Office leasing in Europe continues to grow, with take-up volumes maintaining an upward trajectory. In H1 2025, a total of 5.0 million sqm was leased, up 1.7% year-on-year compared to 4.9 million sqm in the same period of 2024. This sits slightly above the five-year average. On a trailing 12-month basis, leasing reached 10.3 million sqm, a 2.5% increase over the previous year – a sign of mildly positive sentiment across the market.
The trend reflects a clear occupier preference for core CBD locations. Tenants are more willing to compromise on the grade of space than on location, with transport connectivity and amenities remaining critical. In Bratislava, 67% of take-up in 2025 was in A or A+ stock.
After a peak of completions in 2025, the development pipeline is shrinking, with a higher share of ongoing construction already pre-let.
Prime office rents continue to grow. Across Europe, growth averaged 4.2% year-on-year, while Bratislava outperformed with 8% growth, highlighting robust demand in the best-in-class segment.
Looking ahead, stock obsolescence remains a key theme. Western European cities such as Milan, Madrid, and Stockholm face the highest risks, while markets with strong recent development (Berlin, Dublin, London) occupy a mid-range position. CEE capitals are least exposed, as much of their stock has been developed in the past 10–15 years. In Bratislava, approximately half of the office stock is considered low-risk, providing relative resilience against obsolescence pressures. Still, upgrades and redevelopments are increasingly part of strategies across Europe, supported by growing legislation and occupiers’ ESG requirements.
- European office leasing volumes rose 1.7% y/y in H1 2025 (5.0m sqm).
- Bratislava: 67% of take-up in A/A+ offices, strong CBD focus compared to 48% Europe average.
- Development pipeline shrinking; more space pre-let.
- Prime rents up 4.2% Y/Y in Europe, +8% in Bratislava.
- Obsolescence risk highest in Western Europe; CEE capitals, including Bratislava, remain resilient due to younger stock.
