The vacancy level gap between central and outlying office markets in Europe has grown again.
BNP Paribas Real Estate says the average vacancy rate in European CBDs stood at 5.4 percent at the end of September 2025, up by 20 basis points during the third quarter of 2025 compared to the third quarter of 2024. In secondary markets, the gap is now at 10.9 percent, having grown by 80 basis points throughout the 12 months to September 2025. The overall average office vacancy rate in Europe stood at 9.3 percent.
The biggest disparities have been found in Barcelona, Paris and Brussels. In Barcelona, the vacancy rate in its CBD is 2.1 percent, while it is almost 14 percent in secondary neighbourhoods. The variations are smaller in German markets, where availability is more consistent across sub-markets.
At the same time, there has also been a widespread increase in prime rents.
On average, prime rents across some 40 markets in Europe increased by +4.1 percent comp
