Subdued letting activity in H1 2023
Letting in the 15 main European office markets achieved 7.66 million sqm (rolling year volume), a 14% decrease over Q2 2022. Reduced activity in the large floorplate segment lies behind most falls as many occupiers for this unit size made their locational decisions in the last financial year (2022) or put on hold.
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.
Empty space remains at a reasonable level. The overall vacancy rate stood at 7.3% at the end of H1, stable compared to the same period last year.