Property Times

Europe Office : Rebound after a slow start - Q2 2015

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3 million sq m of office spaces were taken-up in Europe in Q2 2015, up from 2.4 million sq m in Q1. Despite this rebound, the activity remained below its historical level of 2007 (3.9 million sq m). Greater Paris Region remained the most dynamic European office market in terms of letting activity with 542,500 sq m of take-up in Q2 2015, a sharp rebound after a subdued first quarter. German markets, at the exception of Munich, also posted a dynamic quarter. Four markets out of the five monitored registered more than 100,000 sq m of take-up in Q2 2015.

Office space vacancy ratios declined across the board in Europe. The region average standing at 10.5% at the end of Q2 2015, down from 10.9% three months earlier. The range of vacancy ratios is wide, from less than 4% in Marseilles, Manchester and Birmingham to 23% in Kyiv. London ratio, that almost hit the 10% mark at the heart of the crisis, is now at 3.5%. The largest European office vacant stock is in the Greater Paris region with 4 million sq m immediately available reflecting a vacancy rate of 7.5%.

New European office space deliveries fuel the market at a sustained pace. Indeed, 5.4 million sq m of new office space were delivered in 2014 and another 5 million sq m are expected to be inaugurated over the course of 2015. Five cities – Paris, London, Stockholm, Moscow and Warsaw – hosted 60% of the 1.7 million sq m of new office surfaces delivered over the first half of 2015. 

Source : DTZ

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Mots-clés : DTZ

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