76% of European offices at risk of obsolescence by 2030
Most of the European office market could become obsolete by the end of the decade. This is the conclusion of a report by real estate consultancy Cushman & Wakefield.
After analyzing 218 million square meters of office space in 11 major European countries, the firm confirmed that, according to the study, "more than three-quarters of office space in Europe is at risk of becoming obsolete by the end of the decade". Specifically, it said that this risk affects 76% of the current supply of office space and that the only way to deal with obsolescence is to invest in modernization or find other uses for these assets.
For office owners, inactivity is no longer an option. Javier Bernades, office director at Cushman & Wakefield Spain, adds: "Landlords who invest in sustainability, service, and tenant wellbeing will protect the value of their properties, ultimately enabling them to compete in an increasingly demanding market."
The consultancy estimates that more than half of existing office premises in Europe are over 30 years old: 62% are in need of refurbishment to avoid deterioration. In Spain, 53% of offices were built before 2000 and only 14% have been built or refurbished in the last 10 years.
Cushman & Wakefield argues that there are factors that will force owners to update their properties and accelerate the modernization process, such as mixed-use developments, new housing needs, increased legislative measures for sustainability, or economic instability. And it is worth remembering that the greatest demand is for energy-efficient properties.
Properties with the highest rating and certification represent more than half of all office demand in Europe between 2019 and 2022, and this trend will only increase, as demand outstrips supply in many markets, especially Prague, Budapest, Milan, Warsaw, Madrid, Barcelona, and London. In the specific case of Spain, the quality area represents 64% of the total space developed.
As the consultancy points out, "the time has come to decide which assets can adapt to this new reality and to rethink what to do with assets that will never be able to meet the new standards".
Milan is the European city with the most offices over 30 years old
According to data compiled by Cushman & Wakefield, Milan is the European capital with the highest number of office buildings over 30 years old, with more than 70% of the total supply. It is followed by Stockholm, Paris, London, and Amsterdam. In all these cases, more than half of the office buildings are at least three decades old.
Madrid and Barcelona, on the other hand, are at the bottom of the ranking. In the capital, around 35% of office buildings are more than 30 years old, and in the Catalan city, almost 30%. These figures are in line with those of Berlin and are higher than those of cities such as Brussels, Munich, and Frankfurt. However, the best figures are in Warsaw, Prague and Budapest, where there are very few old offices.
Search for a property by municipality: Homes
- Homes for sale in Álava
- Homes for sale in Albacete
- Homes for sale in Alicante
- Homes for sale in Almeria
- Homes for sale in Asturias
- Homes for sale in Ávila
- Homes for sale in Badajoz
- Homes for sale in Baleares
- Homes for sale in Barcelona
- Homes for sale in Burgos
- Homes for sale in Cáceres
- Homes for sale in Cadiz
- Homes for sale in Cantabria
- Homes for sale in Castellón
- Homes for sale in Ciudad Real
- Homes for sale in Córdoba
- Homes for sale in Cuenca
- Homes for sale in Gerona
- Homes for sale in Granada
- Homes for sale in Guadalajara
- Homes for sale in Guipúzcoa
- Homes for sale in Huelva
- Homes for sale in Huesca
- Homes for sale in Islas Baleares
- Homes for sale in Jaén
- Homes for sale in La Coruña
- Homes for sale in La Rioja
- Homes for sale in Las Palmas
- Homes for sale in León
- Homes for sale in Lérida
- Homes for sale in Lugo
- Homes for sale in Madrid
- Homes for sale in Málaga
- Homes for sale in Murcia
- Homes for sale in Navarra
- Homes for sale in Orense
- Homes for sale in Palencia
- Homes for sale in Pontevedra
- Homes for sale in Salamanca
- Homes for sale in Santa Cruz de Tenerife
- Homes for sale in Segovia
- Homes for sale in Sevilla
- Homes for sale in Soria
- Homes for sale in Tarragona
- Homes for sale in Teruel
- Homes for sale in Toledo
- Homes for sale in Valencia
- Homes for sale in Valladolid
- Homes for sale in Vizcaya
- Homes for sale in Zamora
- Homes for sale in Zaragoza
- Homes for rent in Álava
- Homes for rent in Albacete
- Homes for rent in Alicante
- Homes for rent in Almeria
- Homes for rent in Asturias
- Homes for rent in Ávila
- Homes for rent in Badajoz
- Homes for rent in Baleares
- Homes for rent in Barcelona
- Homes for rent in Burgos
- Homes for rent in Cáceres
- Homes for rent in Cadiz
- Homes for rent in Cantabria
- Homes for rent in Castellón
- Homes for rent in Ciudad Real
- Homes for rent in Córdoba
- Homes for rent in Cuenca
- Homes for rent in Gerona
- Homes for rent in Granada
- Homes for rent in Guadalajara
- Homes for rent in Guipúzcoa
- Homes for rent in Huelva
- Homes for rent in Huesca
- Homes for rent in Islas Baleares
- Homes for rent in Jaén
- Homes for rent in La Coruña
- Homes for rent in La Rioja
- Homes for rent in Las Palmas
- Homes for rent in León
- Homes for rent in Lérida
- Homes for rent in Lugo
- Homes for rent in Madrid
- Homes for rent in Málaga
- Homes for rent in Murcia
- Homes for rent in Navarra
- Homes for rent in Orense
- Homes for rent in Palencia
- Homes for rent in Pontevedra
- Homes for rent in Salamanca
- Homes for rent in Santa Cruz de Tenerife
- Homes for rent in Segovia
- Homes for rent in Sevilla
- Homes for rent in Soria
- Homes for rent in Tarragona
- Homes for rent in Teruel
- Homes for rent in Toledo
- Homes for rent in Valencia
- Homes for rent in Valladolid
- Homes for rent in Vizcaya
- Homes for rent in Zamora
- Homes for rent in Zaragoza