Demand for office space stabilised in Europe in 2024. The overall result remained below the long-term average (-15%). This reflects both a challenging economic environment and structural changes in the office market where occupiers focus on smaller, more efficient and flexible premises.

Take-Up

• Lettings in the 18 main European office markets amounted to 7.96 million sqm at the end of 2024, in line with the 2023 results.
• Economic uncertainty in the major European markets continued to weigh on demand. 

Rents

• Prime rents continue to be supported by two factors: the appeal of high-quality buildings in central areas and the limited availability of those units.
• The gap between prime and average rents is expanding reflecting the dichotomy of office markets.

 Vacancy

• Low availability prevails in central submarkets, particularly for new buildings that secure demand.
• Much higher vacancy rates are found in peripheral office districts and for second-hand space.
• Empty space remains at a reasonable level. The overall European vacancy rate stood at 8.8% at the end of 2024, rising by +70bp compared to the same period last year.

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