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Prime office rents across the UK's 15 key regional office markets rose by an average of 8.2% in 2025, with the Big Six markets (Birmingham, Bristol, Edinburgh, Glasgow, Leeds, and Manchester) experiencing stronger growth of 10.2%, driven by limited supply of high-quality space and strong occupier demand. Investment activity remained subdued at £938 million through Q3 2025, level with the prior year, though sentiment improved and sentiment indicators point to recovery expected in 2026 supported by high-profile asset disposals and improved financing conditions.

The Focus Report Copenhagen 2025 by Colliers covers the commercial property market in Copenhagen across five segments: office, retail, residential, industrial and logistics, providing market insights, historical rent developments, and key transaction data for Denmark's largest urban area of 1.4 million inhabitants. The report's main findings include that the office market shows a bright outlook with expected annual employment growth of 1.45% through 2028 and low vacancy rates around 7% despite construction activity declining 64% between 2021-2024, while the residential rental market remains robust and the industrial and logistics sector shows healthy occupancy with prospects for continued rental growth.
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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.

This is a data report published by CBRE on December 31, 2025, presenting office market figures for Stuttgart, Germany in the second half of 2025.

This is a market report published by Colliers at the end of 2025 providing an overview of the office sector in Italy during the fourth quarter, with Rome identified as a key market representing 28% of office investment activity.

The Colliers Denmark Market Report 2025 analyzes Danish commercial property market trends across six segments (office, residential, retail, industrial and logistics, hotel, and other), reporting a total transaction volume of DKK 52 billion in 2024, up modestly from 2023 but still significantly below historical averages, with residential properties accounting for 50 percent of transactions and Greater Copenhagen comprising 60 percent of all deals. The report identifies signs of market recovery in late 2024, particularly in residential and industrial/logistics segments, expects renewed international investor participation in 2025 as interest rates decline, and notes that despite yield decompression, positive rental growth in Greater Copenhagen delivered a 5.15 percent total return on commercial property in 2024.

This is a market report published by CBRE in September 2025 covering the office sector in Manchester, United Kingdom.

Avison Young's Manchester outlook report assesses the city's real estate market during economic transition marked by rising interest rates, noting that property values have corrected and deal volumes have fallen, though some sectors like Big Box industrial show early recovery signs. The report projects Manchester will outperform the UK on economic growth driven by services and knowledge industries, highlights major office redevelopment schemes attracting major financial institutions, notes a 68% decline in big-box industrial take-up due to economic slowdown and low supply, and identifies Manchester as the second-most active residential investment market after London over the previous decade.

Stuttgart's office rental market recorded slightly below-average space turnover in the first three quarters of 2025 due to lack of large contracts in Q3, though broad tenant demand persisted across all size segments and rental revenue remained near the five-year average, while the vacancy rate rose 120 basis points to 6.6% primarily due to obsolete properties in outer districts, contrasting with sustained rent growth in central City and Innenstadt submarkets for modern, high-quality, ESG-compliant office space. The investment market showed early recovery signs in Q3 2025 with transaction volumes exceeding 80 million euros, driven primarily by private investors and family offices on the buyer side, with mixed-use properties representing the dominant asset class at 66% and a top gross yield of 4.8% for office properties.

This is a market report published by Colliers in September 2025 providing a snapshot of the office sector in Manchester during the third quarter of 2025. The report covers regional office market conditions in this UK location.

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.

UK commercial real estate investment volumes totalled £10.4 billion in Q3 2025, the lowest quarterly figure since Q4 2023, with year-to-date totals of £40 billion representing 3.9% growth over the same period in 2024. The MSCI UK Quarterly Property Index delivered a 1.4% total return for Q3 2025, marking the sixth consecutive positive quarter, with retail posting the strongest performance at 2% quarterly returns and 9.2% annualized returns, while institutional investor activity began showing signs of recovery across multiple sectors.

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.

BNP Paribas Real Estate's H1 2025 Investment Market report for Stuttgart documents commercial real estate transaction activity, finding approximately €183 million invested across the first half of 2025 (€71 million in Q1 and €112 million in Q2), representing 70% below the long-term average despite a marginal 2% year-over-year increase. Logistics assets dominated with 58.4% market share, office investments accounted for 30.6%, prime yields remained stable at 4.40% for office, 4.25% for logistics, and 3.85% for retail, while 69.4% of investment concentration shifted to the periphery driven by logistics deals, with no transactions exceeding €50 million completed.

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.
Dils' Q1 2025 analysis of the Italian real estate market reports total investments of approximately €2.7 billion, a 44% increase versus Q1 2024, with the Hospitality sector leading at €660 million and Logistics at €640 million. Rome's office market recorded take-up of 34,000 sqm with prime rent reaching €610/sqm/year, while Milan's office sector saw 105,000 sqm take-up and stable prime rent at €775/sqm/year, with national prime logistics yields declining to 5.30%.

The report analyzes occupier market trends across four Dutch office markets in 2025: Amsterdam experienced a 14% decline in office take-up to approximately 180,000 sq m, driven by reduced demand for larger spaces and a shift toward units of 200-1,000 sq m, with availability remaining largely unchanged at 990,000 sq m (15.5% of total stock). The Hague saw a notable increase in demand with approximately 104,000 sq m leased (70% higher than 2023), primarily driven by the Central Government Real Estate Agency taking 77,000 sq m, while Rotterdam maintained steady take-up at 87,000 sq m and Utrecht achieved surprisingly strong demand at 115,000 sq m, well above 2023 levels, largely due to major leases from PGGM and De Volksbank.

Stuttgart's office rental market recorded 197,200 square meters in transaction volume during 2024, up 26 percent year-over-year, driven by large lettings exceeding 10,000 square meters and high public sector activity, though vacancy rose to 5.8 percent with divergence between central locations and peripheral districts. The investment market saw commercial transaction volume of 452 million euros in 2024, up 0.7 percent, with mixed-use properties accounting for 48 percent of deals and private investors/family offices representing the largest buyer group at 40 percent.

This is a real estate market outlook report published by CBRE on December 31, 2024, covering investment opportunities and sector performance in Oslo, Norway for 2025, with coverage spanning office, multifamily, retail, and industrial sectors along with capital markets analysis.

This is a market report published by CBRE in March 2026 covering the office sector in Geneva, Switzerland for the first quarter of 2026.

Birmingham's office market recorded take-up of 143,464 sq ft in Q1 2026, with city centre deals totalling 106,724 sq ft across 24 transactions while out-of-town activity generated 36,470 sq ft in 6 deals. Prime rent reached £52 per square foot, representing 12% quarterly growth and 20% annual growth, vacancy remained at 11.4% (down 50 basis points year-on-year), and future supply is constrained with only 155,000 sq ft annually forecast for delivery over 2026–2028 compared to the historical average of 330,000 sq ft.

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.

CRE recovery is intact, but widening dispersion across property types and markets underscores a K-shaped, more uneven path forward.

Record CRE pricing persists despite macro shocks, with a shift toward smaller, older properties at higher valuations.
Chicago's West Loop is one of the most resilient downtown office submarkets, with the lowest vacancy among peers.
The CRE market is no longer waiting for lower rates or policy clarity; it is learning to operate without either.

This is a market data report published by CBRE on March 31, 2026 presenting office sector figures for Krakow, Poland in the first quarter of 2026.

Poland's combined office stock across nine major markets stood at 12.96 million sqm at the end of Q4 2025, with new supply constrained at 109,250 sqm (down 52% year-on-year), while the national vacancy rate declined to 13.1% and leasing activity in Warsaw reached a record 309,850 sqm in Q4, up 7% annually. Poland's economy grew 3.6% in 2025 with unemployment at 5.7%, and development pipelines have shrunk significantly from pre-pandemic levels due to elevated construction costs and weaker leasing demand compared with prior periods.

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

Krakow's 2026 real estate market report by Knight Frank covers office, retail, warehouse, hotel, and residential sectors, presenting market data and trends across Poland's leading regional business center. Key findings include office market take-up reaching a historic high of 269,500 sq m in 2025 with a 18.4% vacancy rate, retail stock at 658,000 sq m with exceptionally low 2.6% vacancy, and warehouse stock exceeding 1.2 million sq m with 2.8% vacancy amid constrained supply.

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.

Prague's office market ended 2025 with a 5.9% vacancy rate and stable prime rents at €30.00 per square meter per month, supported by record-low new supply of 26,600 square meters delivered during the year while 263,300 square meters remained under construction for 2026-2028 completion. Full-year gross take-up totaled 573,200 square meters, 10% below 2024 levels, though the Czech economy continued to recover driven by domestic demand and rising consumption despite cautious corporate hiring in the office sector.

In H1 2025, Poland's office market reached 689,000 sq m in total take-up (up 15% year-on-year), supported by constrained new supply at 343,000 sq m (the lowest in two decades) and a national vacancy rate stabilizing at slightly above 14%, with Warsaw's CBD vacancy falling to 7.1%. Between January 2024 and June 2025, over €2 billion was invested in Polish office assets, with prime Warsaw yields approaching 6% and capital values at EUR 4,500–6,000 per sq m offering significantly lower prices than Western European cities, positioning the market for renewed investor interest as rental growth and yield compression accelerate.

This is a quarterly market report on the Prague office sector published by Colliers in September 2025. The report provides an overview of office market conditions in Prague, Czech Republic.

Knight Frank's Q3 2025 "Strong Cities" report examines Warsaw's city attractiveness, office market performance, and labor market trends, presenting data on the city's investment potential, infrastructure, and economic indicators. Key findings include that Warsaw's office market remains stable with a vacancy rate of 9.7% (lowest in nearly five years), total stock of 6.25 million square meters, and 487,000 square meters leased between January and September 2025, while the Polish labor market has entered a phase of stability with cautious wage growth where only 34% of professionals actively seek new employment and double-digit pay rises are rare outside shortage sectors like finance and IT.

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.

This is a market report published by Colliers on September 30, 2025, providing an investment market overview for Prague and the Czech Republic in the third quarter of 2025. The report covers capital markets activity and investment trends across the multifamily, office, and retail sectors in the Prague market.

Knight Frank's Q3 2025 report on Kraków analyzes the city's investment attractiveness, office market dynamics, and labor market trends, finding that Kraków ranks first in business friendliness and human capital among large European cities in the fDi's 2025 ranking, with a population of 809,200 and an unemployment rate of 2.5%. The office market shows Kraków as Poland's largest regional market with 1.85 million square meters of stock, 204,000 square meters of take-up through September 2025 (up 21% year-on-year), and an 18.6% vacancy rate, while the labor market has stabilized with employers becoming more cautious about pay increases, with only 34% of professionals actively seeking new employment and strong demand concentrated in finance, IT, cybersecurity, and big data roles.

Poland's commercial real estate investment market reached EUR 2.6 billion in total volume during the first three quarters of 2025, representing an 8% year-on-year decline but maintaining over 100 closed deals and signaling anticipated recovery in Q4. The office sector led investment activity with EUR 899 million (34% of total volume), followed by the warehouse sector with EUR 873 million showing 18% year-on-year growth, while Polish domestic capital achieved a record 22% share of total investment originating from Poland, reflecting increased appetite among local investors for commercial real estate.

Knight Frank's H1 2025 report on Krakow assesses the city's investment attractiveness, office market dynamics, and labor market trends. Key findings include Krakow ranking 1st in business friendliness and human capital among large European cities in the fDi's 2025 ranking, with 1.83 million sq m of office stock, record H1 2025 take-up of 172,000 sq m (including nearly 123,000 sq m in Q2 alone), a vacancy rate of 17.3%, and headline rents stable at EUR 10–18 per sq m/month, while an HR perspective section examines EU pay transparency directive implementation challenges beginning December 2025 and notes that 53% of Poland's active real estate agents are women.

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.

In Q2 2025, Warsaw's office market recorded net demand of approximately 63,000 square meters with total transaction volumes of 155,000 square meters, while the vacancy rate stood at 10.8% overall, with 7.8% in central zones and 13.3% outside the city center. New office supply in the first half of 2025 totaled 85,200 square meters, with lease renewals accounting for 59% of leasing activity in Warsaw during the quarter.

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.

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

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.
Luxembourg's retail market closed 2025 with full-year take-up reaching 24,360 sq m across 57 transactions, an improvement on 2024 but below the 10-year average. Investment activity was highly concentrated with just two transactions totaling €188 million, both involving disposals by Nextensa. Prime rents held steady across all segments with yields stable at 4.50% for high street, 6.00% for out-of-town, and 6.25% for shopping centres, while GDP growth is projected to strengthen to 2.29% in 2026.

This is a first-quarter 2026 office market data report for Vienna published by CBRE, presenting figures and metrics for the Austrian capital's office sector.

Prime office rents in Stockholm's CBD reached SEK 9,800/sqm/year in Q1 2026, up 3.2% year-on-year, while the overall vacancy rate rose to 15.9% (up 1.5 percentage points), with peripheral areas such as Kista experiencing significantly higher vacancy at 35.9%. New office supply is constrained, with completions averaging around 80,000 sqm annually through 2028 and approximately two-thirds of upcoming deliveries already pre-let.

Luxembourg's office market in Q1 2026 experienced a sharp 37% year-on-year drop in take-up to 24,779 square meters due to geopolitical tensions, with vacancy improving to 3.6% and prime CBD rents holding steady at €54/sq.m./month while citywide average rents reached €35.6/sq.m./month. Investment activity remained limited with only one major deal—the State's acquisition of Edison 2 for redevelopment into a European school—though the outlook indicates continued rental growth driven by inflation and construction cost pressures.

The JLL report covers Geneva's office market in Q1 2026, finding that available office space decreased and the vacancy rate fell to 5.8% (down 0.8 percentage points from Q4 2025), partly due to temporary asset withdrawals for renovation including BCGE's acquisition of the Atmosphère building removing approximately 12,000 square meters from the rental market. The analysis identifies intensifying market polarization, with prime buildings attracting the most demand while non-recently renovated assets experience persistent vacancies.

The Zurich office market saw vacant office space decrease by 4,900 m² year-over-year with an unchanged availability rate of 5.3%, though District 11 experienced a notable increase to 11.9% availability after over 50,000 m² became available from new developments. Demand remained weak through most of 2025 before picking up near year-end, with tech companies including Meta, OpenAI, and Boston Dynamics taking space, while over 40,000 m² was withdrawn for conversion to other uses, and a reduced construction pipeline of approximately 71,000 m² planned for 2026–2028 is expected to tighten availability again.

In Q1 2026, Helsinki's office market showed an overall vacancy rate of 18.1% across thirteen key areas in the metropolitan region, with CBD prime rent stable at €42.00 per square meter per month, while the Finnish economy continued modest growth at 0.47% quarter-to-quarter amid global uncertainties and geopolitical concerns. The market displayed polarization with strong demand for high-quality CBD and core assets while secondary locations and mediocre properties faced downward rental pressure and higher vacancies, with approximately 109,000 square meters under construction scheduled for completion between 2026 and 2028.

JLL's 2025 annual review of Luxembourg's office market reports a 36% growth in take-up to 181,160 square meters, driven primarily by the financial sector, with rental vacancy declining to 3.9% and prime office yields compressing by 25 basis points to 4.50%. Investment activity across all asset classes rebounded 38% to €839 million, approaching the five-year average of €847 million, with offices representing 54% of transaction volume alongside significant increases in retail, logistics, and residential investments.