Real Estate for a changing world

The office market across Europe

The office market across Europe

The real estate sector is today, more than ever, facing a number of challenges and opportunities. Our ways of working, whether in the office or remotely, are going to completely change. This doesn’t however mean that we are wiping the slate clean. The last few years have allowed us to truly understand how successful different ways of working have been rolled out on a large scale, and to apply them to various kinds of business cultures and situations.
Remote working and the digitalisation of the company, along with employees’ working methods, have had an effect on the market value of offices, as well as the productivity of companies.
Across Europe, countries are adapting to a new working environment that encompasses greater flexibility, more tailor-made services and increased connections between the office, the home and third places.

The office and remote work are allies, not enemies.

Sylvain Hasse
Head of Corporate Services at BNP Paribas Real Estate

Key Figures

  • 10.08 million m²
    Office take-up in Europe 2021 (+27% vs 2020)
  • 7.3%
    Vacancy rate in Q4 2021 (+50bps vs Q4 2020)

Source: BNP Paribas Real Estate International Research Department


France like many countries has had to adapt to a new relationship with remote working. Indeed within Ile-de-France’s (the region which encompasses Paris) business park, one of the biggest in Europe, the Institut Paris Région and Transilien SNCF estimate that the health crisis has made working from home possible for 45% of people in the region.  

People may be coming to the office less often but when they do, their expectations are high as they are looking for more services, greater opportunities to socialize with colleagues and an increased sense of well-being.

Find out more about the office market in France

The UK

London like most cities across Europe is having to adapt to a new office market that must combine remote working with being in the office. However, for Stephen Wolfe, Head of Commercial at BNP Paribas Real Estate UK, the most important driver of the office sector for the British capital is the need to have sustainably certified buildings. 

Read about the UK’s commercial real estate market
  • The Office Investment Market: looking back at 2021
    Watch the video
  • What does 2022 have in store for UK commercial real estate?
    Watch the video
Germany buildings


The office market is back on track
Whilst the Covid-19 pandemic had a significant effect on the German office market, it appears that it is on the road to recovery. All major real estate centres recorded a significant increase in take-up in the second half of the year and take-up of around 3.4 million m2, meant that the previous year's result was exceeded by a substantial 26.5%. 
•    834,000m2 – total annual take-up in Berlin 
•    16% increase in take-up in Munich
•    10% decline in vacancy rates in Cologne 

See more German office research reports here


In the third quarter of 2021, the office sector returned to being the best performing sector: 37% of investments in commercial properties in Italy were related to this category, for a total of €870 million. In second place, the logistics sector - despite being the sector which Covid has impacted the least - with €800 million invested: compared to the same period of 2020, growth was still 60%. Also noteworthy is the recovery of the hotel sector: compared to the third quarter of 2020, growth of 40% was recorded, with investments equal to €375 million.

Understand Italy’s office market here
  • Podcast
    German Podcast | Future of Work: Wie werden wir arbeiten?

    Momentan wird viel über das Büro diskutiert: Ist es noch zeitgemäß oder arbeiten alle zukünftig nur noch von zu Hause oder im Café?

    Listen to the podcast
  • Italian Podcast | EP.1 : Il nuovo ruolo degli uffici

    Covid, smart working e remote working hanno rivoluzionato il nostro modo di lavorare e cambiato il concetto stesso di tempo. Scopriamo qual è il futuro degli uffici nella chiacchierata di Giuliano Balestrieri insieme a Fabio Mantegazza, Head of Letting & Sales di BNP Paribas Real Estate Advisory Italy, e Olivier Rombaut, Managing Partner di Mazars Italia... nel tempo di un caffè!

    Listen to the podcast


With the Irish government’s lifting of work-from-home guidance, there is more certainty surrounding the future of the office, which in turn affects investor sentiment. 
Dublin is set to see a new wave of office developments, in which ESG (Environmental Social Governance) criteria will be interwoven. The idea is thus to create a new breed of innovative, environmentally minded and modern office buildings.

Find out more in the Irish Investment Market At a Glance


Demand for innovative office buildings in Madrid continues to expand
Although demand has slowed down due to the pandemic and the increase in remote working, the need for office spaces that meet the latest environmental sustainability and energy efficiency requirements is continuing to grow. 
The markets of Las Tablas, Manoteras and Julián Camarillo will contribute the most office projects to the market in the coming months. One of the most important deliveries planned for 2022 will be the inauguration of Alcalá 546, the future headquarters of L'Oréal, in addition to the annex building (Alcalá 544) made up of an area of approximately 10,400 m2, currently available.

Read more about real estate in Spain
  • Offices

    Digital, flexible and collaborative: new offices for new ways of working

    See more
  • managing-bnp-paribas-real-estate

    Property management for a data-driven world

    See more
  • developing-bnp-paribas-real-estate

    Property development made-to-measure

    See more
The Netherlands

The Netherlands

BNP Paribas Nederland, Arcadis, and G&S Vastgoed have announced their plan to move into joint new headquarters at the Zuidas in Amsterdam mid-2024. The shared ambition is to achieve a new standard for healthy, safe, and future-proof office buildings. Therefore, BNP Paribas Real Estate Netherlands and G&S Vastgoed have developed the RE\Define concept, an office design that has the well-being and productivity of employees as its heart. Sustainability is an important principle in developing this office building, meaning each partner now has a unique opportunity to set the bar high and use the building as a breeding ground for new sustainable concepts.

Discover the Netherland’s ambitions for the office here


In Warsaw, the office marketed used the pandemic to experiment with new offers of flexible office space. This has as such had an impact on tenant demand for such spaces. At the end of 2021, the amount of sqm transacted reached higher levels than previous quarters of 2021, the demand was more diverse, with 50% of tenant renewing contracts for the purpose of optimizing the occupied space.

Find the CEE's research reports here
  • Europe - CRE 360 report - January 2021
    See the report
  • At a Glance - Main office markets in Europe - Q4 2021
    See the report
  • Europe - CRE 360 report - February 2022
    See the report
  • city
    Flexibility is key to Warsaw’s offices. And not only Warsaw
    Read the full article
  • Büro-investments: Deutsche Core-Immobilien sind immer noch heiss begehrt
    Read the full article
  • Bureaux - Credit AdobeStock
    Surge in Dublin Office Supply Will Delay widespread Rental Growth Until 2024
    Read the full article
Download our latest pan-European research publications
London Office Market 2021_Q4
PDF - 3.1Mo
Paris Office Market 2021_Q4
PDF - 368Ko
Germany Office Market 2021_Q4
PDF - 1.2Mo
Dublin Offices Market 2021_Q4
PDF - 1.2Mo
Madrid Office Market 2021_T3
PDF - 1.4Mo
Poland Office Market 2021_Q4
PDF - 440Ko

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