The demand for office space across Western Europe has hit its highest level since the financial crisis, according to the latest research from CBRE, the global real estate advisor.
Corporate real estate occupiers are returning to the market with new office space requirements as demand in the second quarter (Q2) of 2014 rallied by 21% on the first quarter, marking the highest Q2 office take-up in Western Europe since the economic downturn. Central to this was strong activity in Milan and Lisbon, while London retained its dominant position as a popular destination for corporate occupiers with a 29% quarterly take-up increase. Milan’s take-up more than doubled in Q2 to 94,000 sq m while Lisbon recorded one of its strongest quarters in recent years. In addition, the Paris office market which had been subdued during the downturn with occupiers lacking the confidence to relocate, posted its highest office take-up level for two years in Q2, representing a 28% uplift from Q1. Across Europe as a whole, aggregate take-up rose by a healthy 12.2% compared to the first quarter of the year.