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Cushman & Wakefield's Milan Office MarketBeat for Q4 2025 reports that Milan's office market recorded 118,000 sqm of take-up in the quarter (up 5% year-on-year) and 376,000 sqm for the full year 2025, with a 10.8% vacancy rate and prime rent of €800/sqm/year across all property classes. Milan accounted for approximately 66% of Italy's national office investment volumes, reaching 1.1 billion euros for 2025, though investment remained below five-year averages; the market showed renewed investor confidence with Grade A availability at historic lows below 2% in central submarkets, supporting further rental growth despite limited supply.

JLL's 2025 review of Belgian commercial real estate documents major trends across offices, industrial and logistics, retail, and investment markets, with take-up in offices exceeding 360,000 m² (70% in Grade A buildings) while vacancy in Greater Brussels remained at 7.8% and rental values reached a record €193/m²/year on average. The investment market reached approximately 4.3 billion euros by early December, with industrial real estate recording an absolute record of 1.3 billion euros and Ultra High Net Worth private investors accounting for nearly a quarter of total volume, while the 2026 outlook remains cautious due to economic uncertainties and geopolitical conditions.

This is a market report published by CBRE on December 31, 2025, covering the office sector in Brussels, Belgium.

The Cushman & Wakefield report covers the Greater Porto office market in Q4 2025, showing a 43% year-on-year drop in annual take-up to 43,700 sq.m, a vacancy rate of 8.8%, and stable prime rents at €21.00 per sq.m per month in the CBD Boavista submarket. Portuguese GDP grew 1.9% in 2025 with acceleration to 2.3% forecast for 2026, while the market pipeline contains 98,580 sq.m under construction with 32% pre-occupied and 119,880 sq.m projected completions within three years.

Irish investment spending reached approximately €699 million in Q3 2025, up from Q2 and 18% stronger than the prior twelve months, with the living sector comprising €260 million (led by Ardstone's acquisitions of Spencer Place and Birchwood Court) and the office sector accounting for €247 million across 12 transactions. Economic indicators for 2025 forecast GDP growth of 10.8% and personal consumption of 2.9%, while the sector breakdown shows residential representing 37% of investment volumes, office 35%, retail 14%, and industrial 13%.

This is a quarterly market report on the office sector in Brussels, Belgium published by CBRE in June 2025.

JLL's H1 2025 review of Belgian commercial real estate reports approximately €1.6 billion in total transaction volume, with industrial real estate reaching €768 million (nearly half the total), office investment at €216 million (the lowest since 2012), and retail at €346 million, while industrial vacancy remains below 3% nationally but occupier demand has weakened across most segments. The document projects 2025 will become the most successful year ever for Belgian industrial real estate investment due to major transactions including the €300 million Weerts portfolio sale to Intervest, while office sector remains subdued despite strong rental rates in Brussels (€400/sq m/year) and office take-up concentrating 75% in Grade A buildings.

Milan's office market recorded 102,000 square meters of absorption in Q1 2025 with a 9.8% vacancy rate and €750/sqm/year prime rent, driven by strong Grade A demand representing 87% of quarterly volume, particularly from legal and IT sectors. Foreign capital accounted for 40% of the €410 million investment volume, with the two largest CBD transactions representing 43% of total investment activity and prime yields holding steady at 4.25% despite a 3% increase in prime rents over the quarter.

The office investment market in Aix-Marseille recorded €78 million in volume during the first quarter of 2026, doubling the volume from the same period the previous year, though remaining 12% below the five-year average for first quarters. The prime office yield has remained stable at 6.00% since the end of 2023, consistent with other regional metropolitan areas such as Lille and Lyon.

This is a market report published by Colliers in March 2026 covering the office sector in Lyon, France for the first quarter of 2026.
The MarketBeat Lisbon Office Q1 2026 report by Cushman & Wakefield covers demand, vacancy, rents, and development trends in the Greater Lisbon office market, finding that leasing activity increased 80% year-over-year to 28,910 square metres across 39 deals, the overall vacancy rate declined to 6.8%, prime rents remained stable except in New Office Areas where they rose to €22.00/sq.m/month, and six new buildings added 41,750 square metres with 286,050 square metres scheduled for delivery over the next three years. The TMT & Utilities sector drove 32% of quarterly demand, and Portugal's economy grew 2.3% in the first quarter, outperforming the Euro Area average.

The first half of 2026 saw €3.1 billion invested in Île-de-France real estate, representing an 18% decline from the first half of 2025 (€3.7 billion) and 34% below the five-year average for similar periods. Prime yields remained stable at 4.00% for office and retail assets, while logistics and industrial properties saw a 10 basis point increase to 4.90% and 5.90% respectively, with the second quarter marking a modest recovery at €1.7 billion invested.

In the second quarter of 2026, 389,300 square meters of office space were marketed in Île-de-France, bringing placed demand to 750,000 square meters for the first half of the year, down 5 percent annually and 18 percent below the five-year average. Prime rents in the region showed resilience but were accompanied by elevated support measures, with the prime rent for the QCA reaching €1,240 per square meter annually, while available supply reached 6.57 million square meters at the end of Q2 2026, up 10 percent year-over-year.

JLL's Q1 2026 study analyzes the office rental market in Marseille, finding that demand fell 36 percent year-over-year to approximately 21,400 square meters commercialized, with 64 lease signatures 28 percent below the five-year average. Available immediate supply increased 23 percent to 218,150 square meters (21 percent in new or regenerated assets), while prime rental rates remained stable at 320 euros per square meter annually in Marseille, 250 euros in Aix-en-Provence city center, and 195 euros in its business park.

Office demand in Île-de-France reached 367,400 square meters in the first quarter of 2026, representing a 15 percent decline year-over-year and an 18 percent decrease compared to the five-year average. The market environment remained constrained, characterized by increased user hesitancy driven by economic uncertainties.

The document analyzes office real estate activity in Lyon and its periphery during the first quarter of 2026, examining supply, placed demand, and transactions across market segments. Key findings show Lyon's office rental market experienced its weakest performance since 2014 with only 31,300 m² leased (a 48% decline versus the ten-year first-quarter average), while immediate supply increased 10% year-over-year to 635,800 m² and the overall vacancy rate reached 8.06%, with several central sectors exceeding 10% vacancy.

This is a market data report published by CBRE on December 31, 2025, presenting figures for real estate investment in Barcelona, Spain during the fourth quarter of 2025, covering the capital markets and office sectors.

The REview Bureaux Île-de-France T4 2025 report covers the Île-de-France office market for the fourth quarter of 2025, documenting 1.6 million square meters of demand placed over the full year 2025. Tertiary investment in the region reached 5.6 billion euros in 2025, representing a 57 percent increase year-over-year.

The Cushman & Wakefield MarketBeat report for Lisbon's office market in Q4 2025 documents office demand, completions, vacancy rates, and rental trends across Greater Lisbon's seven submarkets. Year-end 2025 take-up reached 204,240 square meters (down 8% year-over-year), the vacancy rate stood at 7.0%, prime rents in the Central Business District reached €28.00 per square meter per month, and 61,200 square meters were completed in 2025 with 327,860 square meters expected over the next three years.

This is a market report published by CBRE on December 31, 2025, covering the office sector in Lyon, France, with the title indicating analysis of fourth-quarter 2025 figures and characterizing the Lyon market as being in a downcycle phase.

BNP Paribas Real Estate's fourth quarter 2025 market report on Valencia's office sector documents total contracting of 51,489 square meters (down 24.9% year-on-year), average rents of €13.44 per square meter per month (up 3.8% annually), and a global availability rate of 2.36% as of January 2026, with demand shifting away from prime zones (9% share, 0.35% availability) toward decentralized areas (37% share) and periphery (33% share). The report projects approximately 100,000 square meters of high-quality prime office space will be delivered over the next three years to address supply constraints, against a favorable macroeconomic backdrop with forecasted GDP growth of 3% in 2025 and 2.5% in 2026.

This is a market report published by Colliers in December 2025 covering the commercial real estate market in Lyon, France, with focus on office space and investment activity. The report provides a market overview (bilan) for the Lyon office and investment sectors in 2025.

This is a data figures report published by CBRE on December 31, 2025, covering office sector metrics for the Aix-Marseille region in France.

Barcelona's office market recorded approximately 120,000 square meters of contracted space in the third quarter of 2025, positioning it to reach 350,000 square meters annually, with vacancy declining to 10.65% and average rents reaching a historic peak of 19.80 euros per square meter per month. Large-scale transactions exceeding 5,000 square meters represented 5.4% of demand, flex operators expanded to comprise 10.6% of total absorption, and investment volume reached approximately 580 million euros, with the Prime CBD yield remaining stable at 4.75%.

This is an office sector data and figures report for the Aix-Marseille region in France, published by CBRE in the third quarter of 2025.

Madrid's office market in Q3 2025 recorded a vacancy rate of 8.61% with prime rent at €42.50/sq m/month and quarterly take-up of 104,000 sq m across 87 new contracts, driven by strong demand for quality A/B-rated buildings and flexible assets in strategic locations. The document projects that office take-up will return to forecasted levels exceeding 500,000 sq m for the full year, with continued pressure on rents in the CBD expected to reach €42.50/sq m/month by year-end, supported by the recovery momentum and importance of corporate deal activity.

This JLL report analyzes Barcelona's office market in Q2 2025, covering leasing activity that reached 152,932 sq.m. in the first half of the year—11% below the prior year but 30% above the previous quarter—with the 22@ district accounting for 38% of demand and major tenants including Deloitte (14,100 sq.m.), AstraZeneca (5,403 sq.m.), and CrowdStrike (5,027 sq.m.). The document notes that 66% of investment deals in the first half were Core and Core+ assets, reflecting investor preference for prime well-located properties.

Madrid's office market absorbed 292,904 square meters of space in the first half of 2025, representing 15% year-on-year growth, with the CBD and decentralized areas along the A-1 corridor accounting for 80% of demand through transactions including a construction company's 4,314 sq.m. lease at Foresta 8 and an energy company's 6,533 sq.m. acquisition at Serrano Galvache 56. Investment activity recovered substantially with 81% of total investment volume closed in the second quarter of 2025.

The Knight Frank study examines the Greater Lyon office market in the first half of 2025, finding approximately 100,000 square meters of space leased over six months as the market enters a stabilization phase following 2024's slowdown. Demand is increasingly polarized between prime-quality buildings and struggling secondary assets, with activity remaining below historical averages amid ongoing economic fragility.

JLL's second-quarter 2025 analysis of the Aix-Marseille commercial real estate market reports that the tertiary leasing market showed resilience with 64,347 square meters of placed demand (up 13 percent year-over-year but down 10 percent from the five-year average), though transaction numbers fell to 134, while the investment market contracted sharply to 68 million euros (down 47 percent from the first half of 2024). The Aix region outperformed Marseille in leasing activity with 60 percent of metro demand, driven by new construction and large-user tenants, while Marseille's office market declined 16 percent year-over-year due to limited quality supply and reduced activity in the Euromed business district.

During the second quarter of 2025, Barcelona's office market recorded approximately 95,600 square meters of lettings, representing a 66% increase from the first quarter and a 40% year-on-year rise, with notable transactions including Deloitte's 14,100 square meter lease in the Centro Ciudad zone and the Barcelona municipal government's 8,400 square meter agreement in the 22@ district. The average rent across the market reached 18.35 euros per square meter per month, a 3% increase from the previous quarter, while the availability rate declined to 11.67% due to strong absorption and the absence of major new supply additions to the market.

This is a market data report published by CBRE on June 30, 2025, presenting office sector figures for the second quarter of 2025 in Barcelona, Spain.

Madrid's office market achieved 147,000 sq m of take-up in Q2 2025 across 107 deals (25% higher than the same period in 2024), with the vacancy rate at 8.84% and prime rent reaching €42.50/sq m/month, driven by strong demand for high-specification A/B+ buildings that account for approximately 70% of transactions. Investment in the office segment exceeded €1 billion in the first half of 2025 (40% higher than all of 2024), with Madrid receiving approximately €500 million, while prime yields softened to 4.3% due to dynamic take-up levels and increased Core investor appetite for stable cash-flow properties.

This is a market report published by CBRE in March 2026 covering the office sector in Frankfurt, Germany.

BNP Paribas Real Estate's Q1 2026 review of Cologne's office market reports floor turnover of 45,000 square meters, down 33 percent year-over-year and 24 percent below the long-term average, attributed to challenging macroeconomic conditions and prolonged leasing processes. Prime rents remained stable at 33.50 euros per square meter while average rents rose 3.9 percent year-over-year to 21.40 euros per square meter, with vacancy increasing to 515,000 square meters (6.5 percent of total stock) and pre-leasing of new construction at a high 73 percent, though market activity is expected to recover through the remainder of 2026 given numerous large tenant inquiries in process.

BNP Paribas Real Estate's Q1 2026 Hamburg office market review reports office take-up of 91,000 sqm (down 18% year-over-year) amid challenging economic conditions, with prime rents rising 8.3% to €39.00/sqm as demand concentrates on high-specification space in prime locations like the City, City South, and HafenCity. Vacant space increased marginally to 942,000 sqm (6.4% vacancy rate), with transport and logistics accounting for nearly 22% of take-up led by MSC's 13,000 sqm headquarters relocation, while the outlook notes continued upward pressure on prime rents with the €40/sqm threshold potentially achievable in coming quarters.

The document is a webpage listing BNP Paribas Real Estate's market reports on Munich's investment market, providing quarterly analyses from 2020 through Q1 2026. The page itself contains navigation menus and contact information but does not provide the actual substantive findings of the Q1 2026 report, as the specific transaction volume and key conclusions for that quarter are truncated in the provided text.

Berlin's office market recorded 146,000 sqm of take-up in Q1 2026, representing a 42% year-on-year increase and the largest growth among German A-location office markets, driven primarily by six large lease agreements of 5,000 sqm or more compared to only one in the prior-year quarter. Take-up of modern office space more than doubled, with prime submarkets Mitte, Municipal Area South, and Europacity leading activity, and prime rents reaching or exceeding €50/sqm in select premium properties while €47/sqm remained the primary market benchmark.

JLL's Q1 2026 Bristol Office Market Dynamics report analyzes office real estate conditions in Bristol, documenting take-up of 160,400 sq.ft., prime rent of £52.00 per sq.ft., overall vacancy at 5.0%, and Grade A vacancy declining to 2.8% from 3.0% in the prior quarter. The report attributes market conditions to steady occupier demand alongside constrained supply and a limited development pipeline, with further upward pressure on prime rents expected due to scarcity of high-quality space.

JLL's Q1 2026 research report on Cologne's office market documents a subdued start to the year with take-up of 40,400 sq.m., down 43% year-on-year and 38% below the five-year average, driven primarily by the absence of large-volume transactions and tenants postponing relocation decisions. The vacancy rate rose to 5.1% with 407,700 sq.m. available, prime rent remained stable at €32.50/sq.m./month while weighted average rent declined 10% year-on-year to €19.80/sq.m./month, and JLL forecasts full-year 2026 take-up of approximately 230,000 sq.m. with continued slight vacancy rate increases and moderate prime rent growth anticipated.

BNP Paribas Real Estate reports that Cologne's commercial real estate investment market achieved approximately €256 million in transaction volume during Q1 2026, a 195% increase year-over-year, with office assets dominating at 79.3% of activity and the highest transaction volume since 2022. Top-tier net yields remained stable at 4.40% for office properties and 4.50% for logistics, while retail yields increased modestly to 4.00%, and the analysis identifies geopolitical uncertainty as a key risk factor for market continuation in subsequent quarters.

Glasgow's office market achieved Q1 2026 take-up of 139,900 sq.ft., driven by major deals from Shawbrook, Tesco, and Centrica, with prime rents holding at £41.50 per sq.ft. despite supply constraints and no space currently under construction, though rent uplifts are anticipated for the remainder of the year.

This is a market report published by Knight Frank at the end of 2025 covering the office sector in the Greater Paris Region. The report presents Q4 2025 findings for the Paris office market in France.

Stuttgart's investment market recorded approximately €630 million in commercial investment volume for 2025, representing a 14% year-on-year increase, with the fourth quarter accounting for around 39% of the annual total. Office yields remained constant at 4.40%, logistics yields increased 25 basis points to 4.50%, and prime retail yields rose 10 basis points to 3.95%.

This is a market report published by Colliers on December 31, 2025, covering office leasing and investment activity in Frankfurt during the fourth quarter of 2025. The report addresses both capital markets and office sector conditions in Frankfurt, Germany.

Bristol's office market achieved 604,119 square feet of take-up across 110 transactions in 2025, representing 37% growth over 2024 and 16% above the five-year average, with Grade A and Prime space accounting for 54% of total take-up. Prime headline rent reached £50 per square foot in 2025, a 2% increase, while total availability fell to 1.14 million square feet with a vacancy rate of 8.8%, and the Insurance & Financial sector led activity with 147,507 square feet leased across 14 transactions.

This is a data and figures report published by CBRE on December 31, 2025, presenting office sector statistics and metrics for the Greater Paris region in France for the fourth quarter of 2025.
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This is a market report published by Savills at the end of 2025 covering the office letting market in Cologne, Germany during the fourth quarter of 2025.

The BNP Paribas Real Estate Q4 2025 office market review for Düsseldorf analyzes a weak year marked by 218,000 m² in transaction volume (down 0.9% year-over-year and 18% below the five-year average), with prime rents rising 5.7% to €46/m² and average rents increasing 5.3% to €20/m², while the market is characterized by a strong focus on small-to-medium spaces (86% under 5,000 m²) and a vacancy rate of 12.7% (the highest in Germany), driven primarily by demand from consulting firms (19.4% market share). The report notes that premium modern office space remains scarce despite rising vacancy, with only 4,000 m² of new build-to-suit available in top locations, and forecasts continued modest recovery dependent on slow economic improvement.

According to Cushman & Wakefield's analysis, the Düsseldorf office market (including Neuss and Ratingen) recorded 212,300 m² of space take-up in 2025, representing a 5% decline from the previous year and 21% below the five-year average, with no year-end rally materializing in Q4 at 50,300 m². Prime rents remained stable at €46.00/m² in Q4 2025 but rose 5.7% over the full year, while vacancy rates increased to 11% (1.05 million m²) at year-end, driven primarily by new completions with only 46% pre-letting rates and structural workplace trends such as desk-sharing and flexible work concepts.

Manchester's office market demonstrates resilience driven by Professional Services, Tech, and Education sectors, with the TMT sector accounting for 50% of graduate retention and dominating take-up, while the Education sector transacted 70,000 sq ft year-to-date in 2025. Savills forecasts the top achieved rent of £45 per sq ft could rise to £52 per sq ft by end of 2026 (16% growth), with 75% of office space expected over the next three years coming from refurbished stock as new-build activity remains constrained at 318,000 sq ft currently under construction.

Cologne's office market recorded 250,000 square meters of space transactions in 2025, representing a 10.1 percent increase year-over-year but approximately 15 percent below the ten-year average of 292,700 square meters, though performing better than other major German office markets. Prime rents remained stable at 33.50 euros per square meter while average rents increased slightly to 19.00 euros per square meter, with public administration and miscellaneous services accounting for nearly 30 percent and 22 percent of market activity respectively, while overall vacancy rose significantly by 27.4 percent to 497,000 square meters.

The Knight Frank UK Cities 2025 Office Market Annual Review examines leasing and investment activity across ten regional UK office markets, reporting that annual take-up reached 5.0 million sq ft with Q4 delivering the strongest quarterly performance, while Grade A space accounted for 61% of all transactions amid persistent flight to quality. Investment volumes totaled £916 million for the year, 28% below 2024 levels, though momentum strengthened in Q4 with £291 million transacted, and prime yields across regional cities ranged from 6.50% in Edinburgh to 10.00% in Aberdeen, offering substantial premiums to London benchmarks.

Cushman & Wakefield's MarketBeat report on Cologne's office market for Q3 2025 found cumulative take-up of 164,800 m² in the first nine months—4% above the prior year but 21% below the 10-year average—driven by large lettings from Jobcenter (32,000 m²) and mid-sized deals, with the market forecast to reach approximately 200,000 m² by year-end. The vacancy rate increased to 5.5%, prime rent remained stable at €34.00/m²/month, and weighted average rent rose to €22.60/m²/month, reflecting ongoing "flight to quality" toward modern, ESG-compliant spaces with good city-center connectivity.

Central London office take-up totalled 1.95 million sq ft in Q3 2025, down 21% on the 10-year average with Grade A accounting for 70% of quarterly leasing, while availability decreased to 27.79 million sq ft, remaining 46% above the 10-year average. The market faces a supply shortage in core locations as Grade A availability in core submarkets is projected to fall below 1.0 year's supply from 2026 onwards, with 7.18 million sq ft under construction expected to deliver by 2030, creating a significant imbalance between supply and demand over the medium term.

This is a quarterly data report on the Edinburgh office market published by Savills in September 2025, presenting occupational office figures for the third quarter of 2025.

By the end of Q3 2025, Düsseldorf's office market recorded take-up of approximately 149,000 sqm in the city area, representing a 3% decline year-over-year and 37% below the long-term average of 247,000 sqm, with the market characterized by a shortage of large-scale lettings and strong activity in smaller spaces of up to 5,000 sqm. Prime rents in the city centre reached a record €46.00/sqm (6% higher than the prior year), while average rents stood at €19.90/sqm (a 5% year-on-year increase), driven by limited modern office space availability in prime central locations.

This is a market report published by Colliers in September 2025 covering office leasing and investment activity in Frankfurt, Germany during the third quarter of 2025.

During Q1–Q3 2025, Bristol office take-up totalled 439,420 square feet across 78 transactions, with Grade A and Prime space comprising 61% of activity and rents reaching £50 per square foot, up 2% from the prior quarter. Supply at end-Q3 stood at 1.3 million square feet with a 10.5% vacancy rate, while the Insurance & Financial Services sector led demand with 130,352 square feet leased, followed by Property Company, Development & Construction at 71,114 square feet.

Düsseldorf office take-up in Q3 2025 reached 58,900 m² (a 7.1% increase year-over-year), but large-scale leases above 5,000 m² were absent, with cumulative nine-month take-up 18% below the five-year average. Prime rents rose to €46.00/m² (up 2.2% quarterly), while office vacancy increased to 10.8% (1.02 million m²), with demand concentrating on modern, ESG-compliant space in central locations while older peripheral stock faced higher vacancy pressure.