Average prime European office yields remained broadly stable at 4.9 percent during second quarter 2026, according to Savills’ latest research. Dublin (down 10 basis points to 4.75 percent), Milan (down 25 basis points to 4.00 percent) and Brussels (down 5 basis points to 4.75 percent) compressed. Oslo moved out by 25 basis points to 4.75 percent following an interest rate increase from the Norges Bank, while Düsseldorf moved out by 10 basis points to 4.60 percent, according to Savills.
Savills says the U.S.-Iran conflict has slowed the speed of investment recovery in 2026 as deals take longer to complete. However, buyers are increasingly willing to acquire European offices again, particularly where assets offer secure income and low future capex costs. Vendors are generally under no pressure to sell and are therefore holding firm on pricing expectations. A shortage of investable prime stock has continued to support pricing for best-in-class assets.
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