Real Estate Segment
in € million |
1–6 | 2017 |
1–6 | 2016 |
Change |
|||
Revenue |
18.7 |
18.7 |
- 0.1 % |
|||
EBITDA |
10.5 |
10.5 |
0.2 % |
|||
EBITDA margin in % |
56.2 |
56.0 |
0.2 pp |
|||
EBIT |
8.0 |
7.9 |
0.9 % |
|||
EBIT margin in % |
42.8 |
42.4 |
0.4 pp |
In Hamburg’s office rental market, the positive revenue trend seen at the beginning of the year continued in the second quarter. According to Grossmann & Berger’s latest market report, 300,000 m2 of office space was let in the first half of 2017 – 25 % more than in the previous year. Lettings of temporary space for use during renovation work contributed to this substantial increase. Owner-occupied properties played only a minor role in the first half of the year, however.
Due to high demand, Hamburg’s vacancy rate fell by 0.5 percentage points year on year to 4.9 % – thus falling below the 5 % mark for the first time in 10 years. The HafenCity section of the market, which includes HHLA’s properties in the Speicherstadt historical warehouse district, had a vacancy rate of 5.4 % (previous year: 8.3 %).
There was also a consistently positive trend for HHLA’s properties in the Speicherstadt historical warehouse district and fish market area in the first six months of 2017. As a result of virtually full occupancy in both areas, revenue remained on a par with the previous year at € 18.7 million in the first half-year.
The operating result (EBIT) of € 8.0 million, up slightly on last year’s figure of € 7.9 million.