The former industrial harbour site is being turned into a world class eco city development and the first lot of tenants are already moving in.
Where there were once factories, ship building rigs and warehouses there will be high rise office buildings, hotels, restaurants and retail outlets.
‘The first phase of the project is complete and commercial tenants began moving in earlier this summer. When complete, the entire project will have 10 structures that should bring new, environmentally-friendly business and development to this former port,’ said designers and architects ARUP.
‘The project is focused on business and retail with available spaces sized from studios to warehouses. It is within easy walking distance of public transportation and is made for employees and visitors to walk around and enjoy,’ the spokesman added.
‘By working in close cooperation with all the stakeholders and taking into consideration the immediate environmental context of the project, we’ve created a different type of sustainable, creative-industrial complex. We hope that iconic eco city project becomes a model for sustainable urban development.’
In recent years the city of Hamburg has grown beyond its traditional industrial and maritime past. The city has expanded with thousands of new residents working in a host of businesses.
Some believe it could lead the real estate not just in Germany but in Europe. Germany is the largest property market in Europe worth an estimated €269 billion, according to the latest IPD data.
So far, the German real estate market has weathered the downturn better than any other nations, delivering positive total returns of 3.5% in 2008 according to IPD. ‘In the last 18 months all participants of the market, be it investors, banks or tenants, have adopted a wait and see attitude,’ said Schöberl, Managing Director at F&C REIT Asset Management Germany.
‘But this does not mean that the market dynamics are unaltered. As a matter of fact, we are witnessing major changes,’ she added.
She confirmed that Hamburg is leading the way in the office market followed by Munich.
Also the fact that there is quality retail space in the Hamburg Harbour project will help the city stay at the top. ‘Retail spaces in core major city locations as well as mid-sized cities are expected to see stability,’ she concluded.
