European office investment transactions reached €23.3 billion during the first quarter of 2020, 16% above the five-year average of €20.1 billion (see below). Much of this activity was down to a shift back to core, illustrated by the resilience of the UK, France and Germany, accounting for a combined 73% of total transactions, up from 63% during Q1 2019.

Germany recorded €7.4bn of transactions, 49% above the level recorded during Q1 2019 whilst the UK observed €4.6bn of office investment, 60% above what was a weaker first quarter last year. French office investment reached €4.9bn, 58% up year on year. The flight to core markets is a theme we expect to gather pace over the course of this year as markets adjust to uncertainty, although given the weight of office transactions we have experienced in recent years, investor sensitivity to pricing will increase as new buying opportunities emerge.

_{Read the articles within European Offices Outlook below.}