Good momentum driven by strong demand for high quality buildings
After encouraging signs at the end 2021, letting activity experienced a strong H1. Volumes are back to their long-term averages in most European markets. The appeal of the prime segment remains intact: low vacancy and growing prime rents occur in the most sought-after districts.
Letting volume in the 15 main European office markets achieved 8.83 million sqm over the past 12 months, a 47% increase in volume. H1 2022 was particularly buoyant bringing take-up back to its 10-year average in a significant number of markets.
Having sustained value over the crisis period, prime office rents in the key cities are now growing again.
The overall vacancy rate stood at 7.2% at the end of H1, remaining steady compared the same period last year.