Take-up
Office letting activity held firm in the first quarter of 2025, with take-up rising by 6% compared to the same period last year. The market remains characterized by a limited volume of large-scale transactions. With economic uncertainty, occupiers continue to favour smaller, high-quality space.
Rents
The gap between prime and average rents is expanding reflecting the dichotomy of office markets.
Prime rental values are still driven by high demand for top space.
Average rents are growing at a slower pace as demand for secondary locations is weaker and requires higher incentives.
Vacancy
Low availability prevails in central submarkets, particularly for new buildings that secure demand.
Much higher vacancy rates are found in peripheral office districts and for second-hand space.
