The office market on the path to recovery
After a quieter start to 2021 than expected, Q2 take-up shows considerable and unsurprising improvement over one year ago. Indeed, Q2 2020 is the period of maximum impact on European take-up as the pandemic’s first wave started to peak and lockdown more strictly enforced than today.
Letting volumes in the 15 main European office markets achieved 2.94 million sqm over one year and recorded a combined 8% y.o.y. decrease in volumes, although with different dynamics across the continent.
Prime rental values were still mostly unaffected by the crisis, proving that the best buildings are still the most sought after.
Office vacancy increased in all main European markets. The overall vacancy rate stood at 7.0% at the end of H1, a +150 bps increase compared to the same period last year