European Office
Occupier Markets

Track and compare 36 key real estate markets in Europe with our interactive Office Rental Clock

Occupational markets show early signs of optimism in Q4 despite continued market cautiousness.

  • The European Office Prime Rental Index increased during Q4 2023, growing by +1.0% q-o-q and +4.4% y-o-y.
  • Q4 take-up totaled 2.5 million sqm, up 20% q-o-q and down 6% y-o-y.
  • European office vacancy increased q-o-q from 7.7% to 8.0% in Q4 2023, the highest rate since Q1 2016.
  • Completions totaled 1 million sqm in Q4 2023, with Milan, London, and Paris accounting for the lion’s share of European office completions.

JLL's Office Rental Clock demonstrates where each market sits within its rental cycle.

European Office Rental Clock
Exit city view

Source: JLL

  • This diagram illustrates where JLL estimate each prime office market is within its individual rental cycle at the end of February 2024.
  • Markets can move around the clock at different speeds and directions.
  • The diagram is a convenient method of comparing the relative position of markets in their rental cycle.
  • Their position is not necessarily representative of investment or development market prospects.
  • Their position refers to Prime Face Rental Values.
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Alex Colpaert

Head of EMEA Markets

Atalanti Angelopoulou

Associate Director, EMEA Office Research


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