Skip to main content Skip to footer

EMEA City Offices Snapshot | February 2021

Download Report
21024 city offices snapshot_website hero image 1536x1040

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.

21024 city offices snapshot_Website_Search_Image 1024x972

EMEA City Offices Snapshot | February 2021

Download Report
Related Experts
United Kingdom

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.

View expert
United Kingdom

Peter Leyburn

Head of Enterprise Client Experience

EMEA Headquarters

Peter is Head of Enterprise Client Experience, 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

Director | Head of EMEA Research

EMEA Headquarters

I am Director and Head of EMEA Research for Colliers International, having previously been Director and Head of Eastern European Research with Colliers for 7 years. 

I have worked within the real estate profession across EMEA for 20 years, living and working from bases in London, Dubai, Prague and more recently Helsinki.

I spent the first 10 years of my working life in London, starting as a development/investment consultant for an independent research house.

This was prior to joining CB Richard Ellis where I led emerging market research in MENA and CEE for 3 years. I resigned from CB Richard Ellis to develop and manage my own independent consultancy based in the UK, before joining Colliers in 2009. As of 1st July 2015, I was promoted to Head of EMEA Research. 

I use my experience and analytical skills to take a forward looking view of market opportunities & challenges impacting the industry on behalf of internal and external clients. 

View expert