戴德梁行：2025年下半年欧洲写字楼市场更新报告（英文版）（14页）.pdf

1、H2 2025EUROPEANOFFICE UPDATEKeyTakeawaysRobust final quarter leasing pushed 2025 take-up volumes to within 3%of 2024 with 52%OF SPACE LEASED IN 2025 WAS OF GRADE A QUALITY THE HIGHEST SHARE ON RECORD.Prime office rental growth remained robust at 4.6%in 2025 with 20 CONSECUTIVE QUARTERS OF POSITIVE R

2、ENTAL GROWTH.Vacancy remained flat in Q4 with overall supply expected to have reached it peak while GRADE A VACANCY DECREASED TO 3.5%.Office investment activity remains subdued but improved by 6%in 2025 versus 2024,driven by a 45%INCREASE IN CROSS-BORDER ACTIVITY.The development pipeline fell again

3、in Q4 2025 to the LOWEST LEVEL OF SPACE UNDER CONSTRUCTION SINCE 2016 meaning the supply and demand imbalance is set to increase.Lenders are rotating back to office space as confidence returns,unlocking LOANS UP TO 60%LTV AND MARGINS BELOW 200BPS.PG4PG8PG6PG10PG7PG120%1%2%3%4%5%202420252026202720282

4、029Euro ZoneUnited Kingdom0%1%2%202420252026202720282029Euro ZoneUnited KingdomGDP growth in the Euro Area and UK was positive in 2025,with both at 1.4%respectively and improving on 2024 figures.This was achieved despite significant geopolitical and economic headwinds including conflicts and trade t

5、ariffs that add significant uncertainty and weigh on activity.Performance was not uniform,with German growth continuing to lag with 0.3%growth in 2025 although this was an improvement from the negative growth seen in the previous two years.France delivered 0.8%in 2025 with Italy also coming in at 0.

6、7%.Conversely,Spain and the Netherlands delivered above-average growth of 2.8%and 1.9%respectively,with the UK coming in at 1.4%.Czechia and Poland also continued to report solid growth.Service sector PMI softened slightly in January to a four-month low but remained in positive expansion territory.T