Although the office sector saw the steepest fall in investment of any asset category in 2023, the market is gradually recovering, underpinned by a consolidation in take-up, a stable vacancy rate and rising prime rents.
Slow start to the year for letting activity
The slowdown experienced in 2023 has continued into early 2024, with take-up still weak, mainly due to ongoing economic and geopolitical uncertainties. Consequently, volumes for the 18 leading markets* came to 1.82 million sqm at the end of Q1 2024, down 5% vs Q1 2023.
Volumes fell further in several European markets, including Rome (-64%), Dublin (-39%), Amsterdam (-38%), Hamburg (-21%) and London (-17%), in contrast to Barcelona, Frankfurt, Munich, Lyon and Paris, which all saw an upturn in letting activity.
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