Approximately EUR 56.7 B was invested in European office property last year, down by some 7% on the previous year, according to data of realtor Colliers International.

One of the most notable individual asset transactions completed was the sale and lease back of the Credit Suisse global HQ in Zurich to Norway’s NBIM, which followed the sale of the Credit Suisse London HQ to the Qatar Investment Authority earlier in the year.

Economic stagnation in Europe continued to hold back rental growth, although regional disparities remain well apparent, the experts from the real estate agency commented.

Rental increase was registered in Dusseldorf and Munich, as the vacancy rate in the German office market reached a 10 year low, driven by above average take-up.

Noticeable increases were seen in Moscow, Oslo and Lyon.

Declines continue to be prevalent in those markets most directly exposed to the effects of the euro crisis such as Madrid, Lisbon and also in Geneva.

Colliers experts forecast that while further rental appreciation in prime lease rates is still expected in some German cities and Oslo, reductions cannot be ruled out in cities hardest hit by the economic crisis or dealing with quick supply growth such as Warsaw.

Rental values are expected to remain broadly flat in the majority of markets, but only for the best buildings and locations, while pressure on rents for secondary space is likely to remain steady or intensify.