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Total investment for 2025 amounted to €177bn showing a consistent 9% year-on-year increase. All assets contributed to overall growth.

In a context of slow economic activity and strong political uncertainties, there are contrasting trends across Europe. The lack of new developments remains supportive of rental growth in prime sectors.

Demand for office space continued to consolidate in Europe in 2025. The overall performance is broadly in line with the five-year average, which now constitutes the market’s new normal.

Total CRE volumes grew by +9% reaching almost €177bn.

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

Residential market activity continues to be driven by smaller-scale deals. 2025 has been marked by limited portfolio supply and fewer large-scale deals.