After 12 months of pandemic, many office spaces in European locations are being used below average. Within the scope of a Europe-wide survey, Catella Research reached the conclusion that the transaction volume in Europe (including the United Kingdom) is also declining. In 2020, office space with a volume of €83.5 billion ($100.66 billion) was transacted. In the countries heavily affected by COVID-19, some of which had long lockdown phases, the volume declined more significantly. Ireland (–69 percent), Luxembourg (–55 percent) and Sweden (–49 percent) recorded the strongest declines. In Norway and Belgium, the transaction volume rose by 38 percent and 30 percent, respectively, compared to the same period in 2019. Catella Research analyzed a total of 38 European office property markets.
Thomas Beyerle, head of research, Catella Group, said, “The price development was able to largely escape the negative trend in the letting markets and investment volumes: Since mid-202
