European office completions hit five-year low

European office completions in 2023 fell by 32 per cent year-on-year (YoY) to 3.3 million sq m, the lowest level for five years, according to latest research by Savills.
In 2024, the international real estate advisor expects a 30 per cent YoY increase to 4.3 million sq m, followed by a three per cent YoY fall to 4.2 million sq m in 2025.
Developers have faced a significant increase in costs over the last few years which has impacted their pipeline. European office construction costs have risen b