Office occupancy levels climb across key European cities to 57%
Average office occupancy rates across eight major European markets have risen in the past six months from 55 percent to 57 percent, says Savills. Day of the week matters, however, as on Tuesdays and Wednesdays the average is 64 percent and 62 percent, respectively, closer to the pre-pandemic rate of approximately 70 percent.
Madrid, at 65 percent, has the highest average occupancy rate of the cities studied by Savills, overtaking Paris, which at 62 percent is now recording the same occupancy rate as London’s West End. The latter has seen the biggest jump in occupancy levels of the cities examined. In the past six months office occupancy rates in London’s West End have risen from 50 percent to 62 percent. This is partly due to activity among finance companies, says Savills. When examined alone, occupiers in Central London’s financial sector (excluding insurance) are recording a 63 percent average occupancy rate, due to the sector largely favoring a four-days-a-week in th