Frankfurt (+76%), Dublin (+46%), Barcelona (+41%), Prague (+36%) and London City (+18%) office markets performed strongest against their respective Q1-Q3 five-year take up averages, reflecting a gradual recovery in demand from the tech sector, along with resilient demand from professional and financial services.

Average European office vacancy rates remained at 9.3% during Q3 2025, with prime vacancy rates across many markets below the 3% mark, which is applying upward pressure on rents. The increase in prime rents was led by the core markets of London West End (+17% YoY), Paris CBD (+13% YoY) and Frankfurt (+13% YoY).

Christina Sigliano, EMEA Head of Global Occupier Services at Savills, comments: “We anticipate an incremental increase in take up in 2026, as occupiers resume activity despite geopolitical uncertainty. A shortage of prime CBD stock across the majority of markets will support rental growth and begin to pique developer interest during 2026.”

According to Savills, average European office occupancy* has edged up from 60% to 61% over the past year, compared to a pre-pandemic benchmark of 70%. This modest rise coincides with a growing number of corporates tightening their office attendance policies, says the international real estate advisor.

Mike Barnes, Director in Savills European commercial research team, says: “Madrid continues to lead European office markets with an occupancy rate of 68%, driven by a high concentration of city-centre living, shorter commutes, and a strong in-office culture on peak days.”