The slowdown in rental activity seen from late 2022 in some European markets spread and was confirmed in 2023, according to BNP Paribas Real Estate. This was due to the uncertain economic and geopolitical context and structural changes in the way offices are used.
All told, take-up for the year came to 7.6 million square meters (81.8 million square feet) across the 17 main European markets, down 19 percent versus 2022. This was 16 percent lower than the long-term average.
“2023 will still be looked back upon as a respectable year. After leasing declined due to teleworking and new work patterns, office take-up is now finding a new balance. This has primarily affected large units, while small and medium-sized units have shown more resilience,” said Thierry Laroue-Pont, CEO of BNP Paribas Real Estate.
