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Although the office sector saw the steepest fall in investment of any asset category in 2023, the market is gradually recovering, underpinned by a consolidation in take-up, a stable vacancy rate and rising prime rents.

Slow start to the year for letting activity

 The slowdown experienced in 2023 has continued into early 2024, with take-up still weak, mainly due to ongoing economic and geopolitical uncertainties. Consequently, volumes for the 18 leading markets* came to 1.82 million sqm at the end of Q1 2024, down 5% vs Q1 2023.

Volumes fell further in several European markets, including Rome (-64%), Dublin (-39%), Amsterdam (-38%), Hamburg (-21%) and London (-17%), in contrast to Barcelona, Frankfurt, Munich, Lyon and Paris, which all saw an upturn in letting activity.

Graph offices EU

Download the press release for more insights

Find out more numbers and statistics in European offices.

BNP Paribas Real Estate Press
Media Relations
press.rebe@realestate.bnpparibas
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