European office take up is forecast to reach 9.2 million square meters (99 square feet) by the end of 2019, down marginally by 4 percent from 2018’s year-end volume of 9.6 million square meters (103 square feet), according to Savills. A shortage of good-quality, available space across Europe’s CBDs is limiting occupiers’ choices, as average vacancy rates dropped from 6.1 percent to 5.4 percent over the past 12 months.
Jeremy Bates, EMEA head of occupational markets at Savills, said, “As the European economy edges nearer to full capacity, job growth will remain positive, but more modest than in recent years. The strongest growth will come from the knowledge-led sectors, including professional services, science and high-tech. The occupational story remains resilient, though European occupiers will be more cost-conscious as productivity moderates, and will therefore look to adopt new workplace strategies to boost output and control costs.”
Jeremy B
