Savills: Professional services sector drives European office leasing

Prime professional and business services remained the most active sector in first half 2023, taking a 28 percent share of total office space take-up in Europe, according to Savills.

This is up from 24 percent during first half 2022. The second-largest sector — banking, insurance and finance — took a 17 percent share of total leasing recorded during the first six months of the year, down from 20 percent year on year.

Within the former group, legal and accountancy firms are among the most active occupier types given the increased demand for their services during periods of weaker economic growth. For example, in London, law firm Goodwin Proctor signed for 8,300 square meters (89,340 square feet) of space in the city, while in Berlin, professional services firm Boston Consulting Group signed for 19,000 square meters (204,514 square feet) of space in the AP15 building, which will be completed by end 2024.

At a city level, Madrid and London City have the highest