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Cushman & Wakefield
AMERICAS EUROPE APAC GLOBAL APPENDIXSUPPLY & DEMAND
Over the next three years, the number of development
completions is expected to increase significantly in Istanbul,
London, Brussels, Vienna and Dublin. In fact, over 2017-
18, Istanbul, Copenhagen and the City of London will see
the highest level of completions so far this cycle. Paris
completions also look high relative to net absorption, due to
a number of larger schemes that are expected to complete
in La Defense in 2019.
Parts of the CEE region may also be at risk from oversupply
in the near term as developers and investors back the
positive long-term economic growth story, and the
continued strength of office-occupying sectors such as
business process outsourcing and IT. Warsaw, Sofia, Prague
and Budapest are expected to see high levels of completions
which will push vacancy rates upwards and limit rental
growth for all but the very best space.
At the opposite end of the spectrum, the number of
development completions will be low over the next few years
in the key German and Italian office markets, Stockholm,
Amsterdam and Helsinki. Less than 2.5% of stock is expected
to be completed in the majority of these markets, offering
the potential for reduced vacancy and rental growth.