Take-up strongly affected by the crisis
The pandemic and the consequent uncertainty about the global economic situation led European companies to put their real estate projects on hold, resulting in a major decrease in office take-up in 2020. Letting volumes in the 15 main European office markets achieved 6 million sqm over one year and recorded a combined 38% y.o.y.
decrease in volumes, which is by far the worst annual result of the decade.
Prime rental values remained mostly stable across Europe in 2020, proving that the demand for modern space remains high.
The combined effect of slowdown in leasing activity and the completion of many schemes across Europe led to an overall increase in office vacancy, which stood at 6.9% in the main 15 markets (+100 bps vs.2019).