Real estate investment and services worldwide

While the capital market recovery has been more gradual than initially projected, recent trends suggest that momentum is levelling off, with the market increasingly moving towards stabilisation.

Office take-up across the 18 main European markets totalled 5.51 million sqm over 9M 2026, down 7% year-on-year and 9% below the five-year average.

Residential market volumes grew in H1 2026 thanks to a higher number of large-scale deals, although transaction numbers overall were lower.

Take-up increased by 20% in the leading European markets.

Total investment in European commercial real estate over the last twelve months to the end of June 2026 amounted to just over €187 billion, an increase of 10% year-on-year.
 

The hotel market is increasingly attractive, reflected in sector gains in commercial real estate market share.

Deceleration in retail investment over Q2 is tied to continued investor caution generated by conflict in the Middle East.

At €82.5bn the European investment volume is around 7% below the 5-year average. 

Office leasing activity softened in H1 2026, with take-up declining by 9% year-on-year due to a lack of large-scale deals.