Offices in Europe: Beginnings of a gradual recovery in sight
Research - MAY 28, 2024

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Offices in Europe: Beginnings of a gradual recovery in sight

by Released

Although the office sector saw the steepest fall in investment of any asset category in 2023, the market is gradually recovering, underpinned by a consolidation in take-up, a stable vacancy rate and rising prime rents, according to Barings.

The slowdown experienced in 2023 has continued into early 2024, with take-up still weak, mainly due to ongoing economic and geopolitical uncertainties. Consequently, volumes for the 18 leading markets* came to 1.82 million sqm at the end of first quarter 2024, down 5 percent versus first quarter 2023. Volumes fell further in several European markets, including Rome (-64 percent), Dublin (-39 percent), Amsterdam (-38 percent), Hamburg (-21 percent) and London (-17 percent), in contrast to Barcelona, Frankfurt, Munich, Lyon and Paris, which all saw an upturn in letting activity.

The trend remains the same when the analysis is extended to 29 European countries. With total take-up of 2.15 million square meters (23.14 million squar

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