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EMEA Office Snapshot | Q2 2022

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Our EMEA (12-month rolling) completion index fell marginally, but the amount of space under active construction had improved by Q2-end. Future pipelines look strong as 49% of markets have added additional space to active pipelines in Q2 vs Q2 2021. Vacancy rates remain sub-10% in 52% of markets. The shift in vacancy rates over Q2 was split almost 50: 50, with half of European cities surveyed registering outward movement (y/y), largely reflecting the recent deployment of new space. 

Headline rental values held firm over the quarter as 64% of markets recorded stable conditions, albeit many remain propped up by incentive packages. A marginal shift in the share of tenant-favourable markets materialised, down to 41% from 43% in Q4 2021. This sees neutral markets hold sway at 46% of markets, with their position likely to consolidate further over the next 12 months. Landlord-favourable market share is expected to fall to its lowest level in recent years, dropping to just 13% by Q2 2023.  

Given the current economic headwinds, volatility in financial markets and the lack of quality supply available, we expect a fluctuation in market activity in the near term. The flight to quality assets will, however, continue.
 

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EMEA Office Snapshot | Q2 2022

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