Where Do European Property Values Go From Here?

European Office Sector

Property Value Index*

Year-over-Year Percentage Change

120

S1: Soft Landing

S2: Upside Growth

S3: Mild Recession

S4: Stagflation

100

2022

-2.0%

0.6%

-4.4% -8.9%

80

2023

-16.5% -12.9% -19.7% -23.8%

60

2024

0.5%

5.8%

-0.3% -5.0%

40

Soft Landing Upside Growth Mild Recession Stagflation

2025

3.5%

4.1%

2.6%

-2.4%

20

2026

4.1%

7.2%

5.9%

-1.2%

0

2021 2022 2023 2024 2025 2026

Source: Cushman & Wakefield Research Note: *Price index = 100 in year 2021 and imputed based on total returns.

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