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This is a real estate market outlook and forecast report published by CBRE on December 31, 2025, covering the Finland real estate market with focus on capital markets activity. The report includes coverage of Helsinki and broader Finnish real estate sectors.
This is a data and figures report published by CBRE on December 31, 2025, presenting office sector figures for Warsaw in the fourth quarter of 2025.
The Geneva office market experienced increased vacancy in 2025, with the regional availability rate rising to 6.6% from 6.2% at end-2024, while CBD vacancies reached 53,300 m² driven by large tenant relocations and post-renovation space returns to market. Prime rents in select lettings reached CHF 1,030 per m² annually (+6% versus 2024), though overall rents remained stable across submarkets, and demand for new certified office space remained solid despite a reduction in planned office supply due to project revisions.
This is a data report published by CBRE on December 31, 2025, presenting office market figures for the fourth quarter of 2025 in Oslo, Norway.
During the first seven months of 2025, the Finnish real estate transaction volume reached EUR 2.5 billion, 75% higher than the previous year, with transaction numbers growing 40% and retail property sector volume tripling to EUR 620 million. Prime residential yield declined by 10 basis points to 4.3%, while office vacancy in the Helsinki metropolitan area reached a record-high 17.0% in the second quarter, with foreign investors accounting for 53% of total transaction volume.
This is a quarterly market data report published by CBRE on December 31, 2025, presenting office market figures for the Stockholm CBD (Central Business District) in Sweden for the fourth quarter of 2025.
This is a market report published by CBRE in December 2025 covering the office sector in Austria, with a focus on Vienna. The report provides analysis of commercial real estate conditions and trends in the Austrian office market.
Nordic office investment reached €7.6 billion in 2025 with selective recovery and 23% of total Nordic transaction market share, while occupier demand concentrated in prime CBD locations and modern ESG-compliant buildings, leaving secondary stock dependent on incentives and repositioning. The report analyzes office markets across Stockholm, Gothenburg, Malmö/Lund, Helsinki, Oslo, and Copenhagen, finding that prime yields remained stable in core locations but secondary assets faced pressure, with overall vacancy rates elevated across the region and driven more by relocations and quality upgrades than net employment growth.
Cushman & Wakefield's Stockholm Office MarketBeat Q4 2025 report analyzes the Greater Stockholm office market, showing 74,000 sq m of completions in 2025 with no deliveries in H2, while overall vacancy reached 18.5% with decentralized areas at 23.0% and CBD at 7.5%. Prime rents in the CBD remained flat at SEK 9,800 per sq m quarter-over-quarter but grew approximately 2% year-over-year, while prime yields compressed to 3.85%, and 44,000 sq m of new space is forecast for H1 2026.
This is a data report published by CBRE on December 31, 2025, presenting office market figures for the fourth quarter of 2025 in Copenhagen, Denmark.
This is a quarterly office market report published by Colliers on September 30, 2025, covering Brussels and other key cities. The report focuses on the office sector in the Brussels and Belgium region of Europe.
This is a data report published by CBRE on June 30, 2025, presenting office sector figures for Warsaw in the second quarter of 2025.
JLL's H1 2025 analysis confirms recovery in Luxembourg's office market, with take-up reaching 102,970 m² (104% above H1 2024), vacancy rates stable at 4.2%, and investment volume of €274 million substantially exceeding H1 2024's €193 million. The recovery is driven by high-end Grade A projects and the private sector, with prime rents remaining stable at €54 per m² per month in the CBD while secondary districts experience growth.
This is a Q1 2025 office market data and figures report for Oslo, Norway, published by CBRE on March 31, 2025.
The Luxembourg office market recorded 45,000 sq m of take-up in Q1 2025, with approximately 75% of the 406,000 sq m pipeline under construction already pre-let, reflecting ongoing flight-to-quality demand for modern, ESG-compliant buildings despite a single large 16,000 sq m pre-letting transaction (Lime House by FM Global) driving much of the volume. The investment market experienced its weakest Q1 on record with only €31 million in completed transactions across two deals, while prime rents remained stable at €54/sq m/month and prime yields held steady at 5.00%, with near-term growth dependent on renewed corporate occupier confidence amid persistent geopolitical and macroeconomic uncertainties.
Rome's office occupier market showed positive momentum in Q1 2026, with take-up increasing 11% year-on-year to 34,600 square meters, though the number of deals fell 30% to 23 transactions, and Grade A space represented 57% of activity. Prime office rents stabilized at €600 per square meter in the CBD with a 4% year-on-year increase, while the overall vacancy rate stood at 7.6%, down 30 basis points annually, with particularly tight availability in prime locations and the CBD at just 1.1%.
The Greater Porto office market recorded 7,150 square meters of leasing activity across 17 deals in Q1 2026, representing a 67% year-on-year increase, with the TMT & Utilities sector driving 73% of demand and Zone 3 (ZEP) capturing over 60% of take-up. The overall vacancy rate tightened marginally to 8.7%, prime rents remained stable across submarkets ranging from €17.00 to €21.00 per square meter per month, and an estimated 116,800 square meters of new office supply is forecast over the next three years with approximately 91,500 square meters already under construction.
Transaction activity in Brussels's office market fell to historic lows in Q1 2026, with take-up of 40,496 sq.m. down 49% year-on-year—the weakest performance in 25 years—attributed to geopolitical tensions slowing decision-making, while city-wide vacancy remained stable at 7.7%, prime rents held at €400/sq.m./year in the European District, and Grade A space accounted for 43% of transactions. The investment market stalled with only €82 million in transaction volume nationwide, though the outlook suggests potential take-up recovery later in 2026 driven by EU deals despite the possibility of increased vacancy from speculative completions.
Rome's office leasing market recorded take-up of over 36,000 sq. m. in Q1 2026, representing 49% growth compared to Q1 2025, while prime rents remained stable at €610/sq. m./year. The investment market attracted €330 million in Q1 2026, comprising 48% of total office investment volume, with the prime CBD yield compressing 25 basis points to 4.5%.
Porto's office market recorded 6,140 square meters of take-up in Q1 2026, representing a 43% year-on-year increase, though activity remained below the three-year quarterly average, with the largest transaction being a 2,230 square meter letting to an IT company. The underlying market condition is characterized by a shortage of modern, high-quality office space constraining occupier options, though several projects in development are expected to gradually ease this supply constraint.
This is a market report published by JLL in March 2026 covering office sector dynamics in Amsterdam during the first quarter of 2026. The report provides market analysis specific to the Amsterdam office market in the Netherlands.
This is a market report published by JLL in March 2026 covering office sector dynamics in The Hague, Netherlands for the first quarter of 2026.
In Q1 2026, Italy's real estate investment market totaled approximately €3.5 billion with international investors representing over 60% of volume, while retail and hospitality led by asset destination and private wealth investors concentrated over €400 million in the office sector. Prime office yields remained stable in Milan at 4.0% and compressed in Rome to 4.5%, with other assets ranging from 4.5% for multifamily to 7.0% for retail parks.
In Q1 2026, Milan's office leasing market recorded approximately 66,000 square meters of take-up plus 4,000 square meters in subleasing activity, with demand remaining robust and Grade A absorption accounting for 65% of total volume. Office investment in Milan totaled €260 million during the quarter, primarily driven by value-add repositioning strategies, while core assets in the CBD remained the primary focus for private investors, and Grade A vacancy held at approximately 3.6%.
Lisbon's office market in Q1 2026 recorded 28,910 square meters of take-up, representing an 80% year-on-year increase driven by ten deals exceeding 1,000 square meters. Prime CBD office rents reached €32.00 per square meter per month, reflecting continued flight-to-quality dynamics, while occupier confidence in best-in-class assets remained strong despite macroeconomic headwinds.
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.
Amsterdam's office market recorded solid leasing activity in 2025 with take-up reaching approximately 210,000 sq m, driven primarily by the South Axis and city centre where occupiers sought prime, ESG-compliant buildings. Investment volumes in Amsterdam totalled approximately EUR 651 million in 2025, the highest among Dutch cities, with prime gross initial yields standing at 5.25% and improved financing conditions attracting family offices and domestic capital.
Dublin office market take-up in 2025 reached approximately 253,200 square metres, the strongest performance since 2019, with Q4 specifically accounting for 67,800 square metres across 69 deals, while the CBD availability ratio improved to 13.7% by Q4 2025, the lowest in two years. The future development pipeline for 2026 and 2027 combined stands at only 146,000 square metres with approximately 64% already pre-let or reserved, significantly below the market's historical average annual take-up of over 202,000 square metres per annum.
Rome's office occupier market experienced a quiet year in 2025 with take-up of 144,600 sqm, down 19% year-on-year, and 113 total deals closed (down 20% year-on-year), driven partly by the largest transaction of the year exceeding 25,000 sqm in Q4. Prime office rent in the CBD reached €600 per square meter with 4% growth compared to Q4 2024, while Grade A/A+ space accounted for 71% of take-up in Q1-Q3 2025, and the overall vacancy rate stood at 7.8% (down 10 basis points year-on-year), with particularly tight availability in the CBD at 1.2%.
The document presents real-time Q4 2025 data on the Brussels office market, covering stock, vacancy rates, take-up, rental values, and investment yields across seven geographic zones including the CBD, decentralized areas, and periphery. Key findings include total market stock of 13.25 million square meters, overall vacancy at 7.70 percent, Q4 take-up of 121,000 square meters, and prime headline rent ranging from 185 to 400 euros per annum depending on location, with prime yields on 6/9-year leases at 5.25 percent.
Brussels office market take-up reached 341,000 square meters across 315 transactions in 2025, broadly in line with the previous year but 9% below the ten-year average, with Q4 particularly strong at approximately 140,000 square meters driven by the European Commission's 20,000 square meter deal. Investment volume totaled €914 million across 24 transactions in 2025, nearly 50% below the ten-year average, while prime CBD rents remained stable within the €370–390 per square meter per year range and overall office vacancy rose slightly to 9.25% by year end.
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.