The European commercial real estate market has presented a varied picture in recent years, impacted by ongoing geopolitical uncertainties, economic factors and market forces.

While investment is down Europe-wide, we have nevertheless observed that appetite is still coming from other geographies, such as Australia and North America. According to BNP Paribas Real Estate, €133.2 billion was invested in European commercial real estate in 2023 (51 percent lower than in 2022) with declines in investment activity across all asset types. Offices were 59 percent lower, logistics were down by 48 percent and hotels by 26 percent. The report notes that, although all countries were close to their 10-year lows, the United Kingdom, Germany and France retained their prime positions, just at lower than usual volume levels. Knight Frank, meanwhile, highlights that Europe remains a major destination for international cross-border capital, with Germany the most attractive country in Europe for