Research

JLL Office Property Clock Q4 2020

2020 European office take-up lowest since 2002 due toCOVID-19 pandemic

January 15, 2021

The public health response to the Covid-19 pandemic continued to determine the economic and real estate market performance in Q4. With a second wave of outbreak accelerating, many countries across Europe imposed further restrictions or lockdowns on its citizenry in October and November. The effect was to reverse a forecast expansion of GDP in the fourth quarter, leading to a double-dip economic contraction in 2020. Momentum had already been fading before restrictions were tightened, reflecting the unpredictability of the situation and households’ and firms’ inability to plan. The extension of government support schemes will help to minimise the fallout, or economic scarring, resulting from the toughened restrictions, but will not prevent it entirely meaning losses will accumulate. As we enter a new calendar year, a further tightening of restrictions has been conducted in many countries. The net effect will be to deepen the immediate economic hit and delay and lengthen the recovery. More positively, the rollout of vaccination programmes across the region offer hope for the end of lockdown-reopening cycles, and the prospect for a return to some semblance of normality.

Fill out this form to download report

There was an error submitting the form. Please try again. 

 

PRIVACY NOTICE

Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

Generally the personal information we collect from you are for the purposes of dealing with your enquiry.

We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our privacy statement.