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Office recruitment in Europe increases


 By 2022, 12.6 million m2 of office space has been contracted across Europe. The demand for offices for rent remains well above the average of the last 15 years (10.3 million m2). Positive net absorption in all quarters in 2022 and above the average of the last 10 years. Unemployment remains at 8.1%, below the long-term trend. Madrid is among the cities with the highest increase in office hiring compared to 2021, with +32%


Specifically, the data of the consultancy conclude that in 2022 s and rented a total of 12.6 million m2 of office space, which means an increase of 15% compared to the 10.9 million m2 rented in 2021, well above the average of the last 15 years, of 10.3 million m2.

Growth in activity was evident in most of the countries analysed (23 out of 30). Specifically, the largest increases were recorded in Milan (+37%), Warsaw (+34%), Madrid (+32%), Paris (+26%) and London (+22%).

Javier Bernades, head of Cushman & Wakefield's offices in Spain, explained that "as occupancy levels increase, we observe that companies focus on choosing quality buildings, with the aim of attracting and retaining their employees and ensure they have the right space to enable more flexible, collaborative and well-being ways of working ."

Bernades said: "We have seen a growing number of countries now demanding stricter environmental standards, meaning occupants need, today more than ever, to secure space in buildings that meet the highest standards of sustainability."
In this line, Bernades has assured that "60% of the contracting of offices is located in buildings A / B +, assets that meet the highest quality standards", and added that "there is a clear polarization effect in the market between the quality stock and the rest, and it has been demonstrated that Not adapting a building to the demands of demand will leave it out of the market."
Regarding the type of buildings and environmental requirements, Bernades recalled that "real estate is responsible for 40% of emissions" and explained that "we are at a time when doing nothing is not an option, in ESG terms, given the strong demand of occupiers, employees, investors, legislators, valuers, funders, and society in general".

The total amount of office space available in the 30 European markets analysed showed a modest year-on-year increase of 0.7% to 22.6 million square metres, equivalent to 8.1% of the total stock. This index has remained stable during the previous four quarters.

Luxembourg has the lowest share of available space at 4.2%, followed by the top three German markets: Hamburg (4.4%), Berlin (4.7%) and Munich (5.2%). In fifth place is Paris, with 5.5%. Cushman & Wakefield's European office hiring data also shows that a total of 4.3 million m2 of new space has been added to the market in 2022, up from 4.8 million in 2021. There are 15.2 million m2 under construction at the end of 2022, compared to 15.6 million in 2021.


Jenny Pizarro
Jenny Pizarro

International Partner, Head of Business Development Services, Spain, Portugal & Italy • Barcelona



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