European Office Occupier Markets

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

The pace of economic activity in Europe continued to soften at the back end of 2019. Consumer confidence deteriorated across the region, but with strong fundamentals still in place – such as high employment, low unemployment, and positive real wage growth – retail spending growth has continued to hold up. Industrial sentiment and activity worsened further, with the manufacturing PMIs slipping further above the 50-mark that separates expansion from contraction. Germany, where industry has been in recession for over a year, saw the pace of decline ease, possibly indicating an approaching nadir in the industrial downturn. Positively, the previous softening in services sector activity reversed in December and sentiment among services-oriented businesses picked up. The political backdrop remained volatile throughout the quarter, capping a frenetic year. Looking ahead to 2020, we can expect a similarly challenging year, with continued political uncertainty and some increased economic pressure. Nevertheless, the outlook for the European office market still looks promising as unemployment continues to fall, and we expect rental growth to outperform the 10-year average.
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JLL's Office Rental Clock demonstrates where each market sits within its rental cycle.
European Office Rental Clock
Exit city view

Source: JLL, December 2019


This diagram illustrates where JLL estimate each prime office market is within its individual rental cycle at the end of December 2019.

• 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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