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Over Q1 2025, the market increased by 2% in the leading European markets compared to Q1 2024. In a context of slow economic activity and strong political uncertainties, there are great disparities within Europe.

Industrial & logistics investment hit its lowest point in 2023 and has been picking up in 2024. This reflects an improvement in financial conditions. More adjustments by central bank key rates are expected in 2025 before stabilizing.

Letting markets have generally held up well despite weak economic growth. In H1 2024, the market decreased by 5% versus H1 2023.

Market fundamentals remain healthy with vacancy rates below 5% in most countries. The lack of new developments remains supportive of rental growth in prime sectors although weaker demand offsets its momentum.

Transaction volumes have returned to 2019 levels. Market fundamentals remain healthy with low vacancy rates in most countries and the lack of new developments still contribute to rental growth in prime sectors.

Take-up decreased significantly in 2023 in the leading European countries. The manufacturing sector feels the effect of slower demand and new orders weakening.