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EMEA Office Snapshot - City Offices | Q1 2021

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EEA30 GDP recovery in 2021 has been pushed back by the “third wave”, with Q1 growth set marginally negative and not getting back to par until late 2022, reaching approximately +4.4%. Around 25% of national populations have now been inoculated, with Israel and the UK significantly ahead of other major European economies. EEA30 employment forecasts look weak at around +0.02% for 2021.

Public services, tech, financial-focussed, health and life science sectors are recovering quickest, feeding through into take-up volumes. Some markets maintained year-end momentum with positive 12-month rolling take-up figures, helped by increasing numbers of larger-sized deals. Occupiers try to secure “best-in-class” product that meets an ever-expanding list of “COVID-19 & ESG-amenable” criteria, but limited options maintain a competitive marketplace. 

“Grey-space” vacancy is beginning to plateau, with drop-offs between 5-15% registered. Overall market vacancy remains healthy, with most markets below 10%. Obsolete office space will be re-positioned/re-purposed as landlords are reluctant to refit/refurb existing stock under current conditions, becoming part and parcel of the rebalancing of cities while working towards a more sustainable and ESG conscious future. Find out more in our report.

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EMEA Office Snapshot - City Offices | Q1 2021

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Portugal

Damian Harrington

Director | Head of EMEA Research

I am Director and Head of EMEA Research for Colliers International, having previously been Director and Head of Eastern European Research with Colliers for 7 years. 

I have worked within the real estate profession across EMEA for 20 years, living and working from bases in London, Dubai, Prague and more recently Helsinki.

I spent the first 10 years of my working life in London, starting as a development/investment consultant for an independent research house.

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Peter Leyburn

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Andrew Hallissey

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Well respected within the industry, Andrew is an Executive Managing Director with over 20 years of global experience within Corporate Real Estate. Andrew has a wealth of knowledge having advised dozens of Fortune 500 companies throughout the world on developing real estate transformation solutions.

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Prior to joining Colliers, Andrew worked for CBRE where he has held senior leadership roles within their Global Workplace Solutions business in Chicago, Hong Kong, New York and London.  He has gained extensive global experience advising large corporations on their global real estate organization and strategy over the last 18 years, having worked across EMEA, North America and Asia Pacific.  Andrew also currently serves on the global board of directors of Corenet, the leading global association for the corporate real estate profession.

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