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POLAND
NETHERLANDS
DENMARK
BELGIUM
NORWAY
SWEDEN
FINLAND
ESTONIA
LITHUANIA
BIRMINGHAM
LUXEMBOURG
AMSTERDAM
MILAN
ROME
MADRID BARCELONA
LYON
PARIS
BRUSSELS
LONDON WEST END
MANCHESTER
STUTTGART
MUNICH
FRANKFURT
COLOGNE
DUSSELDORF
BERLIN
HAMBURG
MALMÖCOPENHAGEN
GOTHENBURG
TURKU
HELSINKI
LAHTI
TAMPERE
OULU
RIGA
TALLINN
VILNIUS
WARSAW
LONDONCITY
STOCKHOLM
OSLO
LISBON
DUBLIN
ROTTERDAM
SPAINITALY
GERMANY
FRANCE
PORTUGAL
UK
IRELAND
LATVIA
European office market map overview 2019
3.75
28.00
5,929,600
2.80
36.00
19,330,000
4.50
20.80
5,504,000
6.00
17.00
790,000
2.90
37.50
13,820,000
3.40
47.90
7,760,900
6.00
17.00
658,400
7.50
22.50
630,000
3.50
34.50
8,530,000
6.30
21.00
900,000 7.75
18.50
270,000
6.50
20.00
840,000
4.25
21.00
1,700,000
3.10
28.00
7,610,000
4.80
35.40
3,759,000
3.00
28.00
13,840,000
3.60
35.40
9,773,000
3.20
35.80
5,896,000
2.95
42.50
11,970,000
3.25
24.75
7,860,000
3.80
21.25
5,339,000
3.90
31.25
7,564,600
3.20
24.50
7,920,000
6.00
20.00
1,030,000
4.00
47.00
3,270,000
3.75
22.80
8,775,000
3.25
60.00
12,500,000
4.50
17.50
3,560,000
3.50
35.00
15,046,100
4.80
33.00
2,463,000
3.10
68.75
18,093,000
4.10
19.60
13,572,000
4.30
64.90
6,388,0003.50
102.40
5,885,000
4.00
25.00
3,400,000
EUR 11.65
bn
EUR 9.00bn
EUR 9.04bn
EUR 0.83bn
EUR 0.39bn
EUR 0.58bn
EUR 1.47 bn
EUR 1.83 bn
EUR 0.19bn
EUR 0.90bn
EUR 0.05bn
B
A LT I C
S
EUR 1.60bn
CATELLA EUROPEAN OFFICE MARKET OVERVIEW | 2019
4.10
17.00
2,886,700
4.00
54.20
3,661,900
EUR 1.69bn
EUR 1.04bn
EUR 0.23 bn
EUR 1.63bn
BALTI C
S
Research [email protected]
2.80
36.00
19,330,000
Prime office yield, net %, H1 2019
Prime office rent, EUR/sq m. per month, H1 2019
Total office stock (sq m.), H1 2019
Total volume of existing office floorspace in net sq m. of city area, excluding vincinities. Office floorspace includes completed, let and vacant office buildings/spaces.
Prime yield equals the yield for a property of the highest quality specification in a prime location within the area. The property should be 100% let at market rent at the time, to blue-chip tenants, with a typical lease term for prime property within that market. The yield should reflect net income received by an investor, expressed as the percentage of the total capital value plus expected acquisition costs.
Prime rent represents the top open-market rent that can be achieved for an office unit (sq m.) per month. The unit itself has to be of the highest quality and be located at the best location of the local market.
Office transaction volume totalled to EUR 43.1 billion, a slight decrease of -4.4% compared to the first half of 2018. The “large markets” see declining volumes, primarily due to lack of core assets. Markets with attractive yield/risk profiles and a good supply of core office properties are gaining momentum.
Office transaction volume
Forecast end 2019
The upward economictrend of recent years willweaken in most Europeancountries towards the endof the year. Nevertheless,the office markets willcontinue to show robustmarket performance.
Prime yields
37 locations
0
29
8
Prime rents
37 locations
18
17
1
12
25
0
Office transaction volume per country in EUR billion, H1 2019EUR 2.69 bn
Office transaction volume per country in EUR billion
H1 2018 H1 2019% change
compared to H1 2018* 2017
Spain 0.76 1.63 113% 1.85
Norway 0.70 1.47 110% 1.59
Poland 0.83 1.60 94% 0.30
Italy 0.94 1.69 81% 5.05
Sweden 1.42 1.83 29% 2.52
France 8.20 9.00 10% 4.19
Germany 11.22 11.65 4% 10.62
Finland 0.92 0.90 -2% 0.57
Ireland 1.16 1.04 -10% 1.49
Belgium 1.06 0.83 -22% 0.70
United Kingdom 13.02 9.04 -31% 11.64
Netherlands 2.69 1.58 -41% 2.63
Denmark 0.85 0.39 -54% 0.53
Luxembourg 0.45 0.19 -58% 0.43
Baltics 0.16 0.05 -69% 0.15
Portugal 0.74 0.23 -69% 0.78
* Percentage change may not be accurate, due to decimals being rounded up
Source: Catella Research 2019, PMA, RCA for Non Catella Locations
BERLIN
