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EMEA Office Snapshot - City Offices | Q1 2021

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EEA30 GDP recovery in 2021 has been pushed back by the “third wave”, with Q1 growth set marginally negative and not getting back to par until late 2022, reaching approximately +4.4%. Around 25% of national populations have now been inoculated, with Israel and the UK significantly ahead of other major European economies. EEA30 employment forecasts look weak at around +0.02% for 2021.

Public services, tech, financial-focussed, health and life science sectors are recovering quickest, feeding through into take-up volumes. Some markets maintained year-end momentum with positive 12-month rolling take-up figures, helped by increasing numbers of larger-sized deals. Occupiers try to secure “best-in-class” product that meets an ever-expanding list of “COVID-19 & ESG-amenable” criteria, but limited options maintain a competitive marketplace. 

“Grey-space” vacancy is beginning to plateau, with drop-offs between 5-15% registered. Overall market vacancy remains healthy, with most markets below 10%. Obsolete office space will be re-positioned/re-purposed as landlords are reluctant to refit/refurb existing stock under current conditions, becoming part and parcel of the rebalancing of cities while working towards a more sustainable and ESG conscious future. Find out more in our report.

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EMEA Office Snapshot - City Offices | Q1 2021

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Related Experts
United Kingdom

Damian Harrington

Head of Global Capital Markets Research | EMEA Head of Research

London - West End

I currently have a joint role as a Director Colliers, as both Head of EMEA Research, and Head of Global Capital Markets Research.  I am also part of  our EMEA Location Strategy team.

I have worked within the real estate profession  for over 20 years, living and working from various locations across EMEA including London, Dubai, Prague, Helsinki and Amsterdam. My work and student experiences expanded my horizon to include India and the US. 

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.  During my career I have written research /generated analysis of markets across all asset class types - from residential to offices, retail to logistics and hotels to niche sectors such as life sciences, air cargo and data centres.   I have analysed a variety of subjects and subject matter relevanmt to our industry, examining the impact on real estate such as the changing nature of global capital and the impact on global capital flows, the impact of e-commerce and near/off-shoring on global industrial and logistics markets and the changing nature of the energy and hydrocarbon industry. In addition to developing a view of markets at a very high-level,  I have conducted multiple studies examing the  micro-meso location factors critical in supporting the creation of planning policy at city/regional level, and in supporting investment and occupier decisions on key projects across EMEA, in addition to providing a strategic overview of multiple- markets and locations  as part of the decision making process. 

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Istvan Toth

Associate Director

EMEA Headquarters

I've been in the real estate industry since 2005 and joined Colliers as a data scientist in their EMEA research team in 2018. In my career I have worked across the various property sectors and I have viewed at the markets from both the occupational and investment perspective. Having obtained a widespread understanding of the European property markets, I am currently focusing on making sure to transform raw RE market data into meaningful and forward thinking analyses and reports.

"Data powers everything that we do."

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Lewis Rapley

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EMEA Headquarters

EMEA Research Analyst at Colliers.

Lewis began his career in property in April 2018 after graduating in 2017 from the University of Leeds with a BA in Human Geography and a MSc in GIS (Geographical Information Systems).

He is responsible for creating quarterly and bi-annual EMEA-level office, industrial/logistics and retail snapshots. He also monitors core market data, their KPIs and their local market commentaries. Among other things, he also has an interest in all things data and its application, regularly using data software - such as PowerBi  - to create dashboards and interactive visualisations to present data.

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Peter Leyburn

Head of Enterprise Client Experience

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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.

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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.

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