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City Offices - EMEA cities office overview | November 2021

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Our latest Office Snapshot on major cities in EMEA is now available for download.

Absorption is back on a positive footing, rising by 12 basis points on Q1 2021. While the pace may be slow, we expect absorption to gain momentum as take-up ramps up and existing prime space/pipelines are absorbed in 2022.

Take-up consolidated its upward trajectory in Q3, with activity across EMEA up +8.9% quarter-on-quarter (q/q). Take-up growth has been bolstered by the resurgence of bigger deals and the gradual return of staff to the office during the summer and early autumn months. Pre-letting activity remains strong as more and more searches are activated, signalling market confidence is returning amidst a dearth of quality, available options. Take-up growth is not universal however, with many markets still short of their pre-pandemic levels.
 
Our (12-month rolling) completions index fell -2.6% (q/q) in Q3. Despite the slight decline in new completions in the last 18 months, new deliveries have increased total availability by +37% since Q1 2020. That said, vacancy rates are at 7.5% in aggregate, and remain below 10% in the majority of markets. Overall, vacancy should continue to stabilise in the year ahead, if not contract further, and our forecasts support this. 51% of markets expect slight outward movement, down from 58% in Q2. 11% of markets expect vacancy rates to contract, with the remaining 38% anticipating stable vacancy rates over the next 12 months. 

Limited changes in market conditions over the quarter were recorded. Overall, 49% of markets are tenant-favourable, and this is expected to remain in place by Q3 2022. In contrast, landlord-favourable markets are expected to diminish to just 8% over the same period, from 16% in Q3 2021. Headline rental values remain robust, with 81% of markets indicating stable conditions, propped up by incentives that continue to counterbalance the pandemic’s impact. However, 16% of markets recorded prime growth in CBD locations, against a backdrop of low availability, particularly for best-in-class stock. Download the report by clicking on the button below.

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City Offices - EMEA cities office overview | November 2021

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