Take-up
Office take-up across the18 main European markets totaled 1.67 million sqm in Q1 2026, marking a 16% decline year-on-year. Activity is also16% below the five-year average, reflecting contraction in large-scale transactions across many markets.
Rents
The gap between prime and average rents is widening, highlighting an increasing polarization in the office market.
Prime rents remain supported by strong demand for top-quality space, while average rents are growing more slowly due to a weaker demand for secondary locations and the need for higher incentives.
This trend may moderate over the medium term, as fewer occupiers are willing to absorb higher rental levels.
Vacancy
Vacancy continues to rise across Europe, reflecting subdued occupier demand rather than excess supply, with Central London and Madrid standing out.