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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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Related Experts
United Kingdom

Peter Leyburn

Head of Enterprise Clients

EMEA Headquarters

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.

He is responsible for ensuring service excellence including account growth, setting direction on account strategy & innovation. He leads the programme to hire, grow and develop our Account and Transaction Managers.

In addition, Peter is also responsible for leading Colliers EMEA Cross Border Tenant Representation, coordinating the in-country Tenant Rep teams to deliver multi-market solutions to our occupier clients.

Peter is a senior member of Colliers Global Tenant Advisory Council and maintains close working relationships with key Colliers occupier focused teams across all global regions in order to seamlessly connect clients, advisers and brokers.


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Andrew Hallissey

Executive Managing Director – Occupier Services, EMEA

London - West End

Well respected within the industry, Andrew is an Executive Managing Director with over 20 years of global experience within Corporate Real Estate. Andrew has a wealth of knowledge having advised dozens of Fortune 500 companies throughout the world on developing real estate transformation solutions.

As Executive Managing Director of EMEA Occupier Services.  Andrew drives strategy, client service delivery and spearheads the growth of Colliers’ occupier business within the EMEA region.

Andrew leads integrated service delivery for all occupier clients specialising in corporate real estate services, portfolio strategy, transaction management, brokerage, lease administration, project management, workplace services, and facilities management outsourcing advisory across the EMEA region.

Prior to joining Colliers, Andrew worked for CBRE where he has held senior leadership roles within their Global Workplace Solutions business in Chicago, Hong Kong, New York and London.  He has gained extensive global experience advising large corporations on their global real estate organization and strategy over the last 18 years, having worked across EMEA, North America and Asia Pacific.  Andrew also currently serves on the global board of directors of Corenet, the leading global association for the corporate real estate profession.

He has lived and worked internationally and has a deep understanding of the cultural and regional challenges within a global organisation.

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Damian Harrington

Head of Research

London - West End

Damian Harrington is a Director and Head of Research for both Global Capital Markets and EMEA at Colliers. He has over 20 years of experience in the real estate industry living and working from various locations across EMEA including London, Dubai, Prague, Helsinki and Amsterdam. Damian is responsible for producing research for internal and external clients. His expertise helps to provide clients with global capital market trends and analysis, and connects them with strategic and actionable insights, such as the changing nature of global capital and the impact on global capital flows. Damian has produced numerous research papers and generated analysis of markets across all asset types - from residential to offices, retail to logistics and hotels to niche sectors such as life sciences, air cargo and data centres. Damian is a member of the EMEA location strategy team and a key member of Colliers ESG focus group.  He speaks regularly at internal global conferences, external industry events hosted by GRI, ULI and other key industry bodies, plus key annual events such as MIPIM and EXPO REAL.

Damian holds a Masters degree in European Property Development and Planning from University College London, a BPI Bachelor of Planning from the University of Amsterdam and a BA (Hons) in Town and Country Planning from Manchester University. He is also a qualified surveyor, holding an MRICS with the Royal Institute of Chartered Surveyors.

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