European office markets hit downturn

The European property market has seen mixed performance across countries and sectors over the last two years. The general theme, however, has been one where retail property markets have performed relatively well (the exception being Germany) and office markets have shown consistent poor performance. The downturns in the major office markets have been relatively simultaneous, driven by the global economic downturn in demand. For example, prime rents in the City of London have fallen by around 35% from their peak level in 2001, in Frankfurt by 38% and Stockholm by 27% respectively. Brussels...