Europe’s office development completions volume is expected to remain stable year-over-year at 3.5 million square meters (37.7 million square feet) in 2026, marking a 28 percent decrease from the 2022 peak, according to Savills’ latest research. Labor shortages continue to affect the market and delay project completions; 21 percent of office stock scheduled for completion in 2025 was not achieved and has been pushed into 2026.
In 2027, Savills anticipates the volume of development completions will fall 23 percent further year-over-year to 2.7 million square meters (29.1 million square feet), given the shortage of development starts since 2023.
Savills said only 1.5 percent of the office space in the development pipeline is speculative over the next two years, down from 3 percent four years ago. Across Europe, Bucharest, London City and London West End have the highest volume of speculative space as a proportion of total stock set to complete by year-end 2027, at 3.6
