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EMEA City Offices Snapshot | February 2021

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Demand fell considerably in 2020, with take-up volumes down -38% y/y, but some significant transactions completed towards the end of 2020 driving a 16% growth in Q4 take-up (q/q). With cooling demand and the completion of several new schemes across markets, EMEA’s average (weighted) vacancy rose to 6.8% by year-end, from 5.5% a year earlier.

Adding to the rise in vacancy has been the growth in “grey-space” coming to market via sub-leasing. The grey-space impact varies significantly across markets - at most representing an additional 3% to vacancy - but is yet to feature in many European locations. Evidence points to some occupiers taking advantage of this ready-for-occupation sub-let space, securing it on cost-effective rents and terms.

Overall, headline rents have seen limited movement during 2020, supported by incentives which have risen over the course of 2020.  The 12-month outlook continues to shift in favour of tenant-favourable or neutral conditions, although competition for the best quality space in core markets is tightening.  Headline rents are expected to decline slightly, or remain stable in the year ahead, compensated for by incentives. For more information download our Snapshot below.


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EMEA City Offices Snapshot | February 2021

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