Take-up
Letting in the 18 main European office markets amounted to 8.01 million sqm at the end of 2025, in line with 2024 results. This level stands close to the 5-year average, reflecting a market that remains broadly stable over the past three years.
Rents
Prime office rents continue to rise across Europe, driven by very limited Grade A availability and sustained demand for high-quality buildings in the most sought-after locations. This upward pressure is being reinforced by stricter office mandates and a reduced development pipeline.
Vacancy
At the end of 2025, the overall European vacancy rate reached 9.5%, representing an increase of 45 basis points year-on-year.
Vacancy growth is unlikely to be driven by new construction, as development activity remains limited and a large share of new supply is already pre-let.
