2025 年上半年欧洲写字楼市场更新报告

H12025 KeyTakeaways Cf" ce lecsin mcintuined ts upwuro trajectorywi:li t/he VOLUME OF SPACE LET IN H1 2025 UP1.7% QN A YEAR AGO Prsilivu Lrelid obseve:roll an alnue:I tbun: s.4 Prirne off ue renal grewth rer*vained rvcJrst u.4.2X Dil. OFFICES SAW A HIGHER SHARE OFMARKETS REPQRTINGANNUAL GROWTHI nide lin'g Ulr: delf <:I -ccivery. VACANCY FELL IN Q2 2O25. POTENTIALLYMARKING AN INFLECTION POINT. F:vI "l GI'it;; invil )nl d(:livi.y i>, inr(rng. CNETHIRD OF MARKETS REPORTED AN INWARDYIELD 5HIFT IN H1 2025, mcr:: 1iar <n Ih:: highs Irsu:. ant: li>gis lic:s. s.utls> spac.: mighl t: ivr.6 Fram a aak or conln.kon, nis yca',COMMITTED OFFICE DEVELOPMENTS AREFALLING. . h ighcr nara of spaca nccrconstrt.ct cn Is pre-lat.7 Landcis ara I'o.atin nack to cf- e snaca asCoIfick:ncc: re:urns. LOAN5 UP TO 6O% LTV ANDMARGIN5 5UB 2D0BP5 :cl even we* II' cec t es EUROPEANOFFICE EconomicIndicators Gircwti 'n th Fuio Arna ranairan positiv in t?first nalf af tho ycar, Mos: I':ant clata pclrts to amarginal waakcningj. ci3= girow .1% in c22. cownfrom (2.6%; 1n 1, w tln rowtl slaw1ng rcm 1.>%; Y/In c" to 1.4% in c22. CGrcath n Poru-=l ard sipa nM.If panpqns . "%z .ga 1 sno eio semreported in largjer ecicmias o=I ranc ardUerrany su c 1x; Y,/Y In C2. Elsewhere. $:rowthslowecl in tr= UK t an estimatecl 1.2; Y/y in G2.We nave seen solicl rowth in Czech a and μol ncl(>2% year on year) in G2. Wider geeclitica uncerteinty ndl cus.ions over arede clea w tn the Ls held boeck arowth ir Hl wtnc rae deu now reec, u beit at nigner levels. tnegreu.er certair't shuilcl of"er u pltforn to moveforward. Service: secor Ml ccnt nule's to cispluy w rates g"exallsion. Reorl reuding: [- Ine Eurg Areul 'owup>ward rnuurlun i Junu un J.ily. Tic UK 'ssl::; l,. Ursur:; 2yne, rales rconlinuc: lk shw rirginal fe:llsc'nd sil a, thui. kiwt krv; 1ir ovr, idi. TlicFur(1 Ar:a 1,1c1plkct3 1:nl ral : 5.:l al F.7% in .l,nc7035, 11r:Iang×l ( I: [>rvi. r(:rl '. nllalin n Ih> Furi Ar:a a s rmin, s.atilk: mclwitin targl rans. Th rrrosit a.n r:mair; al >xAUE [UE UEA_ II %I'S IOUhut mag na ly abav? In thn Nehc: ancs ald nartsor Sclhcr Euraco. licilnar levals, ar: als bsavacelsew ncre in tne UK nd somo C:LL mar<ats. Loak:in- fawar'd th laest ferecasts "rom Mcedy'5poit to broadly sisble econciic qrcwtl- as weImcve Into 2Uzs. befoe ck1ng up In 202/ with t nerisks =inelv ba 3ncecl. As nflalor lncvers arounc-araet raes. t ne scc for further c'ogrssive cutsin bas retes, are lss li<ely. w th ur em cloymen: a.c Jr'e it cws, our expectaior for office baseclemplo:rment is or moclerate grcwh Tfis shou lclsupport u brcco er irr crovement in cle mar whercormbirecl with muy corcsrute push'ng for greuterin-cff ce atte"carce. EUROPEAN OFFICE OccupierActivity Rnr ncing t tnakf cnom 1crtaityofit.: Inasing actvity Ias bxn brassly sta olc.witl smc: upwall mci"t.Jn. A tot1 cf 2.sism cf spac was Iase I* <az 2z5, up 1.%7.7. 7.e uo cin %'z. pue z.Oz. ) e.Ied..Ic ^ total f 5.Cm sd m was leased in H1 202a, amc-ds: 1./x: Increas on the <.Jim scm easecl 1same Perioo a vear ado. t a so s ts marl'allsove the avere for th previous F ve-year[period. or trailin n Jal loesis, a total of 10.5msom was le3seo by the encl of G2 2C25, a 2.5%increase on th= sane periocl year cgo. ThisLinderscces the mildly positive sentiment c nclgrcwth withir he sector. Huvirg urres negctive in the previois wcuarte":, net ubsption wus ly murinaln8guive in 2 (-4'.0C srm). is ccmpu'e3wilF v (-5OD,O ) ir Q1 202 d(-250,000 q) ir Q4 2c24. Tiic upl :k ir c:t'vild druli, in vuz pl .l r k. ": lir11r,- Ir,1>lig (<ir (I1 9ru*nd :l' rf 202.3. Whilsl ralty >rpkr.ales 'ac 2 clesirc Ii>r Gr id; AS>n. vailati i.y rdons nol :Iw ys 1na.i:l- I(:dnar: >r'k Ov(:r h: ! Iwl-r>nl hI> '( :>[> s )) II 6E ,s ; I sA )1%) n thn samc :rxl a ynar agio. In ntrastIaasing tar Non-A spacn was Marginally -Jp(10.3%). Iha trard *eflects tha wider das re n Manyj u Du seel uo snc. ot sece >.Iea'ounc tlhe coe CBL, Itlel tl"an ottsicle h?Core. Uccuple*s are wlling ta <e vlew o tracle o" scace ove* locetin, wih accss tornsc-ort ht bs ard menisy crizicl. Las ng ofgracle , scace ws [positive on an annual lbesis innumber f ky markts ir cluir ran <fu't.Lcnclon, Med id, Muin'ch ano Pragule. EUROPEAN OFFICE OccupierActivity acric has, bacl supprtacl bv a strng]cc.cmv a ncl l:aslngl 1n th? tra nincleuoissejo Jel.isnpu se m se oJesal's .Jbl sestors. n talv. Milal"bele" tted =romr a sta le ecncomv andar nc'e=se n clea s under 1.ou scim ascorcrates seek to manae costs anoopt m'se th=ir cffice foctprirt. In Vulilcn thalc: hav bec moradea ls vcr Ks,coc qm, so racct fal s'af ac.t red.Jc.tion in ac.Ivity formaller spzcas Wla camparing aatvity on ana nn.Jalls<:s bas's. 'st cver hal- 56%ull e pd s>.el2asin1 n the perid c2. 20z4-c222025 c0mparecl with c2.s 2)2.-22024. Praue =lso posted 'owtl (Y/y)el.eu eireI=wer ir -1 25 ve*s.Js -1 24. A rumber o key markets posteoqrcwth or ch a an nuslsed basis2 "cl for he firs: ha f cf 2025 f no.eran <fu't saw a sg% iurmnp in l