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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.

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.

Berlin's office market recorded 146,000 square meters of take-up in Q1 2026, a 42% year-on-year increase representing the highest growth among top German office markets, driven by six large lease agreements of 5,000 square meters or more compared to only one in the prior-year period. Prime rents stood at €47 per square meter with a 9.1% vacancy rate, while ICT firms and industrial headquarters collectively accounted for nearly half of total market activity, with major tenants including Strabag, 50Hertz, Wolt, Snowflake, and Doctolib.
Cushman & Wakefield reports that Hamburg's office leasing market recorded 100,400 sq m of take-up in Q1 2026, approximately 9 percent below the prior year, while the number of transactions increased 40 percent year-on-year to 140 deals, reflecting highly fragmented demand dominated by small and medium-sized units. Prime rent remained stable at €37.00 per sq m, the weighted average rent declined marginally to €21.85 per sq m, and the vacancy rate rose to 6.6 percent by quarter-end.

This is a quarterly data report published by CBRE on March 31, 2026, presenting office market figures for Lisbon, Portugal in the first quarter of 2026.
The Q1 2026 MarketBeat report covers Spain's office sector in Madrid and Barcelona, analyzing leasing activity, availability, rents, and investment trends across both markets. Key findings state that Madrid and Barcelona entered 2026 with resilient office demand despite limited space availability, with quality Grade A and B+ buildings driving the market, declining availability putting pressure on prime stock, prime rents maintaining upward trends, and renewed investment interest focused on core and core-plus prime assets in established locations.

Germany's commercial real estate investment market recorded €8.9 billion in transaction volume during Q1 2026, a 12 percent increase year-over-year, driven primarily by single-asset deals outside the seven major metropolitan areas while yields remained stable despite rising government bond yields compressing risk premiums. The document attributes this modest positive momentum to improved economic conditions compared to 2022, broader investor participation across asset classes (led by Living at 28 percent of volume), and ongoing deal completion from transactions initiated in 2025, though geopolitical tensions and rising financing costs have created cautious sentiment among some market participants.
BNP Paribas Real Estate's first-quarter 2026 Barcelona office market report documents total availability at 11.95%, with absorption of 72,312 square meters across 61 transactions and average rents at 19.45 euros per square meter monthly, rising 4.3% year-over-year. The report projects 2026 gross absorption of approximately 315,000 square meters with a 5% increase in contracting activity, against a Spanish GDP growth forecast of 2.3%.

French commercial real estate investment volumes reached 1.94 billion euros in the first quarter of 2026, representing a 47 percent decline from the same period in 2025 and the lowest level since 2010, driven by political instability in late 2025 and geopolitical tensions in Iran that dampened investor confidence. Across asset classes, offices recorded 711 million euros, retail 895 million euros, and logistics 225 million euros, with the report noting that price adjustments by sellers and approaching refinancing deadlines are necessary conditions for market normalization, while bond market volatility reaching levels unseen since 2022 is expected to have full impact on investment volumes only in the second half of 2026.

Munich's office market achieved approximately 581,000 square meters of take-up in 2025, representing a slight 4% decline from 2024's 606,000 square meters, though the final quarter registered 173,000 square meters, the strongest quarterly result since Q3 2022. Demand distributed evenly across all size segments with Centre Fringe East and City Centre as leading zones, while premium office rents reached €58.00 per square meter amid a low 3.4% vacancy rate in the city center.

Munich's investment market achieved €2.56 billion in transaction volume during 2025, with 44% or €1.1 billion concentrated in the fourth quarter, driven largely by two major Signa property sales (Oberpollinger and Corbinian); small and medium-sized deals under €100 million increased 15% compared to 2024 and reached €1.4 billion. Prime yields shifted modestly, with logistics assets rising 25 basis points to 4.50%, while retail high street and office sectors remained flat at 3.45% and 4.20% respectively.

Berlin's office market recorded 486,000 square meters of total transaction volume in Q4 2025, down 16 percent year-over-year, with large contracts above 5,000 square meters declining 71 percent while smaller deals up to 5,000 square meters increased 17 percent. Vacancy rose to 1.93 million square meters (8.9 percent vacancy rate) over the 12-month period, prime rents increased 4 percent to 47 euros per square meter, and top-performing submarkets were Mitte, Charlottenburg/Tiergarten, and Kreuzberg/Neukölln, with the market dominated by smaller, premium-quality spaces in city-center locations.

Milan's office market achieved 401,000 square meters of take-up in 2025 with a 6% year-on-year increase and 352 occupier transactions, ending two years of contraction, while Grade A/A+ premises represented 79% of total take-up. Prime office rents surged 11% in Q4 2025 to €800 per square meter per year in CBD Duomo and €760 in CBD Porta Nuova, though the overall vacancy rate edged up to 10.1% with CBD submarkets maintaining tight availability at 3.2% average vacancy.

This Cushman & Wakefield market report covers the Ile-de-France office market in Q4 2025, documenting economic conditions, office demand, pricing, and supply across the Paris metropolitan region. Key findings include: France's 2025 GDP growth revised upward to 0.9%, but office demand in Ile-de-France reached its lowest level since 2002 at 1.64 million square meters (down 9% year-over-year), while immediate office supply doubled to 6.247 million square meters over six years with a 10.7% vacancy rate, and prime office rents in Paris's central business district accelerated to a historical €1,250/m²/year while secondary market rents declined across most sectors.

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.

French corporate real estate investment reached 13.7 billion euros in 2025, representing an 8% increase from 2024, with offices accounting for 50% of total investment volumes while political and economic uncertainty constrains broader market recovery. The document projects investment growth of approximately 10% annually over 2026-2027, reaching 15 billion euros in 2026 and 17 billion in 2027, contingent on downward adjustments in asset valuations and clarification of fiscal policy following upcoming elections.

Madrid's office market recorded take-up of 147,500 square meters in Q4 2025, with annual 2025 take-up around 530,000 square meters in line with pre-Covid levels, while prime rent closed at €43/sqm/month with expected continued increases in 2026 due to limited high-quality supply. Spain's total office investment in 2025 reached approximately €2.4 billion, with Madrid accounting for 67% and Barcelona 28%, though nearly €500 million involved conversions to residential or tourism use, predominantly in Madrid.

Munich's office market showed strong third-quarter 2025 performance with space take-up of approximately 140,800 square meters, up 15 percent from the prior quarter, though year-to-date take-up of 401,600 square meters was 9 percent below the same 2024 period. Prime rents reached €55.00 per square meter (up 5.8 percent year-over-year) while the vacancy rate declined slightly to 8.1 percent, with demand for high-quality central locations remaining robust despite rental prices approaching €70.00 per square meter at maximum levels.

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

This is the 45th edition of Cushman & Wakefield's MarketBeat Portugal report, covering economic forecasts and commercial real estate sector analysis for autumn 2025. The document presents Moody's Analytics forecasts indicating moderate Portuguese economic growth of 1.7% GDP in 2025, with private consumption rising 2.9%, investment growing 5.3%, inflation at 2.4%, and unemployment declining to 6.1%, while longer-term projections (2026–2027) show continued gradual acceleration with GDP growth of 2.0–2.1% and unemployment falling to 5.2% by 2027.

This is a market report published by Colliers in June 2025 providing a snapshot of office sector conditions in Lisbon and Porto, Portugal.

The Cushman & Wakefield Lisbon Office MarketBeat Q2 2025 report covers the Greater Lisbon office market, documenting take-up of 83,840 square meters in the first semester of 2025 (a 34 percent year-on-year decline), with the vacancy rate at 7.4 percent and prime rent stable at €29.00 per square meter per month in the Prime Central Business District. The report projects Portuguese GDP growth of 1.7 percent in 2025 followed by acceleration to 2.6 percent in 2026, and highlights that the largest transaction of Q2 2025 was Banco de Portugal's acquisition of a 32,000 square meter building at Entrecampos for future headquarters.

Berlin's real estate investment market recorded €986 million in transaction volume during Q1 2025, representing a 116% increase compared to Q1 2024, with the market regaining its top position nationally from Munich; the surge was driven largely by the €400 million-plus sale of the Upper West to the Schoeller Group family office, supplemented by increased activity in medium-sized transactions. Net prime yields remained stable at 4.25% for office and logistics properties and 3.70% for premium retail, with office properties dominating 67.5% of investment volume and central locations accounting for 78.8% of transactions.

Frankfurt's office market recorded 194,600 square meters of take-up in Q1 2025, exceeding the five-year average by 124% and the ten-year average by 92%, driven primarily by two major financial institution lettings totaling 105,000 square meters. The vacancy rate rose to 10.8% (1.3 million square meters) despite record take-up, prime rent increased to €50.00 per square meter per month, and Cushman & Wakefield forecasts full-year 2025 take-up of around 400,000 square meters with prime rent expected to reach €52.00 per square meter per month by year-end.

The Cushman & Wakefield MarketBeat report on Paris office space in first quarter 2025 examines office market activity in Île-de-France, documenting 419,200 square meters of leasing volume across 660 transactions, representing a 6 percent decline year-over-year and marking the third-weakest start to a year in the past decade. Key market findings show immediate office availability reached 5.8 million square meters (an all-time high), the overall vacancy rate stood at 10 percent, and prime office rents averaged 1,154 euros per square meter annually, with geographic variation including improved activity at Paris QCA and La Défense while peripheral markets experienced elevated vacancy rates above 15 percent.

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.

The Cushman & Wakefield Sweden MarketBeat report for Q4 2025 documents that Swedish commercial real estate investment volume reached SEK 61.5 billion in Q4, nearly flat year-over-year, with full-year 2025 volume totaling SEK 171.2 billion (a 26% increase versus 2024), driven by robust domestic and Nordic investor appetite and led by residential sector activity at 22% of transaction volume. The Swedish economy has entered a recovery phase supported by expansionary fiscal measures, with GDP growth at 2.6% year-over-year in Q3 2025, unemployment at 8.2%, and prime yields stable across most segments at or near 3.85–4.85%, signaling sustained investor confidence despite elevated but declining unemployment expectations.

Cushman & Wakefield's Sweden Office Q4 2025 MarketBeat report tracks office market conditions across Stockholm, Gothenburg, and Malmö, reporting full-year 2025 completions of 124,000 sq m with an under-construction pipeline of 372,000 sq m and expecting approximately 130,000 sq m of deliveries in 2026. The report shows Stockholm CBD vacancy at 7.5% with prime rent stable at SEK 9,800/sq m and prime yield at 3.85%, while Gothenburg CBD vacancy remained stable at 15.0% with prime rent increasing to SEK 4,500/sq m, and Malmö CBD vacancy rose to 10.0% with prime rent stable at SEK 3,700/sq m.

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.

This Knight Frank publication surveys Kraków's real estate market across office, retail, warehouse, hotel, residential, and investment sectors as of 2025. The office market section reports that Kraków holds 1.83 million square meters of office stock with a 19% vacancy rate, achieved 267,000 square meters in leasing demand in 2024 (the highest among Polish regional cities), and has 52,000 square meters under construction, with Class A rents ranging from EUR 14–18 per square meter per month.
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.

Colliers' Q1 2026 City Survey covers the Düsseldorf office and German industrial/logistics letting markets, reporting that office take-up across Germany's top seven markets totaled 613,500 sqm (down 14% year-over-year) with mixed performance by city, while the industrial and logistics sector recorded 1.5 million sqm of take-up (up 19% year-over-year) driven by increased large deals and growing Asian user presence. The office market faced weakness in the mid-sized segment and rising vacancy rates to 8.7%, while premium rents remained stable to rising; industrial and logistics markets saw 4% average rent growth and improved sentiment particularly in the big box sector.

The Lyon office investment market recorded €108 million in transaction volume during the first quarter of 2026, representing a 29% decline from the same period in 2025 and a 56% decline compared to the five-year average for first quarters. Prime yield rates remained stable, ranging from 5.50% to 5.75% for office space and 4.80% for logistics.

Cologne's office market recorded 45,000 sqm of take-up in Q1 2026, representing a 33% year-on-year decline and 24% below the long-term average, amid a challenging macroeconomic environment characterized by subdued activity and fragmented contract structure. Prime rent remained stable at €33.50 per sqm while average rent increased 3.9% year-on-year to €21.40 per sqm, with total vacant space rising to 515,000 sqm at a 6.5% vacancy rate, though modern vacancy declined to 115,000 sqm with a high pre-letting rate of 73% on 190,000 sqm of space under construction.

The document reports on the office real estate market in the Lyon metropolitan area for the first quarter of 2026, showing 30,898 square meters placed across 99 transactions with a 32% volume decline and 13% transaction decline compared to Q1 2025. Key findings indicate rental transactions dominated at 89% of activity, the new and restructured segment fell to 25% of placements, average transaction size decreased to 312 square meters, prime rental rates held steady at 380 euros per meter, and vacancy rates stood at 8.2% for the agglomeration and 8.4% for inner Lyon.

The Cologne commercial real estate investment market recorded €256 million in transaction volume during Q1 2026, representing a 194.9% increase year-over-year, with office properties dominating at 79.3% of total investment and the City Centre accounting for 52.4% of activity. Net prime yields remained stable for office assets at 4.40%, while retail high-street properties increased to 4.00% (+10 basis points) and logistics rose to 4.50% (+25 basis points) compared to Q1 2025.

This is a market report published by JLL in March 2026 covering office sector dynamics in Rotterdam, Netherlands during the first quarter of 2026.

Lyon's office rental market experienced historically low activity in the first quarter of 2026, with only 31,335 m² marketed and demand falling 32% year-over-year to its lowest level since 2015, while immediate supply rose 20% to 617,763 m² and vacancy reached 7.9%. Prime rental rates for regenerated assets in the 6th arrondissement held at 380 €/m²/year, while secondary market space averaged 186 €/m², with secondary stock comprising 71% of available supply.

The document presents a 2025 market overview of the Luxembourg office sector, showing office take-up of 179,500 square meters, representing a 34% increase compared to 2024 and a 4% decrease versus the 2020-2024 average. The occupier market recorded 186 transactions in 2025 with an average transaction size of 965 square meters and a median of 322 square meters, with 75% of transactions involving spaces smaller than 1,000 square meters, and the largest deal being JP Morgan's letting of 13,975 square meters at The Waves building in Kirchberg.

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.

Cushman & Wakefield's MarketBeat report for Luxembourg's office market in Q4 2025 covers economic indicators, take-up activity, rental rates, vacancy, and investment volumes, finding that annual take-up reached 179,000 sq m (23% below the ten-year average) with 65% concentrated in grade A buildings, while the market showed stable prime rents at €54/sq m/month in the CBD and a 5.20% overall vacancy rate. Key economic projections include GDP growth of 0.57% in 2025 with expectations to strengthen to 2.29% in 2026, HICP inflation at 3.3% in December 2025, and investment volume of €333 million across 10 deals for the full year.

Regional office real estate in France contracted by 9% in 2025 to 1.28 million square meters commercialized, with regions maintaining 44% of national volumes, though performance varied significantly by city with Lyon leading at 186,000 m² despite a 21% decline, while investment volumes fell 6% to 7.1 billion euros with office investment at 1.5 billion euros. Prime rental rates remained stable or progressed in most major regional metros, secondhand space dominated at 74% of leasing volumes, and REITs increased their presence to 34% of office investment while SCPIs declined to 27%.
The Cologne office leasing market achieved 230,100 square meters of annual turnover in 2025, approximately 5 percent above the previous year's 218,200 square meters, driven by a strong fourth quarter that recorded 65,300 square meters. The top rent remained stable at 33.00 euros per square meter while average rents rose to 20.60 euros per square meter (an 8 percent increase from Q4 2024), and the vacancy rate increased to 5.5 percent by December 2025 from 4.8 percent in Q4 2024, though this remained below the level of top-5 markets.

This is a market report published by CBRE in December 2025 covering the office sector in Vienna, Austria.

The 2025 market study by Brice Robert Arthur Loyd covers the commercial real estate market in Lyon and its metropolitan area across offices, activity spaces, logistics, and investment sectors. In 2025, the office market recorded 184,590 m² of placed demand across 449 transactions with a 7.7% vacancy rate, while the activity spaces market rebounded with 276,466 m² placed (up 7%) and 320 transactions, with the Grand Est zone dominating at 57% of volumes.

This is a data report published by CBRE on December 31, 2025, presenting office market figures for the fourth quarter of 2025 in Stockholm's central business district. The report covers the office sector in Stockholm, Sweden.

This is a market outlook and forecast report published by CBRE on December 31, 2025, covering the Austrian real estate market with focus on Vienna's office, hotel, investment, and data centre sectors. The report addresses capital markets activity and real estate trends across these four property types in Vienna and Austria.

This Cushman & Wakefield MarketBeat report analyzes Luxembourg's office market in Q3 2025, finding year-to-date take-up of 131,000 sq m and investment volume of €188 million amid an economy forecast to grow only 0.93% in 2025 due to weaker global conditions and U.S. tariff uncertainty. The report indicates occupier activity remains 20% below the 10-year average as businesses adopt a cautious stance, though prime rents in the Cloche d'Or district increased from €38 to €40/sq m/month and overall office vacancy stabilized at 5.17% following 78,000 sq m of new completions in Q3.

In the first three quarters of 2025, Düsseldorf's investment market recorded €766 million in investment volume, matching the previous year but remaining 55% below the 10-year average of €1.7 billion, with the market ranking fourth among A-cities behind Berlin, Munich, and Hamburg. Net prime yields stood at 4.50% for office properties, 3.95% for inner-city retail, and 4.40% for logistics properties, with no transactions exceeding €100 million recorded so far in the year.

This document analyzes Luxembourg's office market for the first nine months of 2025, reporting that office take-up reached 128,600 square meters, representing a 42 percent increase compared to the same period in 2024 and a 5 percent rise above the 2020-2024 average. The report notes that despite a Q3 slowdown, the market recorded 137 transactions across nine months, with 80 percent involving spaces smaller than 1,000 square meters, and identifies JP Morgan's 13,975 square meter lease at The Waves in Kirchberg as the largest deal.

In the third quarter of 2025, France's regional office market posted 628,000 square meters of transactions across seven major metropolitan areas, representing a 5% quarterly decline and a 21% fall below the ten-year average, with Lyon leading at 135,000 square meters despite a 17% annual decrease. Investment in regional commercial real estate totaled 4.4 billion euros over the first nine months of 2025, down 16% year-on-year, with office assets representing 700 million euros (16% of the total) and experiencing a 38% decline, while logistics dominated at 39% of invested volumes.

Luxembourg's office occupational market recorded take-up of 60,975 square meters in Q2 2025, marking one of the strongest quarters since early 2023, driven by large corporate demand for Grade A, ESG-compliant buildings, while prime rents remained stable at €54/sq m/month despite strong activity and vacancy held steady at 5.10% for the first time in several quarters. The investment market recorded modest recovery with €127 million in Q2 transactions, bringing H1 2025 cumulative investment to €158 million significantly below the five-year H1 average of €380 million, with prime yields adjusted downward to 4.90% reflecting cautiously improving sentiment for core assets.

This is a market report published by Colliers in June 2025 providing a snapshot of the property market in Edinburgh, Scotland, as of August 2025. The report covers capital markets, office, retail, and industrial sectors across 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.

Cologne's office leasing market achieved 206,000 m² in space volume during 2024, remaining near prior-year levels, with the vacancy rate rising 90 basis points to 3.8% and top rents declining 7% to €31.50/m² due to shortage of premium stock. The commercial investment market recorded €1.01 billion in transaction volume, up 62% year-over-year, driven primarily by two major acquisitions by the City of Cologne including the Rossio office building, with mixed-use properties representing the largest asset class at €385 million and public entities accounting for 65% of buyer volume.
Rotterdam recorded the strongest office rental growth in Europe at 28.3% year-on-year, driven by competition for high-quality space among large occupiers and demand for sustainable buildings, according to Cushman & Wakefield's DNA of Real Estate report tracking 43 European cities. Across the Netherlands, Amsterdam Schiphol logistics rents grew 11.1% year-on-year, retail rents increased 2.0% in Amsterdam and 6.3% in Rotterdam and The Hague, and European office rents averaged 5.4% annual growth with the Benelux region leading at 8.2%.

Düsseldorf's office market recorded take-up of approximately 220,000 sqm in 2024, representing a 21% decline from 2023 due to slow economic recovery, though small spaces up to 2,000 sqm increased by 3% while large contracts exceeding 2,000 sqm fell 49%. Prime rents reached €43.50 per sqm (up 9% year-over-year) and average rents stood at €18.90 per sqm, with vacancy rising to 11.5% overall (though only 8.6% in the city center) and consultancies leading sector demand at 19% of take-up, while the absence of major deals above 10,000 sqm reflected challenging economic conditions despite stable contract numbers compared to the prior year.

Zurich's office vacancy rate declined marginally to 5.2% in Q1 2026 from 5.3% in the previous quarter, with uneven vacancy trends across submarkets and a significant decrease in new-build activity alongside property repurposing reducing available office inventory. The document provides summary analysis of Zurich's current office real estate market conditions as of April 2, 2026.