According to
Savills' latest study sent in a release to
SUPERCASA Notícias,
office take-up values in the first quarter of 2023 started to diverge significantly in Europe, with Oslo, Prague and Madrid registering, respectively, increases of 50%, 19% and 5% in relation to the average of the last five years, while Dublin, Budapest and
Lisbon registered, respectively, drops of 62%, 57% and 55%.
For the Lisbon office market, 2022 was a record year with a total take-up volume of 272,000 m2. But the market now faces the challenge, as seen in other markets, of not having enough quality stock for tenants.
According to the international property consultancy, vacancy rates in Europe have increased on average 50 basis points from 7.1% to 7.6% over the last twelve months as some tenants choose to delay signing new leases. This is most evident in Dublin (+350 basis points to 14.0%), Paris La Défense (+270 basis points to 15.7%) and Budapest (+240 basis points to 12.2%). Core vacancy rates remain very low, with Paris CBD (2.4%), Cologne (3.0%), Berlin (3.3%) and Stockholm (4.0%) showing a top-line stock deficit.
Looking at the breakdown of vacant space across a sample of European markets, the average level of space available for sub-letting remained stable between Q1 2021 and Q1 2023 at 1.2% of total stock.
Georgia Ferris, European Research Analyst at Savills, says: "The shift in tenant type being seen towards more central locations is reflected in the increase in the vacancy rate in La Défense (+270 bps), a predominantly single-use financial centre, and the decrease in this same rate in the Paris CBD (-40 bps), a well-connected and more diverse-use location. MSCI's analysis shows that French offices were the most transacted segment in Q1 2023, with Paris CBD prime yields remaining among the lowest in Europe."
In the note to which
SUPERCASA Notícias has had access,
Christina Sigliano, Head of Global Occupier Solutions at Savills, adds,
"The ever-present tenants' emphasis on higher quality space in prime CBD locations, and the lack of adequate stock supply, are driving up prime office rental values in Europe, which have increased by 6.3% over the past 12 months. This is particularly evident in markets such as Cologne, Duesseldorf, Amsterdam, Munich and Prague, where prime rental values have increased between 13% and 29%."
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