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Europe - CRE 180 report - July 2021


A new wave of infection is hitting Europe

In many countries the number of new Covid-19 cases began rising again at the beginning of summer 2021, forcing governments to slow down the removal of health restrictions. However, as more and more people are now fully vaccinated, the link between infections, hospital admissions and deaths has been broken.


The economy is bouncing back

Europe has the greatest room for growth to exceed market expectations, powered by an accelerating vaccine programme and supportive policy mix. We expect a prolonged accommodative stance from the ECB and a valuable pro-cyclical growth boost from the Next Generation EU recovery fund.


Reversal of decline for investment

Q2 2021 witnessed reversal of decline in commercial real estate investment, which was created by the positive context of vaccination and release from lockdowns.


Increased letting activity in Q2

Thanks to a much more dynamic take-up in Q2, almost 4 million sqm was taken-up in Europe’s 26 main markets, which is in line with the same period last year (-1%), despite significant discrepancies among markets. 


A two-speed vacancy in Europe

Vacancy stood at 7.3% on average in Europe, which remains manageable. This figure hides very different realities between extremely low vacancy rates in CBDs and in new offices and much higher levels in peripheries and second-hand buildings.


Europe CRE 180 - BNPPRE Global Research 27072021.pdf
PDF - 6.6Mo