Office real estate stock in Europe 2023, by city

Berlin was the European city with the most office stock volume in 2022, followed by Paris, and Munich. Office floor space in the German capital amounted to approximately 19.7 million square meters. Paris and Munich, on the other hand, had roughly 18.7 and 14.5 million square meters, respectively. London's office market is also not to be underestimated, with London City and West End alone totaling 12.3 million square meters.

Which is the most expensive office real estate market in Europe?

With over 1,300 euros per square meter per year, Central London yielded the highest rent among European cities. Both Brexit and the coronavirus affected demand for office space in London, causing rents to stall in many of London's districts.

Where are the lowest vacancy rates in Europe?

One of the main signs that the office market is performing well is that vacancy rates remain low. Low vacancy rates encourage developers to build more offices, leading to the growth of the sector. The vacancy rates of prime offices - the best-in-class offices on the most desired locations - were the lowest Berlin, Luxembourg, and Hamburg in 2022.