Spotlight: European Office Value Analysis – Q3 2024
Tide is turning for European office investment as debt becomes accretive to returns
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Tide is turning for European office investment as debt becomes accretive to returns
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"With legal occupiers investing heavily in high-quality offices, effective space utilisation is key to successful real estate strategies. In the last year there has been a trend to formalise hybrid working policies firm-wide."
"US cities accounted for 69% of overall legal leasing activity in the world’s largest legal markets, reflecting the dominance of American firms in the sector overall, as well as the tendency for US legal offices to have a lower occupancy density."
"Legal occupiers looking to attract and retain top talent, drive performance, and prioritise ESG requirements are demanding premium space that provides vibrant employee experiences and positive environmental impact. "
"Globally, the majority of the legal sector is maintaining the same or equivalent square footage when renewing their leases or relocating. Just under a quarter are increasing space, and approximately a third are consolidating to smaller footprints. "
"Legal occupiers are adapting to hybrid working patterns with more flexible, tech-enabled office designs that support modern ways of working. Whilst there is regional variation, the majority of firms today are dedicating more area to multi-purpose shared spaces, which can be used for team-wide meetings, collaborative tasks, or client-facing events. "
"International expansion of US firms has had a profound impact on legal salaries across the globe. US practices represent the top of the market in lawyer renumeration in all the legal markets we analysed. "
"Amid a myriad of unique challenges across different global markets, mid-size and large international law firms are adjusting growth plans, office locational strategies and legal renumeration approaches. "
"Savills European Real Estate Logistics Census outlines the challenges and opportunities facing Europe’s logistics occupiers, developers and investors"