European office real estate has been pronounced dead so many times in the past four years that it is almost striking when the data says otherwise. The data is now saying otherwise — consistently, across multiple markets, and in a direction that should concern investors who moved decisively to reduce European office exposure in 2022 and 2023. That consensus was not unreasonable at the time. Remote and hybrid working had structurally reduced occupancy. Interest rates were risin

EMEA fundraising for commercial real estate reached US$165 billion by the end of Q3 2025 — matching the entire 2024 total, and pulling ahead of North America in global fundraising share for the first time in recent memory. That reversal deserves attention. The institutional capital returning to European property after the 2023–2024 rate-driven repricing is not returning uniformly. It is concentrating in two asset classes that share one underlying driver: demand that is struc