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This year will be an inflection point for European real estate markets. The macroeconomic environment remains uncertain and long-term interest rates are likely to remain elevated. This means property returns will be driven by income and investors will have to work harder for them.

Total investment for 2024 amounted to €157bn showing a solid +21% year-on-year increase. Q4 stood out, with a quarterly increase of +50% compared to Q3 2024.

Industrial & logistics investment hit its lowest point in 2023 and has been picking up in 2024. This reflects an improvement in financial conditions. More adjustments by central bank key rates are expected in 2025 before stabilizing.

€154.4bn were invested in commercial real estate over the year, establishing 2024 as the start of market recovery with a +18% annual increase.
The ECB has made significant progress in returning eurozone inflation to the 2% target. This should allow the central bank to continue cutting interest rates until monetary policy reaches a neutral setting.

Demand for office space stabilized in Europe in 2024. The overall result remained below the long-term average (-15%). This reflects both a challenging economic environment , and structural changes in the office market where occupiers focus on smaller, more efficient and flexible premises.

€147bn were invested in commercial real estate over the 12 months to Q3 2024