Explore the latest trends shaping commercial real estate across EMEA in our Q3 2025 Capital Markets report. This edition highlights early signs of recovery in prime office markets, sustained investor appetite in industrial and logistics, and selective rebounds in retail and living sectors. Alternatives continue to gain traction, driven by structural demand for digital infrastructure.
Key Highlights
- Offices: Seeing early signs of recovery across EMEA, particularly in prime assets in gateway cities. Prime offices in London and Paris have been the most active, with high-quality assets attracting both institutional and private capital.
- Industrial & Logistics: Strong demand amid limited supply, with focus on modern, well-located warehouses and distribution centres that can accommodate evolving supply chain requirements.
- Retail: Retail parks and shopping centres show resilience across Spain, Germany and the UK. High street remains mixed, with pockets of growth seen in London and Madrid.
- Living: The living sector remains a core focus for investors, with PBSA leading activity, particularly in continental Europe. For multifamily and BTR, further pricing adjustments are needed.
- Alternatives: Data centres and self-storage are experiencing strong growth, driven by AI expansion and digital infrastructure demand.
- Market Outlook: Transaction volumes are expected to increase into Q4 2025 and early 2026, supported by improving fundamentals, steady rental growth and more accessible debt.
