ludwig-Straße
110
110
25
Dresden
Prager Straße
100
110
* Peak rents for new let of a 100 m² standard shop with 6-8 m show window in A-1 location
Note: Rankings with same rent level in alphabetical order
Source: Jones Lang Lasalle 2014, Hannover Region
RETAIL
PROPERTY MARKET 33
The new Eckerle outlet in the Kröpcke-Center is situated on the corner of Karmarschstraße and Ständehausstraße, in the immediate vicinity of specialist
Hanoverian retail outlets such as I.G. von der Linde, Parfümerie Liebe and Mäntelhaus Kaiser. Eckerle menswear is part of the Hirmer group, which is already
present in the Schillerstraße – only around the corner from Kröpcke with an outlet for oversize menswear.
H&M group) is opening on 580 m² in the Kröpcke-Center. Polish
Top locations, top of Germany
The peak rents in the top locations of Georgstraße, Bahnhof-
fashion brand Reserved (2,000 m²) replaces Hugendubel at the end
straße and Große Packhofstraße are set to climb moderately
of 2014 in the Ernst-August-Galerie and plans to open a second site in
9
during 2014. Peak rents are of the order of 195 €/m² with a
the Große Packhofstraße/corner Heiligerstraße at the end of 2016.
medium rate of 145 €/m². Rents in the Karmarschstraße are
slightly lower at up to 170 €/m². On a ten-year comparison the
peak rents in all four top locations have risen by a good quarter.
Compared with the most expensive inner city locations in
Germany, the three leading shopping streets in Hannover occupy
a solid ninth position in 2014 (cf. table).
International chain stores still highly committed
Germany continues to be one of the most important expansion areas
in Europe’s retail landscape for international chain stores in 2014.
195 €/m 2
Peak rents in A1locations 2014
Expanding foreign companies continue to take up space in Hannover.
The major new arrivals this year: the COS label (part of the Swedish
9
The peak rent figures refer to a shop of approx. 100 m² in size with a corresponding shop window facing an A1-location (6-8 m). Larger or smaller areas may be higher or lower than this peak depending upon specifics.
Rituals rents one of the smaller areas in the Kröpcke-Center, where small outlets are arranged along the Karmarschstraße and the Ständehausstraße. Rituals
retails mainly body care products and accessories “inspired by far eastern traditions”.
RETAIL
PROPERTY MARKET 35
Kröpcke-Center: a total renewal in the very heart of the city
International brands dominate the Bahnhofstraße
In what has been Hannover’s largest inner-city building site, the
The opening of the Apple flagship store (1,000 m²) continues
revitalised Kröpcke-Center is taking on its final form. CENTRUM,
to be delayed, due to construction problems on the comprehen-
the project development company based in Düsseldorf, has been
sively revamped building in the Bahnhofstraße. Spanish label
converting the central building since 2009 to create a modern
Mango has expanded to create a megastore, taking over the
retail premises with around 16,000 m² of space. Union Investment
area given up by Shoe City (1,300 m²). Mango now operates 13
Real Estate purchased the building built in the early 1970s in early
megastores in Europe, however only one in Munich and one on
September 2013 from CENTRUM for an open property fund.
the Frankfurter Zeil in Germany. The previous Mango retail outlet
at Bahnhofstraße 4 is being taken over by the label H.E. by
The anchor tenant remains Peek & Cloppenburg (11,000 m²).
Mango for men’s fashion (400 m²). In the Niki-de-Saint-
Other tenants in the building officially completed in March 2014
Phalle promenade below the Bahnhofstraße, two famous
include menswear retailer Eckerle (1,400 m²), The Body Shop
system catering brands have opened – Dunkin’Donuts and
(50 m²), Rituals (50 m²), Tchibo (200 m²) and COS (580 m²).
Kentucky Fried Chicken. Parallel to the Bahnhofstraße, the
In total, the P&C area is joined by a further approx. 5,000 m²
Luisenstraße is evolving into a location for luxury fashion –
retail space.
Armani Collezioni opened there in April 2014, directly next to
the Galerie Luise (a 400 m² outlet).
Georgstraße: little fluctuation in the city’s top location
The section ranked as Hannover’s top A1 location is between
Kröpcke-Center and the Limburgstraße. In this part of the
Georgstraße Hannover’s top shopping street, all market players
verify stable and high demand for retail space. Only very few
shops close or relocate to other positions – the fluctuation in this
part of the Georgstraße is insignificant small. The only exception:
the departure of Lehmann’s bookshop from the “Dragonslayer’s
house” (Georgstraße 10) sees the arrival of new tenants in early
2015. The sales area of almost 3,500 m² is being restructured,
the shop front towards the Georgstraße will see the opening of a
new Rossmann drugstore (1,200 m²) in spring 2015. Part of the
remaining area will be redeveloped towards the Heiligerstraße.
Other news about the Georgstraße: Apollo Optik is enlarging
Hannover fans of the cult US chain had a long wait. Until the end of April
2014: the first Dunkin’ Donuts in Hannover opened its doors and has been
attracting donut fans into the Niki-de-Saint-Phalle promenade directly below
Kröpcke ever since.
to swallow a former Tchibo coffee outlet area, directly adjacent,
Vodafone (250 m²) has moved into an absolute A1 location on
Kröpcke, in sight of the Apple store site.
Comparison of Hannover’s top locations
A1-location
Sales areain m 2 *
Chain store ratio in %*
According to
According to
number of
retail space
shops
Level of
internationalisation*
Peak rent
2014 in €/m 2
Passer by
frequency
2014**
Georgstraße***
47,800
97.6
91.5
51.1
195
10,960
Bahnhofstraße
48,200
99.1
93.8
56.8
195
7,330
Große Packhofstraße
31,700
100
100
70.4
195
6,535
Karmarschstraße****
27,500
68.4
56.8
34.1
170
6,500
* Source: Jones Lang LaSalle Retail: City Retail Guide Hannover-Braunschweig 2012/2013
** Source: Jones Lang LaSalle Retail: pedestrian count on Saturday, 29 March 2014, between 13.00 and 14.00
*** between Nordmannpassage and Kröpcke
**** between Kröpcke and Marktstraße
On the corner of Georgstraße/Große Packhofstraße Swiss watchmaker Swatch opened an 85 m² shop in March 2014. The company is famous in particular for
its colourful plastic watches, with new collections twice a year.
Karmarschstraße in new look
Following the completion of building activities in the vicinity
Große Packhofstraße and Osterstraße
The Große Packhofstraße is now home to Swatch (corner of
of the Markthalle hall and around the Kröpcke-Center, the
Georgstraße) and Tudors, in both cases small outlets, otherwise
Karmarschstraße will enjoy a new level of attractiveness. Peak
the fluctuation in this zone is negligible. The secondary location
rents of 170 €/m² have to date been significantly lower than the
of Osterstraße is profiting from the crowds drawn by Irish fashion
three other A1 locations. The actual potential is aptly demons-
label Primark. South of the Platz der Weltausstellung on the
trated by several new openings opposite the Markthalle and
Osterstraße, the ground floor of the new Deutsche Hypo building
the Kröpcke-Center; a potential previously hindered by ongoing
will provide retail space with new tenants at the end of the year
building work. Arrivals include international labels like COS and
to include Danish design furniture supplier Bolia and French
Bang & Olufsen.
children’s fashion label, Petit Bateau.
After a long wait a solution has now been presented for the
former Erdmann building. Das Depot will vacate its location on
the corner of Heiligerstraße in autumn after which the building
demolition can begin. Polish fashion label Reserved will take up
an attractive A1 location at the end of 2016. Reserved is scheduled
to open a store in the Ernst-August-Galerie in autumn 2014.
Arcades complement the range
The smaller arcades are a welcome complement to Hannover’s
inner-city shopping locations. Galerie Luise is host to around
20 shops on an area of approx. 5,000 m²: the premises were
acquired by Accom Immobilien Holding of Munich. The Munichbased investor plans comprehensive investments to upgrade
the arcade established in the 1980s. The Ernst-AugustGalerie, which has become an inner-city shopping magnet in
Following completion of road works opposite the Markthalle hall, the
attractive historical section of the Karmarschstraße south of the old city hall
(Altes Rathaus) is again coming to the fore. This part of the road has seen
the arrival in recent months of for example divodress and Fennobed, with
Bang & Olufsen opening a branch in autumn.
conjunction with A1 shopping streets, sees the expiry of the first
five-year rental contracts. As a result, several new names are
expected in the coming months. One Kitchen, Phase Eight
and Reserved have already been mentioned in this respect.
RETAIL
PROPERTY MARKET 37
The Lister Meile is developing more and more into a shopping street also of interest to major chains. Rossmann and denn’s Biomarkt have both increased their
presence at new sites at the crossing with the Celler Straße. Butlers is taking over an approx. 400 m² retail location vacated by Rossmann following its move to
the former Woolworth store.
Lister Meile attracting chain stores
Attractive transaction market
Lister Meile is developing more and more into an attractive
Hannover’s top locations remain extremely attractive and in
shopping street to form the ideal complement to Hannover’s
enormous demand – as confirmed by the many transactions. In
inner-city offerings. The Lister Meile runs from directly behind the
the inner city, there is hardly any difference on returns between
central station through to Lister Platz. The attractive Art-deco
the major shopping streets.
facades and often small outlets combine to create a colourful
mixture with local specialists, catering and chain stores. The
Two examples in this regard: Real I.S. acquired the office and
extensive refurbishment of the pavilion culture centre located at
retail building Ernst-August Carrée directly at the central
Weißekreuzplatz and the planned extension of the pedestrian
station from CBRE Global Investors (6,800 m²). The retail house
zone at Lister Platz/Jacobistraße are two measures which have
at Karmarschstraße 24 (main tenant: restaurant Nordsee) was
both supported this positive development.
sold for € 5.7 million by Hamborner REIT to a fund of the
Aachener Grundvermögen based in Bonn. In 2013 two thirds of
One area which has proven particularly attractive for chain stores
the total commercial investment volume in Hannover Region
is the pedestrian zone between Seumestraße and Lister Platz.
was accounted for by retail buildings, a total of some € 500
The arrival of new tenants in the larger retail outlets has kindled a
million – an absolute peak value and an exception. In additi-
renewal in the retail activities on the Lister Meile around its
on to office buildings, retail properties continue to be in high
crossing with the Celler Straße. denn’s Biomarkt is an organic
demand amongst investors and promise stable investments.
food outlet which took over the space in April formerly occupied by
The robust, positive developments of the German economy
a Penny supermarket. Butlers is to move into the approx. 400 m²
are driving consumption and underpinning over-the-counter
space vacated by Rossmann in order to move to the much larger
retailing over the long term.
property of the former Woolworth store. Rossmann opened its
third largest branch in Hannover with approx. 1000 m² in June 2014.
The renovation of the Planetencenter is one of the hot topics today in the city of Garbsen. The LÜDER UNTERNEHMENSGRUPPE based in Hildesheim is revitalising one of the
oldest specialist market centres in Hannover Region. The reopening of the centre featuring retail space of around 12,000 m² is scheduled for the end of 2014. The investment has
a scale of approx. € 46 million.
The A2-Center in Altwarmbüchen, dating from the 1960s, has been restructured into a modern shopping mall with a golden metal facade. € 130 million have been
invested by the Berlin Krieger group in the redesign of the retail centre. The construction and completion of the Möbel Höffner furniture store on the adjacent
plot has been delayed due to planning revisions, and will now stretch into 2015.
Specialist retailers and retail centres in the Region
Decathlon, the French sports article manufacturer and retailer,
In Hannover’s outlying districts there are also locations with
initially took over the former French pavilion on the EXPO 2000
outstanding retail centrality, for example the medium centres
site, but only briefly: the company is now returning to Hannover
of Langenhagen, Garbsen and Laatzen. Laatzen and Langen-
Region. Decathlon took over a site of approx. 4,100 m² previous-
hagen both boast shopping malls in central locations each with
ly occupied by the RATIO company, in the direct neighbourhood
respectively approx. 30,000 m² retail space. Both have seen
of the Kaufland self-service store in Laatzen.
a great deal of investment in recent years. The Leine-Center
in Laatzen was acquired in the first half of 2013 for a price of
approx. € 117 million for a fund managed by the US-American
real estate service organisation CBRE Global Investors. In
Langenhagen, the German Fondsgesellschaft ILG paid approx.
€ 66 million in September 2013 for the City-Center extension
building, which they transferred to a closed fund under their
management.
The Planetencenter in Garbsen (12,000 m² retail area) is
currently undergoing major restructuring and partial demolition.
The LÜDER UNTERNEHMENSGRUPPE of Hildesheim is investing
approx. € 46 million in the well established retail location and
anticipates reopening in November 2014. The anchor tenants
include Edeka, Aldi, Rossmann and Das Depot. The refurbishment of the A2-Center at Isernhagen/Altwarmbüchen
represents an investment of € 130 million by the Berlin-based
Krieger group. The result is a shopping centre with approx.
25,000 m² retail space. The main tenants are real, Saturn,
Toys’R’Us, C&A and Esprit. Smaller retailers occupy a further
40 outlet small retail outlets. The furniture company Möbel
Höffner is currently constructing a retail site of 37,400 m² on a
directly adjacent furniture store brown-field site.
At the end of November 2013, French sports article manufacturer and retailer
Decathlon returned to Hannover Region. In addition to major international
brands, the French company exclusively offers in-house products and name
brands on a retail area of approx. 4,100 m². The company has invested some
€ 1 million in the new store, and employs more than 50 staff.
RETAIL
PROPERTY MARKET 41
Map//City centre retail
28 16
18
13
30
41
34
45
36
33
11
35
44
38
12
2
20
10
43
25
c
1
21
39
29
3
31
14
24
6
23
19
18
40
22
8
37
stellung
17
27
15
26
5
7
42
4
50 m
100 m
150 m
9
N
32
Selected project developments,
conversions or openings
(2013–2015)
1
2
3
4
5
6
7
8
9
10
Apollo-Optik
Apple
Armani Collezioni
Bang & Olufsen
Bolia
COS
divodress
Eckerle menswear
Fennobed
H.E. by Mango
11
12
13
14
15
16
17
18
19
20
21
22
Mammut
Mango
One Kitchen
Peek & Cloppenburg
Petit Bateau
Phase Eight
23
24
25
26
27
The Body Shop
Tudors Shirt Kingdom
Rituals
Volkswagen Financial Services
Rossmann
Swatch
Tchibo
31
32
42
Vorwerk
Ernst-August-Galerie
Galerie Luise
Kaufland shopping centre
Kröpcke-Passage
Markthalle
44
45
36
29
Hannover main station
shopping centre
Major retailers/department stores
35
30
Gastronomy (openings/expansions/
conversions)
43
Shopping centres / arcades
28
Niki-de-Saint-Phalle promenade
Vodafone
Reformhaus Bacher
Reserved
33
34
37
38
39
40
41
Café Extrablatt
Dunkin' Donuts
Kentucky Fried Chicken
Vapiano
C&A
Galeria Kaufhof am Ernst-August-Platz
P Multi-storey car park/parking
Galeria Kaufhof an der Marktkirche
U Tram
Karstadt
Karstadt Sports
A1 location
Primark
Pedestrian precinct
Saturn
Old Town
Toyota Material Handling, the market leader in the production of industrial trucks, commenced operations in April 2014 as its German HQ in Isernhagen. The forklift truck
manufacturer now employs some 220 staff in modern offices, warehouses and workshops.
LOGISTICS PROPERTY MARKET 43
Perfectly connected, looking forward to growth
Hannover Region is one of Germany’s most important logistics locations. Centrally located at the intersection of major
national and international transport axes, it boasts excellent links between the various transport modes.
In terms of added value, logistics ranks fourth after the automotive industry, health and mechanical engineering as one of
Germany's largest economic sectors. The growth rates are above
average. Hannover Region stands out as one of the key logistics
regions in Northern Germany. On a national level, it is one of the
top logistics regions, acting as a European hub and boasting
outstanding attractiveness for logistics. Fraunhofer SCS rates
the Hannover location as “having a very balanced combination
of all of the relevant relocation factors” and a “very competitive
cost situation compared to other West German locations”. Special
mention is made to the location’s high versatility and smooth
tenanting of the existing properties 10
Hannover second only to Hamburg as Northern
Germany’s most important logistics location
Approximately 50 % of the commercial real estate sold in the
last 10 years in the Region was acquired for logistics projects.
Around 265 hectares of logistics land have been sold since 2003
and more than € 1.3 billion invested in the construction of new
buildings. Hannover is therefore second only to Hamburg as the
arvato, a Bertelsmann subsidiary, expects to commence full operations at
its new distribution centre next to the Hannover's international fairgrounds
in Q1 2015. The property is a development by Verdion, an investor which has
tailored the site specifically for e-commerce and is one of the largest and
most modern of its kind in Europe.
most important logistics location in North Germany.
Logistics competence at a high level
All national logistics players, which are also in part international leaders in the industry, are represented in Hannover
Region. Over 80 logistics-centric relocations to the area or
expansions by regional, national and international companies,
primarily in trade, automotive and industrial sectors, have
resulted in the creation of 7,800 new jobs since 2003.
10
4.50 €/m 2
Peak rent for
new builds in
top locations 2014
Fraunhofer IIS working group for Supply Chain Services SCS (2013) [publisher]: Logistics properties – market and locations 2013, Germany, Austria, Switzerland, Belgium, Netherlands. Nuremberg – authors: Nehm,
Alexander, Veres-Homm, Uwe; Kübler Annemarie
44 LOGISTICS PROPERTY MARKET
Logistics space turnover: Shortage of space
During 2013 there was a shortage of major properties in
impacts balance sheet
which companies invested themselves or of multiuser halls
The concentration process is continuing unabated in the
constructed and marketed by project developers themselves.
logistics industry. Mergers and acquisitions in turn create a
During the high turnover years of 2010 and 2011 (each over
higher demand for larger, more modern logistics premises. The
300,000 m²), the demand for big sheds stemmed above all
logistics space turnover in Hannover Region is dependent not
from the automotive industry and trade (both wholesalers
only on owner-occupiers but is also being shaped by major scale
and e-commerce) as so-called owner occupiers. In the last
project developments for letting.
two years turnover in this segment has fallen considerably
due to the shortage of respective buildings.
This is reflected in the demand curve: New builds of a certain
quality and size standard – logistics properties of 10,000+ m²
Space turnover in the first half of 2014 has developed slowly
warehousing space offering good alternative uses and 24 hour
to date. The main demand is for plots with optimal location
availability (industrial zone) with good motorway access – are
qualities which can be built on immediately or existing
playing a key role. These criteria are primarily relevant for
properties which can be prepared for immediate use.
contract logistics and central distribution functions, the share
Assuming the economy remains stable and land is available,
of which of space turnover has risen sharply.
space turnover during the year will again settle at a level
below the long-term average.
Logistics property turnover in Hannover Region 2007– 2013
Peak rent revenues down despite continuing
400
excellent returns
Rents for logistic properties in the Hannover Region during 2014
300
are in a range between 3.40 €/m² average rent and 4.50 €/m²
peak rent. Market players are currently observing a shift in
200
demand. Because high quality logistics areas are not available in
sufficient numbers, interested parties are shifting their attention
100
to outstanding portfolio buildings in the “second row”. The
realistic peak rents can simply not be maintained on the basis of
2013
2012
2011
2010
2009
2008
2007
0
Source: Surveys and calculations carried out by the Hannover Region
existing and available properties. The actual peak rent is falling
due to the shortage of excellent properties and is trending towards
a fall of 4 % or 20 cents. The average rents for good logistics
buildings are benefiting and climbing by 20 cents to 3.40 €/m².
Demand for space continues at high level
Peak returns are also developing very well and are at around 6.7 %.
Hannover Region has caught the eye of logistics companies,
project developers and investors. The demand for areas for
new logistics projects continues at a very high level throughout
the Region. Hannover Region is highly attractive thanks to its
geographical position, there is, however, a shortage of land
available over the short term. This is confirmed unanimously
1.2 million m 2
by market players.
A major impact again in 2013: total turnover in the sector was
down almost 15 % on 2012, with just over 200,000 m² space which
was either re-let, sold or built on for owner occupation.
Compared with the average for the period from 2009 through
2013, 15 % less space was turned over in the logistics property
market. Nonetheless, in absolute terms, turnover for leased
space was stable compared with the previous year at 120,000 m².
New build hall areas
for logistics since 2007
ProLogis Park
Weatherford
Hermes
Wabco
arvato
Krage
Fiege
Geodis
Dachser
Schenker
MTU
Schenker
Airport Business Park West in Hannover-Langenhagen, directly south of the airport on the A 352 motorway now has very few vacant plots. A further
20,000 m² hall space could be developed over the short term in the ProLogis Park, which already features 61,200 m² logistics space with corresponding
office areas. Two buildings have already been let. Over the medium term, the airport will be opening up approx. 45 hectares of land between the two
runways for logistics purposes.
Trading and industrial logistics typify the location
Kronsberg. In the future, the logistics service provider will be
After a good 12 month construction period, Toyota Material
working in Hannover for various fashion houses, including Esprit,
Handling has opened its new German head office in Isernhagen
C&A, Hugo Boss and Tommy Hilfiger.
(16,000 m² hall and 3,600 m² office). The world’s largest
industrial truck manufacturer has around 220 employees at the
The Hannover-based BAUM group has taken over expansion
site. The new build represents the largest investment made by the
areas in Garbsen originally under a Netrada option and plans to
parent organisation, Toyota Industries Corporation, in a European
construct an up to 60,000 m² logistics centre there as part of a
sales company.
project development. Also in the starting blocks are ProLogis, a
project developer active in the Airport Business Park Langen-
arvato, a Bertelsmann subsidiary, will no longer be bringing
hagen and bauwo AG, with two projects in the Lehrte area.
its new logistics centre on the Kronsberg into service in 2014.
Although trial runs are planned from September onwards in the
Schenker has leased 67,000 m² from the airport in the triangle
building (50,000 m² hall space) constructed for € 50 million, the
between the A 352 motorway and the Michener Straße where it
actual move from Garbsen is now set to commence in early 2015.
plans to construct a 7,500 m² transhipment hall together with an
The Garbsen site will have been completely cleared by the end
approx. 2,000 m² office building. Building is scheduled to start in
of 2015. In early 2014 arvato stepped in to take over the insolvent
spring 2015, with completion in Q2 2016. Activities will comprise
Netrada company, which had started to build the centre on the
primarily network forwarding (inland transport).
September saw the completion of the fourth big shed in the Ebeling Logistic business park on the A motorway in Wedemark. The new building provides 8,500 m²
space, is state-of-the-art, for example designed for the warehousing of materials which represent a waterpollution hazard. The regional logistics organisation has
invested around € 4.2 million in the business park. The new shed is 11 m high and includes a high bay warehouse with space for up to 20,000 pallets.
Impulses from seaport hinterland transports
Western locations in focus
80 % of goods traffic from Germany’s North Sea ports is trans-
Up to 130 hectares of logistics space could be developed over
ported via Hannover. The potential for combined traffic (CT) has
the next 10 years along the Logistics Focus West (Windstorm/
by no means been fully exploited in the Region. Transfers to rail
Barsinghausen along the A2 motorway). The rapid execution
and inland shipping could result in a significant increase in the
of the first construction phases is expected in the next few
share of combined transport by the year 2025. The highest growth
years because of the demand for major scale logistics areas in
rates are forecast for communications from and to German sea
the Hannover Region and the continuing high demand for such
ports. These details emphasise the importance that expanding
plots. Thanks to its excellent connections and the planned
and upgrading supra-regional infrastructures have for the further
trimodality (road, rail, inland waterways), this location provides
development of Hannover as a logistics region.
ideal conditions for positioning Hannover Region even more
strongly as a seaport hinterland hub and European logistics
The realisation of the combined transport mega hub in Lehrte
centre.
will provide an additional boost to the development of combined
transport.
1.3 billion €
Investment volume
in logistics projects
since 2003
The Trennemoor business park near the Kirchhorst lake is the site of a two-storey office building of 1,250 m² area and a 10,000 m² logistics hall built by
Ludwig Bertram GmbH, a specialist wholesaler. Bertram GmbH has divisions for rehabilitation technologies and care/nursing equipment, two mail order
dealers for veterinary medicine articles and medical accessories and health products. Consignments are sent from Isernhagen to specialist dealers, vets
and universities both in Germany and abroad.
Key logistics space potential 2014
In the north*
No.
Logistics locations
Space potential
Supra-regional
connections
Sectors and selected companies
3
Burgwedel/
Großburgwedel
12 ha BP
Directly on the A7
motorway
(Großburgwedel)
Resident: Rossmann regional
warehouse (drugstore), logistics
centre Pickerd Dekor
4
Garbsen/west of
Gutenbergstraße
Approx. 20 ha BP
Directly on the A2
motorway (Garbsen)
Suitable for logistics, automotive,
wholesale
6
Hannover/
Schwarze Heide
Approx. 8 ha BP
On the A2 motorway
(Hannover-Herrenhausen)
Suitable for automotive, logistics;
resident: automotive supplier
Decoma, VW Commercial Vehicles
(Amarok logistics centre), directly
adjacent to VWN, Continental,
Johnson Controls
7
Isernhagen/Kirchhorst
Approx. 5 ha BP
Directly on the A7
motorway (Kirchhorst)
Suitable for wholesale, customer
services, manufacturing industry
9
Langenhagen/
Airport Business Park
East
8 ha BP and
airport SA
Directly on the A 352
motorway, via B 522
(Flughafenstraße),
2 km to A2 motorway
Suitable for logistics and
aviation-centric business
10
Langenhagen/
Airport extension west
Approx. 45 ha
development area
Via B 522 (Flughafenstraße),
3 km to A2 motorway
Suitable for internal-airport
usage, logistics and aviation-centric
business
15
Wedemark/Gailhof
Approx. 5 ha and 10 ha
development area
2 km to A7 motorway
(Mellendorf)
Suitable for logistics, wholesale,
customer services, manufacturing
industry; resident companies:
Spedition Ebeling, Autohof
* Numbers refer to maps on pages 50 and 51
BP = business park
IA = industrial area
SA = special area
In the east*
No.
Logistics locations
Space potential
Supra-regional
connections
Sectors and selected companies
5
Hannover/Anderten
10 ha BP
1 km via B65 to the A2
motorway (HannoverAnderten)
Suitable for industrial-scale business,
wholesale; resident: DHL post freight
centre, freight office
8
Laatzen/Ost
40 ha primarily IA
Via B6 and A37 motorway
approx. 5 km to A7 motorway (Laatzen)
Directly adjacent to the Hannover
exhibition grounds, suitable for
logistics, wholesale
11
Lehrte/Aligse
Approx. 20 ha BP
Directly on the A2 motorway
(Lehrte)
customer service, manufacturing industry
12
Lehrte/Everner Straße
6 ha BP
2 km to A2 motorway
(Lehrte-Ost)
Suitable for wholesale, manufacturing industry; resident: Hornbach
logistics centre
13
Lehrte/Mielestraße,
Industriestraße
Approx. 15 ha BP
Directly on the A2 motorway (Lehrte-Ost)
Suitable for logistics, wholesale and
manufacturing industry; resident:
Meyer&Meyer, Schäfer’s industrial
bakery, arvato logistics centre
14
Sehnde/Höver
Approx. 30 ha BP
Directly on A7 motorway
(Hannover/Anderten) 4 km
to Hannover-Ost intersection with A7 motorway
industry; resident: Holcim (cement
factory), Landgard flower wholesale
market, ADVEO, Köster & Hapke,
Trans-o-flex, Brandt Logistik,
Delticom AG
In the west*
1
Barsinghausen/Bantorf
Approx. 7.5 ha BP
Directly on the A2
motorway (Bad Nenndorf)
Suitable for logistics and wholesale;
resident: Lyreco (office wholesale),
Kaufland logistics centre
2
Barsinghausen/
Groß Munzel-Holtensen
Approx. 35 ha
development area
Directly on the A2
motorway (Kolenfeld)
Development area as part of
Logistics Focus West
16
Wunstorf/
Business park south
Approx. 90 ha
development area
3 km to A2
motorway (Kolenfeld)
industry; resident: Lidl central
warehouse, syncreon (automotive),
Marley, hauliers Oskar Neukirch,
Langhorst, Franke, Kraftverkehr
Nagel, MUK Logistik; development
area for trimodal logistics (road/rail/
inland shipping connections) as part
of Logistics Focus West
* Numbers refer to maps on pages 50 and 51.
Selected logistics projects*
No.
Building
Location
Investor, developer
or user
Size
Status
Completion
Completion
1
Toyota Material Handling A 7 junction IserhagenDeutschland
Altwarmbüchen,
business park
An der Chaussee
Toyota Material
Handling
Deutschland GmbH
36,600 m² plot
16,000 m² hall
3,600 m² offices
Q1/2014
2
Arvato logistics centre
A 37 Messeschnellweg,
junction Messe-Nord,
business park east of the
Weltausstellungs-Allee
arvato AG
112,000 m² plot
60,000 m² hall
Q2/2014
3
Bertram GmbH
A 7, junction IsernhagenLUDWIG BERTRAM
Altwarmbüchen, business GmbH
park Kirchhorster See
2,500 m² offices
10,000 m² storage area
Q2/2014
4
Ebeling Logistik
A 7/A352 junction
Mellendorf, business
park An der Autobahn
Georg Ebeling
Spedition GmbH
8,500 m² hall
360 m² offices
Q2/2014
In planning/building preparation
5
Andronaco Grande
Mercato
A37/Messeschnellweg,
junction Pferdeturm,
business park former
central goods station
aurelis Real Estate
GmbH
5,000 m² hall,
partial trading use
6
BAUM logistics centre
A2/B 6 junction
Hannover-Herrenhausen,
Garbsen
BAUM Unternehmensgruppe
130,000 m² plot
60,000 m² hall
7
bauwo logistics centre
A2 junction Lehrte
Ost, business park
Mielestraße
bauwo Grundstücks AG
20,000 m² hall
8
A2 junction Lehrte
Sievershausen,
business park east of
Gewerbestraße
bauwo Grundstücks AG
67,200 m² plot
26,500 m² hall
9
DHL freight post centre
A 7 junction Anderten,
business park Kleiner
Holzhägen
Deutsche Post DHL
34,000 m² plot
11,000 m² manoeuvring and deployment area
4,700 m² hall (mechanised delivery point)
420 m² offices
10
Lidl logistics centre
A2 junction WunstorfKolenfeld, business park
Wunstorf-Süd
Lidl Stiftung & Co. KG
17,000 m² hall extension
11
Laverana (1 st CP)
A2 junction Barsinghausen-Bad Nenndorf,
business park Barsinghausen-Bantorf
Laverana
GmbH & Co. KG
40,000 m² plot
19,000 m² production and warehousing
12
ProLogis Park
Hannover-Langenhagen
A352 junction
Engelbostel, Airport
business park –
Münchener Straße
ProLogis Germany
Management GmbH
20,000 m² hall
13
Schenker Logistics
centre
A352 junction Engelbostel, Airport business
park – Münchener Straße
Schenker
Deutschland AG
67,000 m² plot (hereditary leaseholder)
7,500 m² hall
2,000 m² offices
* Numbers refer to maps on pages 50 and 51.
10
15
4
3
10
9
12 13
4
16
3
7
6
6
1
N
B
10
2
M
5
R
L
5
1
11
2
8
Karte ist zu niedrig aufgelöst.
Retuschen von Ortsnamen nur mit sehr viel
Aufwand zu bewerkstelligen. Gibt es die Karte
nicht als Vektor-EPS?
14
9
Map // Logistics locations
Potential commercial/industrial areas (suitable for logistics)
Numbers refer to table on pages 47 –48
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Barsinghausen/Bantorf
approx.
7,5 ha
Barsinghausen/
Groß Munzel-Holtensen
approx.
35 ha*
Burgwedel/Großburgwedel
approx.
12 ha
Garbsen/
western Gutenbergstraße
approx.
20 ha
Hannover/Anderten
approx.
10 ha
Hannover/Schwarze Heide
approx.
8 ha
Isernhagen/Kirchhorst
approx.
5 ha
Laatzen/Ost
approx.
40 ha
Langenhagen/
Airport Business Park Ost
approx.
8 ha
Langenhagen/
airport extension west
approx.
45 ha*
Lehrte/Aligse
approx.
20 ha
Lehrte/Everner Straße
approx.
6 ha
Lehrte/Mielestraße
approx.
15 ha
Sehnde/Höver
approx.
30 ha
Wedemark/Gailhof
approx.
15 ha*
Wunstorf/business park south
approx.
90 ha*
* Development area
11
Area potential
13
7
12
8
up to 5 ha
up to 10 ha
up to 30 ha
up to 90 ha
Selected logistics projects 2014/2015
Numbers refer to table on page 49
1
2
3
4
5
6
7
8
9
10
11
12
13
Toyota Material Handling Deutschland
Airport
arvato logistics centre
Exhibition grounds
Hannover-Lehrte goods transhipment centre
Bertram GmbH
Ebeling Logistik
Andronaco Grande Mercato
BAUM logistics centre
DHL freight post centre
L
M
N
B
R
Lindener Hafen port
Misburger Hafen inland port
Nordhafen inland port
Brinker Hafen inland port
Seelze rail marshalling yard
Lidl logistics centre
Laverana (1 st CP)
ProLogis logistics park
Schenker logistics centre
Logistics projects
Waterway
Motorway
Main road, dual carriageway
Main road
0 km
2 km
4 km
6 km
N
Completed
Railway line
In planning
The apartment buildings built by project developer Heinz von Heiden GmbH form the entrance to the Wietzeaue residential district on the north-western edge of Hannover in the
municipality of Isernhagen. A number of principals are developing this residential area on the Wietze, a tributary of the Aller river, totalling around 290 apartments in a variety of
space configurations
RESIDENTIAL PROPERTY MARKET 53
Attractive living space in high demand
The turnovers and returns in the residential property market are continuing to rise steeply. Many new projects are
currently under construction or in planning, the number of completions is climbing significantly. The city has an
ambitious goal: to create around 8,000 additional housing units in Hannover by 2025.
Demand for modern homes
residential properties has been very low for a long time (less
Hannover’s residential property market is currently experiencing
than 3 %) and is therefore already moving just slightly below
a renaissance. Hannover’s last peak in residential completions
the fluctuation reserve.
was in the years 1999 and 2000 in the run-up to the World
Exposition EXPO 2000. In the years thereafter home building
A housing concept for diverse demands
fell to a much lower level. In the years between 2001 and 2007
In 2013 the City of Hannover presented its “Housing concept
an average of 800 housing units were built, with new builds
Hannover 2025” as an action plan passed by the city council
dropping to a historical new low. This low level of housing
in order to be able to offer a robust basis for creating both
construction contributed to a noticeable strain on the housing
spatial and qualitatively diverse potential areas for the
market. After the low level of residential new builds in 2008 and
building of new homes. The housing concept covers the
between 2008 and 2011, in which on average only 350 housing
forecast demand for almost 8,000 new apartments up to
units were constructed, both residential new builds by major
the years 2025. A maximum case is for up to 12,300 housing
principals and project developers as well as trading in
units. In addition, the housing stock is to be further
residential properties have gained substantial ground. In 2012
developed. In a first step building rights for an annual 500
alone, around 1,000 apartments were complete, in 2013 a
apartments are to be created by 2015. The housing concept
further 640 housing units.11
includes both the construction of single-family houses as well
as apartments for rent and purchase.
The growth of the population in the State Capital and neighbouring communities is boosting this development. Proximity
to the city centre, local communities and excellent transport
connections are all key quality factors when choosing a location.
These criteria are satisfied both by new residential districts in the
city as well as in the cities and municipalities in Hannover Region.
Regionally influenced and growing market
The supply and demand on the residential property market is
influenced above all by regional providers and private households. The demand for housing is boosted by the current and
forecast increase in the population of the State Capital and in
some of the larger surrounding municipalities. Hannover alone
is forecast to enjoy a population growth of between 2 % and
6 % by the year 2030. In contrast, the number of vacant
11
Starting in autumn 2014, Gundlach will be constructing 60 owner-occupied
apartments in an attractive location at the Lister Yachthafen. This quarter
is just steps from the Mittelland canal. In order to ensure high urban qualities,
three architectural offices have been commissioned with the development and
implementation of the multi-storey building.
State office for statistics Lower Saxony, 2014. Figures refer to apartments in residential and non-residential buildings.
A facade of red-brown bricks with different architect styles giving each building its own definitive character. GBH is investing € 40 million in the overall Klagesmarkt building
project on the northern edge of Hannover’s city centre. Seven buildings grouped around an inner courtyard provide room for around 100 apartments.
RESIDENTIAL PROPERTY MARKET
56 RESIDENTIAL PROPERTY MARKET
In the Hannover district of Groß-Buchholz on the corner of Podbielskistraße/Pasteurallee, STRABAG Real Estate (SRE), Hannover division, is building an
office building with some 7,000 m² GFS on an unused plot of approx. 8,500 m² in conjunction with a residential complex of around 9,500 m² GFS. The architectural competition organised by SRE was won by the design submitted by architects Müller Reimann of Berlin.
Focusing on urban living
Municipal funding programme kicks off
New quarters within the city to provide a mix of living, services
The publicly funded apartments on the Klagesmarkt are just part
and catering are to be realised at central sites such as Klages-
of a new municipal subsidised housing programme to both ensure
markt, am Hohen Ufer, Am Marstall and at Köbelinger Markt.
and create affordable housing. The State Capital will provide up
The concept includes refocusing urban development in the
to € 27.3 million in the years ahead to finance home building and
direction of inner-city living. At Marstall a plaza will be created
support the annual construction of 100 apartments by 2018/2019.
by constructing two head buildings at each end of the square.
The priority is on small (single-person) households as well as with
The companies Hochtief Hamburg (western plot) and STRABAG
larger units for families with many children. It is in these areas
(eastern plot) have plans for both commercial utilisation such
where the town has identified deficits.
as restaurants, offices and retailers in the ground floors with
primarily residential in the upper storeys.
Around 100 apartments are already under construction on the
southern part of the Klagesmarkt. The city-owned property
company GBH is investing around € 40 million in seven residential blocks which will be grouped along the circumference of a
common inner courtyard. All buildings are designed with brick
facades; they have been designed by different architects in
order to create a captivating ensemble of different facades
to enrich the square’s visual character. The ensemble is complemented by a seven-storey office building, which GBH will occupy
itself. The ground floor spaces are reserved for commerce and a
child day-care centre. Another special aspect of this ambitious
project, scheduled for completion in 2016 is: 20 % of the
apartments are to be publicly subsidised.
Wettbergen is the location of the zero:epark – a residential project with zero
emissions. The entire neighbourhood is made up of climate-friendly houses
built to passive house standards. The INTERHOMES development features
43 city houses which combine modern living with resource-conservation.
DELTA BAU AG is building 11 premium apartments for let in the Zoo district on the Leisewitzstraße for a private investor.
The challenge of affordable housing
Affordable housing – whether rented or owned – is at the top
energy-efficiency criteria stipulated in the new EnEV 2014. All of
which are factors which push market prices upwards.
of the wish list of private households. High incomes and higher
employment levels in recent years and the continuing low
Hannover’s housing market also has to face up to the
interest rates mean broad swathes of the population are being
challenge of providing high quality homes suitable for
enabled to potentially buy their own homes. A higher level of
families and mobility needs for persons living on medium and
interest has been noticeable over the last few years. All forms
low incomes. Conversions and rehabilitations of the housing
of housing have nonetheless to satisfy the increasingly stringent
stock will accompany and complement the offer of new builds
in the years ahead.
Different housing offers
The city and the Region of Hannover together offer a large range
of different housing options. The spectrum ranges from the
development of empty inner-city plots and brown-field sites where
residential concepts tend to veer towards small-scale, high-quality
and very individual schemes, (such as on the Hanomag grounds)
through to major project developments. One of the largest and
most ambitious projects for an entire new neighbourhood in the
years to come is the Wasserstadt Limmer. The brown-field site
of the former Continental plant in Limmer could provide space for
Just a few metres from the Merkurpark residential area is Laatzen's
green lung, the “Park der Sinne”, a place which is perfect for relaxation and
recuperation. The Deutsche Reihenhaus AG is developing a total of 53
terraced houses of three different sizes.
up to 2,000 housing units. The plans are currently being revised
pursuant to the residential concept.
The Gundlach housing firm is constructing a residential block with 46 apartments in Langenhagen on the Schönefelder Straße. Some of the apartments are
for wheelchair use and satisfy the pertinent building regulations. Completion is scheduled for the end of 2015.
The conversion of office spaces into living space in central
such as the Zoo district, because the demand in such top
locations is also very much an option: a case in point being the
locations is very difficult to satisfy. In this market segment a
former HQ of HDI Versicherungen (HDI insurances) in the
total of 388 apartment blocks were sold in 2013, some of them
List district. The old office premises directly adjacent to the
with a minor amount of mixed usage. The transaction volume
Eilenriede forest are now being converted into approx. 80
overall was over € 348 million. In Hannover 248 properties were
apartments for let and sale. The Bredero high-rise dating from
sold for around € 245 million. Prices in Hannover city rose accor-
the 1970s on Raschplatz could also in the future become a
ding to an expert committee on average by 7.1 % year-on-year.
high-rise residential building. In addition to the existing apartments in the upper storeys, the owner and the City of Hannover
are working on plans to create up to 120 additional apartments.
13.50 €/m 2
Peak rent for
residential
new build 2014
Investment properties and owner-occupied
apartments in demand
Hannover Region is an attractive and important market for
residential and commercial properties: so-called investment
properties. Purchasers are increasingly casting their eyes
further afield into neighbourhoods beyond the classic locations
In spring 2014, DELTA BAU AG completed a premium apartment block in
the “Seelhorster Garten” neighbourhood in the district of Kirchrode for the
Johanniter Unfallhilfe. Known as the “Johanniter-Quartier”, the living
concept seeks to complement the benefits of an active life even in old age
with offers tailored to need with customised health and nursing services.
Housing rents in the peak price segment in
Purchase price of owner-occupied apartments
Hannover 2009–2014
(new builds) in Hannover 2009–2014
14
5.000
12
4.000
10
€/m 2
€/m 2
3.000
8
2.000
6
1.000
4
2014 *
2013
2012
2011
2
2010
2009
0
Re-let
2014 *
2013
2012
2011
2010
2009
0
New housing
Average
* Market player forecast
* Market player forecast
In the market segment for owner-occupied apartments 12
Peak group
Increasing revenue in top segment
the City of Hannover saw 2,998 contracts (new build and stock)
In Hannover city, rents and purchase prices for high quality apartments
negotiated with a total volume of some € 373 million: for the
in residential blocks in good locations climbed particularly steeply.
Region as a whole 4,995 sale contracts were registered with a
During the re-letting of well situated high quality existing apartments,
total volume of around € 545 million. In Hannover city, prices
rents in 2014, according to forecasts of bulwiengesa AG and market
for portfolio properties climbed on average by around 4.6 %.
player estimates, rose by 50 cents (plus 5.4 %) to € 9.80 per m².
Overall, the number of contracts in the Region rose by 1.4 %,
Apartments in new builds saw attainable rents rise by the same
in Hannover city the number of buildings transacted remained
amount to € 13.50 (plus 3.8 %). The revenues generated by the sale of
constant. In the case of detached and semi-detached houses,
well located, high quality apartments in new builds will rise on average
the level of contracts fell slightly in the Region (3,416, down
by 5.7 % to 3,170 €/m², peaking at 7.1 % to 4,390 €/m². The multipliers
1.8 %) and substantially in the City of Hannover (843, down
for existing buildings are on a slight upwards curve (16.8 at the peak)
6.3 %). In the State Capital the monetary turnover remains
while for new builds market players estimate, depending upon location
unchanged at a level of around € 235 million, in the Region
and quality, that for top buildings a multiplier of up to 22 is feasible.
turnover rose by 3.7 % to more than € 725 million. On average prices in Hannover city for existing detached single family
dwellings rose by 5.5 %, for terraced houses and semi-detached
houses by 6.4 %.13
The residential property market details are determined by bulwiengesa AG on the basis of empirical surveys. This involves surveying estate agents, evaluation boards, banks and business promotion organisations, evaluating newspaper articles, as well as assessing all publicly accessible information concerning the property market. These include the price comparison index from the real estate associations, saving banks and some regional
and supra-regional estate agents. The values are then cross-checked in Hannover at a workshop in the presence of the relevant market players.
Evaluation then takes place within the context of the overall development of the market and taking into consideration the econometric model calculations. Figures are first summarised in a schematic diagram and
cross-checked to determine their plausibility. Bulwiengesa AG does this by referring to a large number of building-related data in its own RIWIS database. Finally, all the findings on the given values are concentrated.
The rental and purchase prices for owner-occupied apartments refer to first occupation (new build and rehabilitation) and resale/re-let in €/m² living space and refer to the ideal/typical apartment having three rooms
and approx. 65 – 95 m² living space and standard fixtures and fittings in good to very good location. Because the fixtures and fittings and size are standardised, the rental and purchase price range basically represents a
variation bandwidth influenced by location and micro area. The prices stated are nominal values. Rental and purchase prices are quoted without ancillary costs and do not reflect any subsidies. The peak values refer to
the top 3 – 5 % of the market, from which an average is formed. These prices do not refer to the absolute top purchase price which is defined by exceptions.
Rental and purchase price figures given here are the average values reflecting a typical or usual level – they should not be seen as a strict arithmetic average, mode (most frequent value) or median (central) value in a
mathematical sense. The peak price segment figures shown here are the prices which can only be achieved in Hannover in buildings with above average fixtures and fittings in very good locations and which have already
been achieved in Hannover in 2014 according to players in the Hannover market.
12
13
Individual residential ownership and joint ownership
Expert real estate panel, property market report 2014
Notes on methodology: the development of purchase prices is determined separately for the State Capital and the remaining Hannover Region. The different aspects of individual purchase cases (e.g. size, price, location,
fixtures and fittings) are determined and adjusted by conversion coefficients, additions and deductions for a standardised building. The price development as estimated by the expert panel refers to a standardised
existing building. New builds are not taken into account because of the low numbers involved and are only input into the overall figures for contracts and monetary turnover.
Selected residential projects*
No.
Project name
No. of
units
Developer/investor
Finalisation/completed
1
Mosaik Eilenriede, Zooviertel
174
formart GmbH & Co. KG
2
Kronsberg Ateliers, Bemerode
77
3
Johanniter-Quartier, Kirchrode
57
DELTA BAU AG
4
StilLeben, Zooviertel
24
5
Forum Herrenhäuser Markt, Herrenhausen
24
WGH Herrenhausen eG
Under construction
6
Student accommodation „The Fizz“, Nordstadt
300
International Campus AG
7
zero:e park, Wettbergen
300
City of Hannover, meravis, NLG, INTERHOMES AG
8
Wietzeaue, Isernhagen
290
Casa Baubetreuung, HELMA Wohnungsbau, Heinz von
Heiden GmbH, HANNOVER HAUS, Heger Bauunternehmen,
Weber Massivhaus, private projects
9
An der Gartenbauschule, Ahlem
245
Hannover Region Grundstücksgesellschaft (HRG)
10
Büntekamp, Kirchrode
180
formart GmbH & Co. KG, DELTA BAU AG, Weber Massivhaus
11
VIER, List
166
12
Klagesmarkt, Nordstadt
96
Gesellschaft für Bauen und Wohnen Hannover (GBH)
13
Ihmeauen, Linden
90
HRG & Dr. Meinhof GmbH & Co. KG
14
Wedekind-/Bödeckerstraße, List
80
HELMA Wohnungsbau
15
SüdSüdWest, Misburg
77
Wohnungsbaugenossenschaft Kleefeld-Buchholz
16
Am Yachthafen, List
60
17
Merkurpark, Laatzen
53
Deutsche Reihenhaus AG
18
Quartier/Carré Sodenstraße, Oststadt
49
E. Paulin Wohnungsbau GmbH, Lenz Häuser GmbH
19
Welfenhof-Villen, Isernhagen-Süd
41
Heinz von Heiden GmbH
20
Lenbach-Höfe, List
34
Liemak Immobilien GmbH
21
Droste-Hülshoff-Platz, Misburg
30
daidalos Bau- und Beteiligungsgesellschaft mbH & Co. KG
22
Seelhorster Garten, Kirchrode
30
BAUGRUND KG
23
Bronsartstraße, List
27
Weser-Wohnbau GmbH & Co. KG
24
Benzweg/Melanchthonstraße, Vahrenwald
26
Spar- und Bauverein Hannover
25
Stadtquartier Sutelstraße, Bothfeld
24
Theo Gerlach Wohnungsbau-Unternehmen GmbH & Co. KG
26
Hainhölzer Markt Nord, Hainholz
23
Gesellschaft für Bauen und Wohnen Hannover mbH
* The numbers refer to the map on page 63
No.
Project name
No. of units
Developer/investor
Under construction (continued)
27
Auengarten (1 st CP), Limmer
22
meravis Wohnungsbau und Immobilien GmbH
28
Refugium Körnerstraße, Mitte
22
BAUGRUND Bauträger KG
29
Anderter Höfe, Anderten
20
DELTA BAU AG
30
Dannenbergstraße, Ricklingen
16
31
Am Hohen Ufer, Mitte
16
HELMA Wohnungsbau GmbH
32
An der Christuskirche, Nordstadt
15
Bauteam Management
33
Freiraum 52, Südstadt
15
Immoinvest GmbH
34
Prüssentrift, Isernhagen-Süd
14
HELMA Wohnungsbau
35
Leisewitzstraße, Zooviertel
14
DELTA BAU AG for a private investor
36
HanomagLofts II, Linden
6
agsta
Development and/or preparation
37
Quartier St. Nikolai, Limmer
48
Spar- und Bauverein Hannover
38
Zweibrückener Straße, Kirchrode
46
39
Schönefelder Straße, Langenhagen
46
40
Lister Blick, List
23
41
HanomagStadthaus, Linden
11
agsta
In planning
42
Wasserstadt, Limmer
650 to
2,000
Wasserstadt Limmer Projektentwicklung GmbH
43
Freiherr-von-Fritsch-Kaserne, Bothfeld
400
N. N.
44
Inklusives Wohngebiet Am Annastift, Mittelfeld
400
Diakonische Dienste Hannover
45
Former Oststadt hospital, Groß-Buchholz
310
N. N.
46
Quartier 121, Laatzen
237
Projektgesellschaft Quartier 121
47
Hilligenwöhren, Bothfeld
200
48
Generationenwohnen Bockstraße,
Hemmingen-Arnum
150
GPI GmbH, INTERHOMES AG, Fischer-Bau,
SocialCareArnum
49
Am Listholze, List
150
50
Bredero, Mitte
120
Pluis Group
51
Eichenpark, Langenhagen
110
52
Podbielskistraße/Pasteurallee, Groß-Buchholz
82
STRABAG Real Estate GmbH
53
Altenbekener Damm, Südstadt
75
54
Alte Döhrener Straße, Südstadt
66
Theo Gerlach Wohnungsbau-Unternehmen GmbH & Co. KG
No.
Project name
No. of units
Developer/investor
In planning (continued)
55
Am Thie, Bemerode
60
Gesellschaft für Bauen und Wohnen Hannover (GBH)
56
Marstall, Mitte
60
HOCHTIEF Hamburg GmbH, STRABAG Real Estate GmbH
57
Tiestestraße, Südstadt
40
BBK Bau GmbH
58
Peiner Straße, Döhren
38
59
Tizianstraße, List
26
60
Auengarten (2 nd CP), Limmer
23
61
Döhrbruch, Kirchrode
22
Wohnbaugesellschaft Döhrbruch
62
Läuferweg, Groß-Buchholz
10
63
Söseweg, Langenhagen
9
Auengarten Limmer is a project with two construction phases. The urban concept being implemented by agsta Architekten und Ingenieure comprises a first
phase with the new build of 22 city houses forming a green axis. The second phase is for 23 apartments to be built by meravis Wohnungsbau- und Immobilien
GmbH along the Wunstorfer Strasse. The residential area is integrated in mature structures and will act as the bridge between the old village centre and the
new Wasserstadt neighbourhood, the new Limmer.
Map//Selected residential projects
51
39
8
19
63
34
43
47
25
49
16
26
11
24
40
59
52
45
62
20
5
15
21
6
42
37
9
32
60
27
28
14
23
18
12
56
50
1
35
4
29
31
13
38
57
41
10
33
54
53
36
3
2
61
22
58
30
55
44
7
Airport
Exhibition grounds
Tram
Railway line
City boundary
Good housing area
0 km
1 km
2 km
3 km
17
N
48
Normal-good housing area
46
In finalisation / completed
Development and/or preparation
Under construction
In planning
Normal housing area
64
State Capital Hannover has a population of around 515,000, making it the largest of the 21 municipalities in Hannover Region, with an overall population of around
1.12 million. Hannover Region has around 458,000 employees paying national insurance, making it a leading economic location in Lower Saxony.
HANNOVER IN COMPARISON 65
Comparison between Hannover and selected German cities
City
Hannover
Bremen
Dortmund
Nuremberg
Stuttgart
Leipzig
Essen
Population 2013
515,602
546,394
571,722
496,474
597,538
521,230
565,467
Employees paying social
1
insurance 2013
291,150
249,968
208,401
278,637
368,580
228,990
221,812
Office employees paying
1. 2
social insurance 2013
134,198
98,577
83,024
117,580
191,808
87,444
96,792
Office employees paying
1. 2
social insurance ratio 2013
46.1 %
39.4 %
39.8 %
42.2 %
52.0 %
38.2 %
43.6 %
393,212
348,660
312,414
367,978
483,028
310,023
318,593
164,307
119,985
103,818
141,237
229,735
105,084
118,624
41.8 %
34.4 %
33.2 %
38.4 %
47.6 %
33.9 %
37.2 %
11.20 %
11.50 %
14.60 %
8.80 %
6.50 %
12.30 %
13.60 %
4,461,297
2,536,455
2,591,335
3,488,716
7,522,176
2,788,547
2,953,055
Office space (MF-G) in m²
per office employee 2013
27.2
21.1
25.0
24.7
32.7
26.5
24.9
Office space turnover 2013
5
in m² (MF-G)
105,000
94,500
70,000
60,000
257,000
76,000
110,000
Vacant space
5
(MF-G) 2013 in m²
258,650
116,500
160,000
240,000
375,000
440,000
137,000
Vacant space ratio
5
(MF-G) 2013
5.80 %
4.59 %
6.17 %
6.88 %
4.99 %
15.78 %
4.64 %
Peak office rent
city centre 2013 €/m²
14.00
12.85
13.20
13.00
18.70
12.25
12.60
Average office rent
city centre 2013 €/m²
9.80
8.25
10.50
9.00
14.40
8.50
9.60
190
125
210
135
235
125
110
104.9
99.3
96.2
105.0
112.4
91.2
101.9
137.4
118.5
115.7
138.6
135.9
93.3
120.5
131.0
119.3
120.2
132.1
120.9
102.3
118.3
Workforce 2013
1. 2. 3
Total office workforce 2013
1. 2
Total office employees ratio
1. 2. 3
2013
Unemployment rate 2013
4
Office space portfolio (MF-G)
5
2013 in m²
Peak retail rent city centre
2013 €/m²
Purchasing power index 2014
Turnover index 2014
6
Centrality index 2014
6
6
1
Preliminary estimates by bulwiengesa AG based on the data available from the Federal Labour Office at the time the report was prepared with respect to employees paying social insurance at place of work.
2
Based on precise profession category ratios of registered employees paying social insurance pursuant to the method developed by Prof, Dobberstein, supplemented by the specific ratios for civil servants employed in offices,
self-employed office workers and supporting family members. Most research institutes dealing with this issue now use the method developed by Prof. von Dobberstein.
3
Workforce in the overall national accounting calculations: the workforce in overall national accounting calculations includes all persons involved in salaried jobs as employees (workers, employees, civil servants, part-time employees,
soldiers) or as self-employed or as supporting family members, independent of the scope of this activity, Persons with more than one simultaneous job contract are only recorded once and then with respect to their main employment
activity.
4
Annual average value referring to unemployed persons as fraction of all civil job seekers (dependent civil job seekers, self-employed, supporting family members) excluding social service recipients capable of working and willing to work
5
For Nuremberg/Fürth (2007) and Hannover (2008/2009 and 2012/2013) the figures are based on extrapolations based on portfolio surveys in the years stated. The values for other cities are based on estimates.
6
GfK, 2014
The values for the City of Hannover are determined by bulwiengesa AG on the basis of special evaluations,
Sources: Research and calculations of bulwiengesa AG; statistical state offices, Federal Labour Office, GfK; Hannover Region
!
IMPRINT
Region president
Business and employment promotion department
Report content
ANGERMANN HANNOVER GmbH
prepared by property
BAUM Unternehmensgruppe
market report group:
DELTA DOMIZIL GmbH
Deutsche Bauwelten GmbH
Deutsche Reihenhaus AG
Engel & Völkers Hannover Commercial
FIH Fürst Immobilien Hannover GmbH
Hannoversche Volksbank eG
Henschel Immobilien
INTERHOMES AG
Jones Lang LaSalle Retail GmbH
State Capital Hannover, business promotion
meravis Wohnungsbau- und Immobilien GmbH
Region Hannover, Wirtschafts- und Beschäftigungsförderung
S-GewerbeImmobilienVermittlung Hannover GmbH
STRABAG Real Estate GmbH
In collaboration with bulwiengesa AG
Text and editing
Regional Analysis and Marketing Team,
Business and Employment Promotion Department Hannover Region
Maps
Design
Team Mediengestaltung Region Hannover, B&B. Werbeagentur GmbH
B&B. Werbeagentur GmbH
Issue
9/14/4
As at
9/2014
!
IMPRINT
Image directory
Architekturbüro Schumacher & Mafi: page 10/11
arvato AG: page 43
bloomimages: page 56
Continental AG: page 6
DELTA BAU AG: page (top), 58 (bottom)
Deutsche Bauwelten GmbH: page 52
Deutsche Messe AG: page 12 (top)
Deutsche Reihenhaus AG: page 57
Ludwig Bertram GmbH/Euromediahouse: page 47
Georg Ebeling Spedition GmbH: page 46
Gesellschaft für Bauen und Wohnen Hannover mbH (GBH): page 54/55
Gruppe OMP + homebase2, O.M. Architekten: page 24/25
Gundlach GmbH & Co. KG: page 53, 58 (top)
Hassan Mahramzahdeh: page 12 (bottom)
IF architecture: page 17
Interhomes AG: page 56
Klasing Karacay Klasing GbR: page 20 (top)
State Capital Hannover: page 5 (right)
LÜDER UNTERNEHMENSGRUPPE – Hildesheim: page 38/39
Mecklenburgische Versicherungs-Gesellschaft a. G.: page 21
meravis Wohnungsbau und Immobilien GmbH: page 62
Region Hannover: page 5 (left)
Region Hannover, Olaf Mahlstedt: title, fold, page 4, 7, 8, 9, 13, 19,
27, 30, 33, 34, 35, 36, 37, 40
SCHRAMM & SCHOEN Immobilien AG: page 20 (bottom)
STRABAG Real Estate GmbH: page 16, 56
Toyota Material Handling Deutschland: page 42
HANNOVER REGION
Business and Employment Promotion
STATE CAPITAL HANNOVER
Business Promotion
Haus der Wirtschaftsförderung
Vahrenwalder Straße 7
30165 Hannover
Germany
Haus der Wirtschaftsförderung
Vahrenwalder Straße 7
30165 Hannover
Germany
Hilmar Engel
Telephone: +49 (0) 511 616-23241
Fax:
+49 (0) 511 616-23453
Telephone: +49 (0) 511 168-31313
Fax:
+49 (0) 511 168-41245
[email protected]
[email protected]
The property market report 2014 is also available as an app for iPhone/iPad
together with additional photos and texts and expanded functions.
Download at www.wirtschaftsfoerderung-hannover.de/apps
www.wirtschaftsfoerderung-hannover.de

room for growth – values for the future

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