A strong, clear divergence has emerge across the European office market, according to Hines. As tenant demand concentrates in high-quality buildings and new supply remains constrained, pricing power is shifting decisively toward prime assets. This is creating what Hines views as a selective, but compelling buying opportunity in top-tier European offices.
In a new research paper titled The European Prime Office Rebound, Hines finds that tenant demand is increasingly concentrating in high-quality, centrally located buildings, even as overall space requirements decline. At the same time, supply is tightening. Office development starts are down 80 percent from their recent peak (RCA, fourth quarter 2025), and new, high-quality stock remains limited across key European markets.
This imbalance is driving sustained rent growth. Prime rents across Europe’s weighted EU-15 index are up 35.6 percent since fourth quarter 2019 (CBRE, fourth quarter 2025). In markets wher
