The European office leasing market

in the face of economic crises: what attitude?

As an economic crisis adds itself to the global health crisis, it might be interesting to take another look at at the link between growth and office leasing over the last twenty years, in the main European leasing markets,

The orchestrated and almost total shut down of European economies has led to a significant reduction in business, resulting in new reduced revisions of economic growth forecasts. The Euro Zone PIB has shrunk to 2.3% for the first quarter of 2020. A further and more pronounced reduction is expected for the second quarter. Spain, France, Italy and Belgium are expected to lower the Euro Zone PIB whilst Germany and Holland are expected to be above average for Europe.

This outside shock is affecting both offer and demand. The lessons learnt in 2008 have pushed Governments to implement rapid and exceptional recovery plans. These involve two objectives: a massive injection of liquidities to maintain human and material capital pending a gradual restart of the economic machine. The impact of this crisis over the whole of 2020 will be huge even if some uncertainty remains.

The team

Daniel While
Henry-Aurélien Natter Head of Research

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