Office space under construction in 2025 dropped to its lowest level since 2016 in the EMEA region as rising construction costs, higher financing rates and wider viability pressures restricted new starts.
In its latest EMEA Offices Update paper, Cushman & Wakefield says office construction fell for the fourth consecutive quarter at the end of 2025 to 10.1 million square metres (108.7 million square feet). As a result, completions reached 4.4 million square metres (47.4 million square feet) for the year, an 11 percent decline on 2024. The firm says several schemes were pushed into 2026, which is now expected to deliver 5.2 million square metres (56 million square feet) of new stock.
Larger markets saw notable reductions, Berlin and Milan recorded sharp falls of 13 percent and 37 percent respectively. London’s construction level dropped by 6 percent and Paris saw a reduction of 7 percent. Pre‑let levels rose to 47 percent, reflecting occupiers moving earl
