Loading…
European Office Development Spotlight
Savills analysis of office development trends and opportunities across European markets.
OfficeUnited KingdomEurope
Updated 1 month ago
Read The industry's own research.
183 items
showing 61–120 of 183
Savills analysis of office development trends and opportunities across European markets.
Article examining the role and boundaries of artificial intelligence applications within commercial real estate practice.
Bristol's office take-up in 2025 totalled 604,119 sq ft across 110 transactions, 37% above 2024 and 20% above the five-year average, with Insurance & Financial and Professional sectors leading demand. Prime headline rents reached £50 per sq ft in Q3 2025, representing 33% growth since end-2019, with projections to reach £60 per sq ft by 2028, while total availability fell to 1.14 million sq ft with Grade A vacancy at 1.0% and Prime at 2.3%.
This is a market report published by Savills in November 2025 covering the office investment market in Bristol, UK. The report is part of a series tracking regional office investment activity in the United Kingdom.
The document analyzes the South West logistics and industrial market as of mid-2025, reporting that supply fell 63% year-over-year to 2.29 million square feet with a vacancy rate of 6.52%, while H1 2025 take-up reached 2.98 million square feet (239% higher than the prior year), driven primarily by large deals from GXO, Marks & Spencer, Waitrose, and Wincanton accounting for 64% of activity. The market features four speculative units under construction totaling 2.26 million square feet, with the largest being Panattoni Park Swindon at 915,000 square feet scheduled for completion in Q1 2026, and third-party logistics firms account for 51% of H1 2025 take-up.
This is an office sector spotlight report published by Savills in June 2025 focusing on the Bristol market. The report provides market coverage specific to the Bristol office sector during the summer 2025 period.
The Czech Republic industrial market reached 13.5 million square meters of total stock in Q3 2025, with gross take-up of 637,100 square meters representing a 79% year-over-year increase and the highest quarterly volume since 2022. Net take-up surged 120% year-over-year to 468,900 square meters in the quarter, while the national vacancy rate stood at 5.1% and new completions totaled 157,500 square meters, with 84% of newly delivered space pre-leased.
As of June 2025, Prague's modern built-to-rent (BTR) sector comprises 4,598 rental units across 81 schemes, with 80% newly built and the remainder refurbished, dominated by studios (37%) and one-bedroom apartments (41%), while the market remains highly fragmented with 57 schemes containing fewer than 50 units. The report finds that rents for smaller units have remained relatively stable year-over-year, larger units experienced approximately 15% price increases, the active pipeline contains 1,902 units under construction with 3,400 more planned to begin within two years, and Prague's BTR stock of 3,587 units in developments exceeding 40 units lags behind Warsaw's 7,955 units despite comparable city populations.
Investment volumes of $10 million or more totalled approximately $3.7 billion in Q4, marking the highest quarterly level since 2022, while 2024 yearly investment volumes reached their highest level since 2021, nearly doubling 2023 figures. Institutional investors expanded their market share to 54% of total deals in 2024, with all retail centre types experiencing increased transactional activity in Q4.
Savills' Q1 2025 Ireland Investment Market report analyzes €542.5 million in transaction volumes across 25 deals with an average deal size of €21.7 million, more than triple Q1 2024 but 28% below the five-year average, driven primarily by Realty Income's €220 million acquisition of Oaktree's retail parks portfolio. Retail dominated market share at 50%, followed by hotel at 16% and offices at 15%, with institutional buyers accounting for 69% of acquisitions while prime sector yields remained unchanged from Q4 2023, and investment volumes outside Dublin exceeded those within Dublin at 54% versus 46%.
This Savills report reviews Ireland's commercial real estate investment market in 2024 and provides a 2025 outlook, analyzing yield stabilization, deal volumes of €2.5 billion across 115 transactions, and sector performance including retail's 42% market share and office's 21% share. The document projects that income growth rather than yield compression will drive returns in 2025, expects new supply of offices and private rental sector housing to fall approximately 65% while logistics declines 12%, and forecasts strong refinancing activity despite some distressed opportunities as interest rates remain elevated relative to pre-pandemic levels.
Dublin's industrial and logistics market experienced record-low take-up of 1.3 million square feet in 2024, the lowest since 2014, driven by a 79% decline in modern stock transactions amid severe supply constraints. The market outlook for 2025 anticipates recovery through 1.7 million square feet of new completions (with only 28% currently leased), alongside prime rent increases to €13.75–€14.00 per square foot from new fire safety regulations and trade policy uncertainty expected to constrain occupier decision-making.
Savills Research's 2025 Dublin office market review reports that Dublin 2 vacancy increased from 5.7% in 2021 to 16.3% by end-2024, but is expected to tighten significantly as grey space absorption accelerated in 2024 and 55% of newly delivered pipeline is already reserved. Prime benchmark rents in the CBD grew 4% year-on-year to €65.00 psf in Q4 2024—the first quarterly increase since Q2 2022—with the report projecting continued rental growth driven by occupier demand for high-specification, centrally located ESG-compliant stock and an expected surge in letting activity in 2025 underpinned by substantial pre-let commitments including Workday's 416,000 sq ft reservation.
Transactional activity in the Yorkshire and North East logistics market increased 49% in 2025 to 4.59 million square feet across 21 transactions, with take-up representing the highest volume since 2022 and 3% above the pre-pandemic average, while available warehouse space rose 5% to 11.1 million square feet at year-end with a combined vacancy rate of 10.45%. Third-party logistics providers and manufacturing companies accounted for 68% of transactional activity, Grade A space comprised 65% of deals, and the market faces undersupply in certain size bands with no units currently under construction following completion of Central A1(M) 785 in Q4 2025.
Portugal's real estate investment market closed 2025 with total investment reaching 2.7 billion euros, an 11 percent increase compared with 2024, with logistics emerging as the strongest performer at 114 percent growth year-on-year. Economic fundamentals remain solid, with GDP growth projected at 2.3 percent for 2026 and unemployment at 5.9 percent, supported by strong labour market conditions and EU Recovery and Resilience Facility funding.
This Savills report examines Portugal's flexible workspace market, particularly in Lisbon and Porto, analyzing how post-pandemic hybrid work models have driven demand for coworking hubs, innovation spaces, and serviced offices beyond traditional corporate offices. The document presents the flexible workspace sector as steady-growing in Portugal, driven by startups, remote work culture, and international companies, while positioning Portugal as an attractive hub for flexible work due to its quality of life, cost efficiency, talent, and digital infrastructure.
Portugal's commercial real estate investment market recorded €1.23 billion in total volume during the first half of 2025, representing a 69% increase compared to H1 2024, with retail emerging as the leading sector at €616 million followed by hospitality at €330 million. Cross-border capital dominated activity at 76% of Q2 2025 investment volume, with investors from Spain, France, and the United Kingdom remaining active, while capital from Germany and the United States has been absent from recent transactions due to broader macroeconomic pressures.
Savills Research examines the Spanish logistics market across Madrid, Barcelona, and Valencia in Q1 2025, analyzing take-up, rents, supply, and geographical distribution. The Madrid Central Region recorded 215,000 sq m of take-up with prime rents at €6.25/sq m/month and a 10.4% vacancy rate, while Barcelona achieved 150,000 sq m take-up with prime rents at €8.75/sq m/month and 4.92% vacancy, and Valencia recorded a record 208,000 sq m take-up (driven largely by a major Tempe self-development project) with prime rents stable at €5.50/sq m/month and a 0.66% vacancy rate.
Savills Research analyzes Spain's high street retail market as of February 2025, reporting that Spain's GDP grew 3% in 2024 driven by tourism recovery and consumption, with inflation declining to 2.8% and unemployment reaching 10.6%, the lowest since 2008, while the General Retail Trade Index closed at 106.56 representing 1.7% growth. The document covers prime retail street performance across Madrid, Barcelona, Valencia, Seville, and Málaga, finding that after two years of significant increases, 2024 was a stabilization year with pedestrian traffic declining 2.4% and store entries declining 2.2%, though Madrid's prime retail market of 896 units achieved near-full occupancy on streets like Preciados with only one available unit at €263/sq. m/month rent.
Madrid's office market recorded 128,000 sq m of take-up across 153 deals in Q1 2025, representing a 13.6% decrease from the same period in 2024 but driven by robust demand with the highest number of transactions since 2017. Average deal size fell to 838 sq m as large-scale transactions declined, while rents continued upward momentum with Prime CBD achievable rents reaching €37.50/sq m/month and average market rents at €19.92/sq m/month, though office investment remained subdued at €80 million while repurposing activity surged to €160 million.
This document analyzes Lisbon's residential market in Q1 2025 within the broader context of international and Portuguese economic conditions. It presents forecasts showing Portugal's GDP growth at 2.4% in 2025 and 1.9% in 2026, while noting eurozone GDP growth projected at 0.8% in 2025 and 1.0% in 2026, with ECB interest rates expected to fall to 1.75% by end of 2025, alongside Portugal-specific market data including construction cost increases of 3.1% year-on-year in February 2025 and housing loans granted of €1,991 million in January 2025 at a fixed interest rate of 3.60%.
Poland's regional office market comprised 6.73 million sq m across eight cities as of Q3 2025, with total leasing activity reaching 521,800 sq m (up 6% year-on-year) driven largely by IT, business services, and manufacturing sectors accounting for 52% of take-up. New supply delivery stalled at 18,000 sq m (down 76% year-on-year) while vacancy rose to 17.7% overall, with significant variation across markets ranging from 6.8% in Szczecin to 23.4% in Katowice, and prime headline rents for class A office space ranged from EUR 11.50 to EUR 17.00 per sq m per month.
Poland's warehouse and industrial market reached 36.03 million square meters of total stock at the end of H1 2025, with new supply declining 30% year-over-year to 1.15 million square meters while vacancy rates compressed to 7.9%, signaling movement toward market equilibrium. Gross take-up rose 10% year-over-year to 2.95 million square meters in H1 2025, though net take-up declined 17% to 1.34 million square meters, with lease renewals representing 54.5% of total demand as occupiers increasingly prioritized operational continuity over relocation.
Rotterdam has the highest office vacancy rate among the G4 Dutch cities at 10.9%, compared to Amsterdam (5.5%), The Hague (4.9%), and Utrecht (6.1%), with significant quality variations across sub-areas such as Kop van Zuid and the Central Business District. Savills research indicates that mixed-use development, residential conversions, and sustainability improvements, exemplified by projects like the Tree House development, are expected to positively impact vacancy rates and renew office stock in Rotterdam.
The Valencia industrial and logistics market faces acute supply scarcity with availability below 1%, addressed by a planned delivery of over 800,000 square meters of new space between late 2025 and 2026, of which 470,000 square meters are immediately available. The market demonstrates strong demand with absorption exceeding 400,000 square meters in the first nine months of 2025 (a 65% increase year-over-year), prime rents consolidating at 5.5 €/m²/month with asking prices reaching 5.65–5.75 €/m²/month in prime locations, and investment volumes in the Valencia region surpassing 100 million euros during 2025.
Valencia has consolidated its position as a preferred destination for institutional investors in the Living segment, with Build-to-Rent stock of 1,493 units currently held by institutional investors plus 1,385 additional units expected in coming years, while flex living has emerged as the highest-interest asset class due to high returns despite limited operations constrained by scarcity of large tertiary land with adequate public transport connectivity. The report identifies institutional investor interest as a strategic opportunity for urban regeneration and housing supply stabilization, though Valencia faces the challenge of enabling sufficient developable land to compete with other European capitals while addressing the fact that 95 percent of the city's housing stock was built before 2010.
Valencia's prime retail high street zone is expanding driven by tourism and low availability, with rental availability declining to approximately 5% over the past 12 months and streets like Jorge Juan, Ruzafa, and Don Juan de Austria near 0% availability, pushing commercial expansion to adjacent secondary streets around Mercado Colón, Plaza de la Reina, Plaza Mercado, and Calle San Vicente. International operators view Valencia as the third priority city after Madrid and Barcelona for flagship stores, but face challenges due to insufficient large-format retail spaces, while investment yields for prime assets remain near 4% with limited transaction activity as most prime commercial properties are held by private investors with a long-term ownership profile.
The Valencia office market report finds that prime buildings are expected to reach 100% occupancy in 2025, with current prime rents at €18.50 per square meter per month and new projects anticipated at €22–24 per square meter per month. Market availability stands below 4%, demand is driven by flexible workspace operators and technology companies, and approximately 35,000 square meters of new office supply is expected in strategic areas including the Marina zone, which has established itself as a new office hub.
Valencia's residential market faces structural tension with demand significantly outpacing supply, resulting in a 22.5% year-on-year price increase in 2025, while projections indicate the province of Valencia will need approximately 215,000 new homes by 2039 to accommodate household growth of 19.1% in the Valencian Community. New construction offerings are at historic lows due to limited buildable land and slow urban planning processes, with over 30% of new homes marketed in 2025 exceeding €500,000 and primarily targeting international buyers, while second-hand housing in neighborhoods like Ruzafa and El Carmen has become the main access route for local residents with an 11.3% price increase.
Valencia's hotel market expanded significantly between 2019 and 2025, with the number of operating hotels increasing 35% to 201 properties and total rooms growing 14% to exceed 10,000, while maintaining stable 76% occupancy driven primarily by international tourists (65.4% of 3.3 million overnight stays in the first eight months of 2025). Operating metrics show an ADR of 116 euros and RevPAR of 88 euros as of August 2025, with hotel investment reaching 136 million euros in 2024 and notable transactions including a 50 million euro acquisition of Hotel Exe Rey Don Jaime in 2025.
This is a market report published by Savills in September 2025 covering the build-to-rent sector in Edinburgh, UK during the third quarter of 2025. The report focuses on multifamily residential developments in the Edinburgh market.
This is a sector spotlight report published by Savills in June 2025 covering the office market in Edinburgh, UK. The report provides a market overview for May 2025.
This is a quarterly data report published by Savills on March 31, 2025, presenting occupational office market figures for Edinburgh in the first quarter of 2025.
By Q3 2024, Swedish office investment volumes reached SEK 15 billion with domestic investors accounting for 100% of total volume, driven primarily by Swedish institutions and pension funds representing 60% of office transaction volume, resulting in Stockholm achieving Europe's joint-lowest prime yield of 4.0%. Stockholm's CBD office market showed resilience with a vacancy rate of 7.6%—110 basis points below the European average—while coworking space growth slowed after expanding 400% since 2017, as traditional landlords offered more flexible leases and rising costs pressured operators.
Italian retail investment reached 700 million euros in the first quarter of 2026, up 23 percent year-over-year, with the sector ranking first in the country's investment market. High-street prime rents hit record levels in Milan at 16,000 euros per square meter annually, up 7 percent, and in Rome at 14,000 euros per square meter, up 8 percent, driven by international retailer demand for central locations.
Vacancy on Copenhagen's high street has compressed to 6.0% from 11.3% over the past year, with 17 vacant units of 284 total, reflecting demand strengthening and property refurbishments including Bestseller's overhaul and Louis Vuitton's relocation. The fashion segment has increased its share of retail stores from 42% to 46% (131 of 284 shops), driven by flagship openings and emerging brands, while average asking rents for high street retail space stand at DKK 9,200 per square meter (gross), with rents ranging between DKK 4,000 and DKK 16,000 per square meter.
.jpg)
This is a market report on the office sector in Manchester published by Savills in December 2025, providing an autumn 2025 spotlight on that market.
Glasgow's office market recorded 433,781 sq ft of total take-up in 2025 across 137 transactions, the highest annual total on record, with Grade A and Prime take-up reaching 229,087 sq ft (53% of total) and 31% higher than 2024 levels. Prime headline rent remained at £41.50 per sq ft in Q4 2025, having grown 28% over five years, with Savills projecting growth to at least £45 per sq ft by end of 2026 and £50 per sq ft by 2030, while overall availability decreased to 2.1 million sq ft with a 14.1% vacancy rate.
Copenhagen and Frederiksberg's residential market faces a pronounced housing undersupply as development activity slows while population continues to grow, with approximately 1,600 new housing units expected annually against a population growth rate requiring around 4,000 residents, exerting upward pressure on both rental and owner-occupier values. Market data shows rental growth accelerating in the new-build segment with smaller flats in central Copenhagen achieving approximately 3,300 DKK/sqm/year, while owner-occupier flat prices have increased 63% since early 2023, with the investment market regaining momentum driven by low vacancy rates, rental growth, and initial yields ranging from 3.50–3.75% for prime locations to approximately 4.0–4.50% in secondary markets and the Copenhagen environs.
In the first nine months of 2025, approximately €7.8 billion was invested in the Italian commercial real estate market, representing a 14 percent increase year-over-year, with retail driving growth while hospitality and living sectors also performed well. Prime net yields remained stable across asset classes, with shopping centres at 7.25%, logistics at 5.25%, office at 4.25%, and high street retail at 3.75%, while 230 deals were closed with international capital accounting for 53 percent of investment and Milan capturing 27 percent of total volumes.
This is a data and figures report published by Savills on September 30, 2025, presenting occupational office market data for Manchester in the third quarter of 2025.
Manchester's office market in H1 2025 recorded 581,542 sq ft of take-up across 102 transactions, representing 14% growth over H1 2024 and the largest first half since 2019, with Grade A and Prime space accounting for 57% of activity. Overall availability decreased to 2.9 million sq ft with a vacancy rate of 11.1%, while the TMT sector led activity with 42% of total leasing, and Prime headline rents reached £45 per sq ft with developers commencing speculative construction including Landsec's 243,000 sq ft Republic scheme in Mayfield.
The document analyzes Italy's office real estate market in the first half of 2025, reporting investment volumes of €900 million (up 15% year-over-year) with 29 deals, while Milan accounted for 79% of activity with prime rents at €750/sqm/year in the CBD Historic Centre. Milan's leasing market achieved 206,000 sqm take-up (up 17% year-over-year), marked as the second-strongest semester in five years, with occupiers increasingly favoring smaller flexible spaces under 1,000 sqm and Grade A space representing 77% of total leasing activity.
Glasgow's office market experienced record take-up of 439,367 square feet in 2024 across 126 transactions, driven primarily by the legal sector which accounted for 41% of professional sector activity, while the market faces acute supply constraints with only 0.8 years of prime office stock available and prime rents exceeding £40 per square foot. The document identifies emerging growth sectors including health tech, fintech, and creative industries alongside traditional strengths in engineering and professional services, with approximately 874 fast-growth private companies and £267 million in venture capital raised over recent years positioned to drive future office demand.
This is a market report published by Savills in December 2025 covering the office sector in Birmingham, UK.
Leeds office market take-up reached 625,646 sq ft across 105 transactions in 2025, with Grade A and Prime space accounting for 375,592 sq ft (60% of total take-up), while prime rent increased 18% to £46 per sq ft and overall availability fell to 886,513 sq ft with a 7.2% vacancy rate by Q4 2025. Public services, education, and health was the most active sector at 32% of take-up, led by National Rail's 108,576 sq ft acquisition at 2 Princes Square, and Savills forecasts headline rents will reach £58 per sq ft by 2030 based on revised projections.
Leeds office market take-up totalled 625,646 sq ft across 105 transactions in 2025, matching the five-year annual average and representing activity 9% above the five-year average, with Grade A and Prime space accounting for 60% of total take-up at 375,592 sq ft. Headline rents increased 18% year-on-year to £46 per sq ft in Q3 2025, with forecasts predicting 26% growth over the next five years to exceed £58 per sq ft by 2029, while total availability fell to 886,513 sq ft with a 7.2% vacancy rate, and public services, education and health remained the most active sector at 32% of take-up.
Savills Research reports that Leeds office take-up in Q1–Q3 2025 totalled 482,286 sq ft across 78 transactions, representing 12% above the five-year average and 57% Grade A and Prime space, with the Public Services, Education & Health sector accounting for 34% of leasing activity. Total availability at end-Q3 2025 reached 979,103 sq ft with a vacancy rate of 8.0%, while prime rent established a new headline of £46 per sq ft in Q3 2025, up 18% year-on-year, with forecasts predicting growth to over £51 per sq ft by 2029.
This is a data and figures report published by Savills on 30 September 2025 presenting occupational office market information for Leeds in the third quarter of 2025. The report covers the office sector in the Leeds area within the UK.
This is a data-figures report published by Savills on June 30, 2025, presenting occupational office market data for Leeds covering the first half of 2025.
This is a market report published by Savills on December 31, 2025, covering the industrial sector in the Czech Republic as of the fourth quarter of 2025, with a focus on Prague.
Czech commercial real estate investment reached a record €4.36 billion in 2025, representing a 136% year-on-year increase, with mixed-use assets capturing 29% of volume, offices 24%, and industrial 18%, while Czech domestic buyers dominated with 86% of total investment volume. Q4 2025 investment activity accelerated sharply to €1.83 billion across 33 deals, with the Palladium mixed-use transaction representing the largest single-asset deal in Czech market history, and prime office and industrial yields stabilizing at 5.15% while retail yields compressed to 6.00%.
Savills' Q4 2025 Prague office market report documents total stock of 3.94 million square meters with gross take-up of 143,400 square meters (down 24% year-over-year), net take-up of 60,900 square meters (down 35% year-over-year), a vacancy rate of 5.9% (down 134 basis points), and completions of 11,300 square meters (up 240% year-over-year). The document reports that 2025 saw Prague's lowest annual new office supply in market history at 26,600 square meters, that the vacancy rate fell below 6.0% for the first time since Q1 2020, that total occupier activity reached 573,200 square meters (10% below 2024 but 18% above the five-year average), and that net take-up for the full year was 307,100 square meters (3% below 2024
Kraków's modern office stock reached 1,842,300 sq m by end of 2025, with the City Centre accounting for nearly one-quarter of supply at 436,700 sq m, while leasing activity hit a record peak of 269,500 sq m driven predominantly by lease renegotiations comprising 63% of total take-up. The vacancy rate declined to 18.4% representing 338,400 sq m of available space, though distribution is uneven across zones with the City Centre at 6.3% compared to the Northwest at 28.8%, while class A rents in modern buildings currently stand at EUR 14.00-18.00 per sq m per month with only 11,900 sq m of new supply delivered in 2025 against 55,400 sq m under construction.
As of September 2025, Warsaw's modern office stock totalized 6.24 million square meters with a 9.7% vacancy rate—the lowest since late 2020—while office demand in the first three quarters of 2025 reached 486,600 square meters, marking a 2% decline year-over-year. New supply for Q1–Q3 2025 delivered 88,700 square meters (18% higher than the same period in 2024), with 90% concentrated in central zones where headline rents for prime space ranged from EUR 22.50 to 27.00 per square meter per month.
Prague's office market in Q2 2025 showed a vacancy rate decline to 6.6% with total stock at 3.94 million sq m, while gross take-up fell 24% year-over-year to 164,800 sq m and new completions dropped 86% to 6,600 sq m, reflecting persistently constrained supply. Technology & IT sector companies dominated leasing activity, net take-up reached 110,300 sq m down 13% annually, and the outlook remains subdued with only 26,600 sq m of new supply projected for 2025, the lowest annual figure since 1994.
At the end of H1 2025, Warsaw's office market contained 6.33 million square meters of total supply, with new supply deliveries reaching 85,200 square meters (34% increase year-over-year), while the construction pipeline contracted to just under 140,000 square meters (50% decrease year-over-year). Total leasing activity in H1 2025 was 301,400 square meters with net absorption of 66,900 square meters (123% increase year-over-year), and the vacancy rate stood at 10.8%, down 10 basis points year-over-year, with prime office headline rents in central zones ranging from EUR 22.50 to 28.00 per square meter per month.
Kraków's modern office market totaled 1.83 million square meters at end-June 2025 with zero new supply delivered in the first half of the year, though 65,200 square meters remained under construction across six projects. Demand reached 172,000 square meters in H1 2025 (an 85% year-over-year increase), driven primarily by renegotiations representing 71% of activity, while the vacancy rate stood at 17.3%, down 290 basis points from the prior year, with rents in A-class buildings ranging EUR 14.00–17.00 per square meter per month.
Sweden's logistics market is transitioning to a cautious phase after record development, with modern stock vacancy rising to 7.9% as of Q1 2025 primarily due to speculative completions in 2023–2024, while construction volumes are declining with completions expected to align with historical averages. Investor interest remains solid with SEK 10.6 billion invested by April 2025 representing 21% of transaction volume, domestic investors dominating at 78% share, prime yields stabilizing around 5.0%, and structural demand supported by NATO-driven defence expansion and e-commerce growth showing +5% turnover and +8.3% parcel volume increases in 2024.
Lisbon's office market is undergoing a transformation driven by occupier demand for high-specification, sustainable buildings, yet only 15-20% of the city's total office stock currently meets Grade A standards, creating a significant supply-demand mismatch. European Grade A office development completions are expected to rise to 4.3 million square meters in 2025 but fall sharply to 3.1 million square meters in 2026, the lowest level since 2017, while speculative development has halved to just 1.6% of stock, with most new schemes pre-let prior to completion, intensifying competition for prime space and putting upward pressure on rents.