Europe needs more speculative office development, according to a report from CBRE.
Western Europe posted 7.9% growth in annual office take-up amid sluggish development, resulting in a lack of prime office space in key cities such as London, Amsterdam and Munich.
Richard Holberton, EMEA head of occupier research, said: “Lack of development during the downturn means occupiers are clamouring for the ideal central location to attract the best labour.
“As a result, rents are rising too. Speculative office development will be needed, aided by improved access to development finance, to ease the lack of supply of large, high-quality, core space in a number of markets.”
