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Residential market activity continues to be driven by smaller-scale deals. 2025 has been marked by limited portfolio supply and fewer large-scale deals.

Total investment for Q3 2025 amounted to €168bn showing a consistent 19% year-on-year increase. The increase is driven by all asset classes.

The long-awaited recovery in retail investment showed clearcut sign of growth in 2025. Consistent expansion in volumes on a quarterly and yearly basis is now occurring, led by the shopping centres segment.

In a context of slow economic activity and strong political uncertainties, there are contrasting trends across Europe. The lack of new developments remains supportive of rental growth in prime sectors.

Year-to-date investment in European commercial real estate reached €111.3bn in Q3, continuing the asset’s pattern of elongated recovery .

Letting in the 18 main European office markets amounted to 5.95 million sqm over 9M 2025 (+2% y.o.y).