Our latest office maps depict a continued shift toward neutral and tenant friendly conditions. By the end of 2020 tenant friendly markets had increased to cover 44% of markets, from only 15% a year earlier. Neutral conditions have expanded slightly to cover 35% of markets (up from 29%), meaning landlord-friendly markets stand at only 21% - down from 56%. We expect this evolution to continue over the next 12 months, with tenant friendly conditions to have a 56% coverage (landlord friendly markets will be down to 8%). This is reflected in almost 70% of markets expecting vacancy to rise. The impact on headline rents is more muted. Prime CBD locations are largely stable (62%), 33% expect rents to decline. For secondary locations, 44% of markets expect rents to fall and 50% expect rents to remain stable. Details on the outlook for office markets across EMEA can be found in the downloadable map below.
Office Maps: Occupier Conditions & 12month Outlook