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European office take-up rises above pre-crisis peak

London - Moscow, 4 March 2016, - Demand for prime office space across Europe increased by 17% in 2015 setting a new aggregate record since inception in 1999, according to global real estate advisor, CBRE. 

Significant increases in leasing activity recorded in former recovery markets such as Paris, Milan, Madrid and CEE pushed office take-up sharply higher in the last quarter of 2015. At almost 4.5million sq m, the volume of office space transacted for the period is the highest quarterly level attained since 2008. This, coupled with subdued development activity across Europe, means vacancy levels have dropped to a five-year low. 

Office rental growth is uneven across the European markets.  However, Madrid, Dublin and Stockholm are among the markets currently seeing good upward momentum. Madrid saw demand for office space push rents to almost €27 per sq m per month and take-up to 186, 000 sq m (+85% q-o-q). Stockholm’s lack of prime office stock is set to encourage further rental growth in 2016 having reached a new record in 2015 at 5, 200 SEK per sq m per annum.

Richard Holberton, EMEA Head of Occupier Research, at CBRE commented:

“A new record was set in 2015 as EMEA office take-up levels surpassed the pre-crisis peak. Driving this, was a 30% quarter-on-quarter uplift at the back end of 2015 led by the former recovery markets. For example, Budapest, spearheaded by its burgeoning TMT sector saw 120,000 sq m of office take-up compared to just 46,000 sq m across the previous quarter.

“Looking ahead, the three year forecast indicates that Paris will register the highest completions levels across EMEA at 2.5 mn sq m. Supply growth within the Central London market is also anticipated to remain strong.”

Olesya Dzuba, Director, Strategic Analysis and Planning Department CBRE in Russia: 

“Office take-up in Moscow was 18% higher in 2015, with the main driving force being the state companies (Avtodor leased 12,000 sq m in Pushkinsky Dom, Rosenergoatom – 11,000 sq m in Port Plaza, and Transneft purchased Evolution BC (79,000 sq m GLA), and institutions (Moscow Government subsidiaries in OKO BC, the Moscow Region Government structures in Orbita BC, and Deposit Insurance Agency in Mosfilmovsky BC (16,000 sq m GLA)). Overall, 2015 was a year of large deals, there were 12 deals over 10,000 sq m (totaling 306,600 sq m or 35% of the take-up) compared to 6 (80,200 sq m or 11%) and 5 (75,800 sq m or 7%) in 2014 and 2013 respectively. As the market is providing good opportunities for occupiers, companies prefer to improve their leasing terms and find more attractive office space in terms of location, building quality and efficiency of workplace.”