Take-up of office space in Europe 2016-2023
Despite increasing for two years in a row, the office real estate take-up in Europe in 2022 remained below the pre-pandemic average. In 2020, the market saw a substantial drop in transactions due to the coronavirus (COVID-19) pandemic: The total floor area transacted plummeted from almost 9.5 million square meters in 2019 to about 6.2 million square meters in 2020. In 2023, this figure was forecast at approximately 7.4 million square meters. The big four German cities (Berlin, Hamburg, Munich, and Frankfurt), Paris, and London remain some of the most active office real estate investment markets in Europe.
