Real Estate for a changing world

At a Glance - Main office markets in Europe - Q4 2022


Letting activity returned to its long-term average in 2022


Letting volumes in the 15 main European office markets amounted to 8.56 million sqm at the end of 2022, which represents a 12% increase relative to 2021, despite a noticeable slowdown in Q4 (-20% vs Q4 2021).

A greater focus on quality over quantity characterizes the occupier market. Letting activity should remain resilient in 2023 and display a new equilibrium in volumes.


With hybrid working patterns becoming more entrenched, occupiers are looking for the most established central districts and flexible, modern buildings. The very low availability of prime assets and the appeal of high quality buildings located in the most sought-after districts drive values up.



The overall vacancy rate stood at 7.2% at the end of 2022, almost stable vs the end of 2021 (+10bp). The introduction across Europe of new regulations on energy efficiency represents a growing risk of vacancy for assets which do not meet Minimum Energy Efficiency Standards (MEES).


At a Glance - Main office markets in Europe - Q4 2022
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