Prime rent of office real estate in Europe 2022-2023, by city
The rental prices of prime office spaces per square meter varied greatly across different European cities in 2023, ranging from over 1,850 euros in London to less than 200 euros in Riga. Prime office properties typically meet specific criteria, including a good location in major commercial centers, public transport accessibility, and energy efficiency.
Where in Europe are offices most expensive?
London, England, had the most expensive prime office spaces with the West End, Marylebone, and Knightsbridge/Chelsea submarkets commanding the highest prices. Other European cities with high-end office rents included Paris, Milan, and Dublin.
Where is the most office space leased?
Larger cities with flourishing economies tend to attract most businesses despite higher office space costs. Therefore, it is unsurprising that Germany's big Four (Berlin, Munich, Frankfurt, and Hamburg), Paris, and London had the highest take-up rates for office spaces across Europe. In Berlin and Luxembourg, the share of vacant office space was less than four percent.
