The outlook for the European commercial property market is cautiously optimistic despite growing geopolitical uncertainty and concerns about economic growth, with London, Madrid and Paris emerging as the standout performers, according to a new report by PwC and the Urban Land Institute (ULI). The report – Emerging Trends in Real Estate Europe 2025 outlines how market players believe ‘a new normal’ is emerging as valuations have come down and interest rates regain some level of predictability in a market characterised by higher inflation and interest rates, and geopolitical and economic uncertainties. This led to more than 80 percent of survey respondents expecting business confidence and profits to stay the same or rise in 2025, with around half predicting increases in both. (more…)

New York accounted for a third of all leasing activity globally in the legal sector in the first half of 2024, says Savills, equating to over 1.4 million sq ft of space, out of a total of 4.3 million sq ft across the world’s 15 largest legal markets, reflecting its position as the world’s principal legal hub. Together, US cities accounted for 69 percent of overall H1 law firm office leasing activity in the world’s largest legal markets, reflecting the dominance of American firms in the sector overall, as well as the tendency for US legal offices to have a lower occupancy density and thereby requiring more space, according to Savills. (more…)