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EMEA City Offices | Q2 2019

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In this quarter’s EMEA City Offices review, we highlight the following key areas:

  • ECONOMY: Increasing divergence between robust activity in services and a struggling manufacturing sector is starting to make its mark on European growth. Despite solid GDP growth in Q1 2019 (EU28: 0.5%), Q2 is expected to be much lower.
  • EMPLOYMENT: The labour market remains resilient. Employment growth of around 0.9% is forecast for 2019 across the EU28, and the unemployment rate had fallen to a new low of 7.5% in June.
  • TAKE-UP: Despite the positive influence of co-working and broader corporate expansion, the 12-month rolling take-up average for EMEA dropped by -2.8% (y/y) at end Q2 2019. This represents a big change from a year ago when the same measure indicated growth of 10.8% (y/y).
  • PRE-LEASING: In the majority of major city markets, a shortage of availability is curtailing leasing activity, pushing occupiers into taking pre-lets. Pre-leasing activity has been absorbing much new development coming to market over the next 24 months.
  • VACANCY: The EMEA weighted vacancy average reached 6.4% in Q2, compared to 8% just two years ago, indicating that availability remains very tight, with vacancy at record lows.
  • RENTAL GROWTH: The rental growth trend remains positive, with average growth of +2.8% for all the EMEA markets surveyed, on an annual rolling basis.

 

This report also includes a macroeconomic overview, market supply and demand, rents and occupier conditions, country markets updates before finishing with our forecast. 


EMEA City Offices | Q2 2019

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Peter is Head of Enterprise Clients, Occupier Services EMEA. He is focussed on ensuring Colliers' Occupier Services enterprise clients are receiving best-in-class solutions to manage their organisations and portfolios.

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