Skip to main content Skip to footer

EMEA City Offices | Q4 2019

Download Report
alt=""

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

  • ECONOMY: By the end of 2019 what was the EU28 (EU27+UK) saw GDP growth weaken to 1.4%, down 0.6% on 2018. Increasing divergence between robust activity in the service sector and a struggling manufacturing sector became apparent over the year, denting GDP growth.
  • EMPLOYMENT: The labour market remained resilient in 2019, expanding by 1.4% y/y, but employment growth is clearly slowing.
  • TAKE-UP & PRE-LEASING: The 12-month rolling take-up for EMEA offices remained steady during 2019, declining by only -1.5% (y/y). While employment growth has sustained demand for office space, low availability and contracting vacancy rates have limited take-up.
  • NEW DEVELOPMENT & PIPELINE: As of year-end 2019, the development pipeline for EMEA reached 17.9m sq m, up 20.1% from year-end 2018.
  • VACANCY: The weighted vacancy rate average across EMEA was 5.3% in Q4 2019, down from 5.9% at year-end 2018. This represents the ninth consecutive quarter where vacancy has fallen.
  • RENTAL GROWTH: The EMEA rental index grew by 3% Y/Y in 2019. Markets performing strongest for prime rents Y/Y included Warsaw, Frankfurt, Berlin, Cologne and Budapest.

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


alt=""

EMEA City Offices | Q4 2019

Download Report
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.

 

View expert
United Kingdom

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.

View expert