Throughout the 35 cities analysed in this report, total take-up volume in 2011 was nearly unchanged compared to last year’s level at 11.9 million m². Indeed, our Western European Office Take-up Index remained stable despite some signs of slowdown that occurred in the year’s final quarter. Demand was particularly resilient in the major Western European markets where Central Paris nearly broke through the 2 million m² threshold and the German cities achieved higher take-up levels than in 2010. Thanks to some large deals, increases were also recorded in Milan and Rome. Central London fell back following last year’s very good performance whilst Brussels, Amsterdam, Vienna, Madrid and Barcelona struggled to perform in 2011 recording take-up volumes far below their five-year averages.
In 2012, demand for offices is expected to slow down in almost all markets under the impacts of lower economic growth and weak labour market activity.
Source : BNP Paribas Real Estate