Market analysis from real estate services firm Cushman & Wakefield shows that Europe’s office leasing markets are in rude health as they reap the benefits of markets fully reopening from Covid-related restrictions. A total of 12.6 million sq m of office space was leased in 2022, a 15% jump on the 10.9 million sq m leased in 2021, and sits well above the fifteen-year average of 10.3 million sq m.
As occupancy levels pick-up, occupiers are focussed on taking the best-in-class space in the most desirable locations to attract and retain staff and ensure they have the right space to enable more flexible ways of working as well as ensuring there is the right space for collaboration, staff wellbeing and connectivity. With a growing number of countries now demanding tighter environmental standards, occupiers are focussed on securing space in buildings that meet the highest standards,
said Nigel Almond, Head of Data Analytics at Cushman & Wakefield.
The demand for new space has not been at the expense of downsizing. Across the markets tracked net absorption levels was positive across Europe in every quarter in 2022, having been largely negative since mid-2020. Quarterly absorption averaged over 643,000 sq m in 2022, well above the ten-year average of 530,000 sq m,
added Nigel Almond.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in 400 offices and 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com