We expect global GDP to grow by 2.9% y/y in 2024 and 2.8% y/y 2025. However, the balance in global growth is shifting.

In H1 2025, residential market activity was primarily driven by smaller deals. The reduction in investment in Q2 2025 (-20% y/y) offset gains made in Q1 2025 (+33% y/y).

Letting in the 18 main European office markets amounted to 5.95 million sqm over 9M 2025 (+2% y.o.y). This result is close to the 5-year average. The market is holding mainly due to the positive performance of Frankfurt and Central London.

Over 9 months, the market remained at a low level in 2025 in the leading European markets. In a context of slow economic activity and strong political uncertainties, ...