WORKPLACE SPACE
“Deciding whether to renovate or relocate your office space requires a varied analysis”
According to data from JLL and Statista, both Madrid and Rome have notable vacancy rates, with commercial real estate vacancies reaching approximately 7–10% in recent years. Higher vacancies create opportunities for favourable lease terms and lower purchase prices. Comparatively lower o ce space costs in Southern Europe versus the costs in cities such as London, Paris, or Frankfurt enhance the nancial viability of relocating. For brands, the focus here may be on securing strategic locations that enhance brand visibility and attract top talent, while also o ering cost- e ective solutions. Businesses here might nd relocation more attractive due to the potential for better terms and modernised facilities. PARTING THOUGHTS Deciding whether to renovate or relocate your o ce space requires a varied analysis that incorporates current usage, future needs, nancial implications, and regional particularities. Allure, with its comprehensive advisory services led by experts like Justin, provides brands with the insights and strategies needed to make these signi cant decisions. By considering local market conditions and aligning o ce space with business objectives, Allure ensures that each client nds the optimal solution tailored to their unique circumstances, reinforcing their market position and supporting long-term growth. FOOTNOTES Warsaw Office Market Dynamics ; jll.pl Playing offense to create Nordic sustainability champions ; mckinsey.com Newsec Property Outlook – Autumn ; newsec.com Prime rent for office real estate in Oslo, Norway, from to ; statista.com The Cost of Office Space in London ; oktra.co.uk Office snapshot ; assoimmobiliare.it Vacancy rate for office real estate in Madrid from to ; statista.com
satisfaction and retention, enhanced productivity and decreased absenteeism.
Another bene t for brands looking to either relocate to the area or move o ces is that governments in Northern Europe oen support companies that choose to adopt sustainable practices. ese incentives can come in the form of tax bene ts, subsidies for green building projects, and more. Due to strong economic conditions and a high standard of living, rents are elevated in major hubs in this area, such as in Stockholm, Oslo, Helsinki, and Copenhagen. For example, Oslo’s prime o ce rent last year was €529 per square metre per year, but in contrast to London’s prime o ce spaces (which can exceed €1,700 per square metre per year), it is comparatively cheap. Companies located in Northern Europe may favour relocation to leverage new, green-certi ed spaces that o er advanced amenities and align with local emphasis on work–life balance and environmental responsibility. SOUTHERN EUROPE Southern Europe presents a di erent scenario, characterised by economic variability and uctuating real estate markets. In cities like Madrid and Rome, moderate o ce real estate vacancy rates provide more opportunities for favourable relocation deals.
AURA
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