European office market resilient in Q3 2022

Following a very encouraging end to 2021, the recovery of European office markets was confirmed in 2022, driven by the quest for high-quality, flexible spaces, better suited to new hybrid working styles, according to BNP Paribas. Take-up in the 17 main markets across Europe came in at 6.924 million square meters (74.5 million square feet) in the first nine months of 2022, up by some 30 percent versus the same period in 2021, largely thanks to a particularly buoyant first half.

Take-up across 25 European cities was up 29 percent through the end of September 2022 compared to the year-earlier period. The growth was such that take-up matched or even exceeded its long-term average in many markets.

The recovery in rental activity was particularly noticeable in Dublin (up 175 percent from 9 million 2021), Central London (up 77 percent), Warsaw (up 54 percent), Luxembourg (up 44 percent) and in the six main German markets (up 22 percent).

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