Office market in Europe: Decorrelation between occupier and investment markets

After a promising end to 2021, recovery was confirmed for the European office market in 2022, according to research by BNP Paribas Real Estate.

Occupiers' growing demand for sustainable buildings that address CSR issues and offer facilities adapted to hybrid work styles continues to drive rental demand. All told, annual take-up for the 17 main markets came in at 9.169 million square meters (tk million square feet), up 10 percent vs. 2021. This figure brought it back in line with the long-term average.

Rental activity was particularly resurgent in Dublin (+63 percent vs 2021), Warsaw (+48 percent), Central London (+45 percent), Milan (+28 percent) and Madrid (+26 percent).

More generally, take-up across 26 European markets followed a similar growth trajectory of +11 percent in 2022 compared to the pre