Commercial space monitoring 2024

The total take-up of commercial properties ready for construction fell to 34.6 hectares in 2023 - a significant decrease compared to the previous year (81.8 hectares). This figure is not only below the level of the coronavirus year 2021 (46 hectares), but also below the long-term average of 61 hectares.

This development reflects the nationwide trend andthe decline is likely to be due in part to the increasingly scarce supply of commercial space. However, the main causes appear to be rising construction interest rates and the decreasing availability of construction capacity in 2023.

Immediately available areas that are developed and in municipal ownership only amount to 45 hectares. In addition, there are 126 hectares of land in the Hannover Region that will only be available at a later date (undeveloped and/or privately owned) as well as a further 450 hectares of potential land that is secured in the land use plans.

© Region Hannover/Animation

Ulf-Birger Franz, Head of Economic Affairs, has good news for the Hannover Region:

"The establishment of the Opticum lighthouse project in the Marienwerder Science Park was one of the largest land sales last year. This underlines the continued growing importance of the region as a research location.

With the development of the planned OneTech Campus Garbsen by the asto Group and the further development in Marienwerder, we are creating attractive space offers in the direct vicinity of research institutions. This proximity is of particular importance for research-oriented companies and start-ups."

Prices for commercial space continued to rise in 2023.

Across all locations, the average price per square meter increased by just under 18% compared to 2022. In the state capital Hannover, however, prices fell from a record high of EUR 273/sqm in 2022 to EUR 194/sqm in 2023. In the immediate surrounding area, prices rose from EUR 104/sqm to EUR 137/sqm, while they increased from EUR 81/sqm to EUR 81/sqm in the regions of the outer ring road.

Increasing shift in the market towards optimizing the use of existing space

Alexander Skubowius, Head of Economic Development for the Hannover Region, is nevertheless positive about the development of commercial space overall:

"In the past year, take-up was significantly lower than in the previous year, that is true. However, this also reflects an increasing shift in the market towards optimizing the use of existing space and the increased reuse of brownfield sites:

Existing commercial areas are being upgraded with new utilization concepts or derelict areas are being upgraded for commercial use. Against the backdrop of our goal of reducing the amount of newly sealed land, this development is very welcome. A good example is the former Nexans site, where the project developer Panattoni is creating almost 100,000 m² of new high-quality hall space for various uses."

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