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European office development exceeds expectations in 2012 | 6 December 2012

European office space has developed much faster than predicted this year, according to new research.

A study conducted by commercial property agent Patrizia Immobilien AG suggests that key office markets in Germany, Italy and Belgium have all exceeded expectations. This is largely due to a higher-than-expected growth in office-based employment.

The study, published on patrizia.ag, also urges investors to take advantage of growing office markets in from less popular areas such as Ireland and the Czech Republic.

Karin Siebels, who wrote the paper, urged readers to ignore the negative perceptions surrounding these markets in recent times.

According to property-magazine.eu, she said: “Although these markets are currently suffering from a negative perception and are being avoided by investors, their development prospects are extremely strong.

“The service sector in Dublin offers particularly high growth potential. It is clear that this will have a positive impact on demand for office space and property prices.”

The report analysed investment opportunities in 27 major office markets around Europe. It indicated that whilst development has exceeded expectations, prime rents have remained flat on the whole this year.

Munich was cited as the city with the highest growth in office employment, whilst Milan, Rome and Brussels were also named as exceptional performers.

The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.

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