European office completions set to hit 3.2 million sqm in 2018

Office completions across the top 17 European cities that Savills monitors are set to reach 3.2 million sqm by the end of 2018. The volume is expected to increase by 28 percent to 4.1 million sqm in 2019, according to Savills. However, there is little risk of oversupply. More than half of the space under construction is already committed to specific occupiers, accounting for 58 percent of this year’s completions and 40 percent of 2019’s anticipated completions. As a result, available supply both in existing and new buildings will only account for about 7 percent of office stock across European cities, including next year’s speculative developments. The markets where tenants should be able to find the most options to actively satisfy their needs are Warsaw, Dublin and Madrid, according to Savills.