This document summarizes the latest real estate market outlook figures for the EMEA region. It finds that people and productivity continue to drive corporate real estate strategies. Economic growth is expected in Europe over the next two years, but competition for prime real estate will increase in desirable locations. Companies are focusing on cost management and optimizing their real estate portfolios to balance growth and efficiency needs. Workplace design is increasingly people-centric to encourage collaboration, innovation and employee well-being.

1. Over page are the latest EMEA Market Outlook figures
EMEA Corporate Occupier Conditions
Autumn 2015
People and productivity continue to drive
real estate strategy
ECONOMIC OUTLOOK
Europe is expected to gain momentum throughout 2015 and 2016.
PRESSURE ON REAL ESTATE COSTS
Continued focus on cost management will influence location decisions.
M&AACTIVITY IS DRIVING REAL ESTATE CHANGE
56% of companies expect to pursue acquisitions
in the next 12 months.
PORTFOLIO OPTIMISATION
SHORING STRATEGIES ON THE AGENDA AGILE WORKPLACES WITH A FOCUS ON TALENT
Companies are seeking competitive advantage through people-centric
office design that encourages wellbeing, collaboration and innovation.
Expectations:
Competition for space will increase more rap-
idly in well connected locations with amenities
and proximity to talent.
Quality choice will remain
constrained as developments
take time to complete.
Costs for prime real estate forecast
to increase by 1.1% in 2015
and 2.4% in 2016.
Source: Oxford Economics, 2015, (GDP = EU28) Source: JLL, 2015
Source: Capital Confidence Barometer, EY April 2015, Thompson Reuters
Source: PwC 18th Annual Global CEO Survey, 2015
HEADWINDS
Debt defaults, Brexit,
Russia/Ukraine, China slowdown,
stock market volatility, deflation.
TAILWINDS
ECB’s extensive QE programme;
encouraging PMI data, rising
consumption levels;
low interest rates.
Choice to fall in almost
half of European markets
in the next 12 months.
The balance of nearshore and
offshore operations will remain fluid
as companies seek to deliver greater
productivity.
Less than half of European
markets are expected
to remain tenant favourable
in 2015 & 2016.
Real estate due diligence
early on is key to unlocking value.
73% of CEO’s
are concerned about
the availability of key skills.
Adapting to the dual drivers of growth & efficiency
is key to optimising real estate portfolios.
Source: Global CRE Trends 2015, JLL
72% of CRE Executives
note increasing demand
to actively challenge
the business about its
presumed space needs.
A growing number of companies are reassessing their real estate footprints.
73%30% of organisations are likely to
off-shore activities in the next 3 years.
21 % of organisations are likely to
near-shore activities in the next 3 years.
Source: Global CRE survey 2015, JLL

2. www.jll.eu
This summary of EMEA Occupier Conditions provides a macro level overview
of real estate occupancy indicators across 71 key EMEA office markets.
For a more in-depth view of any particular market please call us
and we will be happy to assist.
Tom Carroll
Head of Corporate Research
EMEA
+44 (0) 203 147 1207
tom.carroll@eu.jll.com
Karen Williamson
Associate Director
EMEA Research
+44 (0) 203 147 1197
karen.williamson@eu.jll.com
Any questions,
please contact:
EMEA Occupier Office Property Clock Q2 2015
Western Europe Central and Eastern Europe Middle East and Africa
Source: JLL, July 2015
Select EMEA Market Conditions
Prime rents (€ per sq m) as at Q2 2015
Sentiment based view from each market outlining future expectations of prime rental direction
Landlord favourable market Balanced market Tenant favourable market Overall vacancy rate
2015 2016
Oslo
8.3%€479
2015 2016
Helsinki
11.3%€306
2015 2016
Copenhagen
10.1%€241
2015 2016
Stockholm
9.0%€487
2015 2016
Moscow
17.0%€754
2015 2016
Warsaw
14.1%€282
2015 2016
Amsterdam
16.3%€345
2015 2016
Prague
16.6%€234
2015 2016
Johannesburg
11.3%€186
2015 2016
Cairo
33.0%€323
2015 2016
Doha
8-10%*€680
2015 2016
Dubai
23.0%*€657
MENA
*CBD only2015 2016
Riyadh
17.0%€431
2015 2016
Milan
13.0%€470
2015 2016
Athens
19.1%€204
2015 2016
London West End
2.7%€1.785
2015 2016
Glasgow
10.5%€448
2015 2016
Brussels
9.9%€275
2015 2016
Frankfurt
10.0%€426
2015 2016
Budapest
14.2%€240
2015 2016
Istanbul
15.2%*€420
2015 2016
Paris CBD
5.3%€710
2015 2016
Madrid
11.1%€312
2015 2016
Lisbon
11.7%€219
SOUTH AFRICA
2015 2016 27.2%€312
Kiev
Eindhoven, Lyon, Oslo, Vienna
Cologne, Tel Aviv
Frankfurt
Hamburg, Malmo,
Berlin, Munich, Stuttgart
Dublin, Jeddah
London City, London WE
Luxembourg
Belfast, Southampton
Manchester
Amsterdam, Nottingham
Edinburgh, West London
Barcelona, Bristol, Madrid, Thames Valley,
Leeds, Milan, Newcastle, Cairo, Belgrade
Birmingham
Krakow
The Hague
Moscow, St. Petersburg
Dusseldorf
Kiev, Sofia, Warsaw, Zagreb, Doha, Kuwait City
Antwerp, Athens, Brussels, Cardiff, Helsinki,
Lisbon, Paris CBD, Rotterdam, Utrecht,
Bratislava, Bucharest, Budapest, Prague,
Tri-City, Capetown, Istanbul
Manama, Muscat, Riyadh
Rental
Growth
Slowing
Rental
Growth
Accelerating
Rents
Falling
Rents
Bottoming
Out
Copenhagen, Glasgow, Western Corridor, Abu
Stockholm
Gothenburg, Johannesburg
Geneva, Zurich
Dubai, Rome
COPYRIGHT © JONES LANG LASALLE IP, INC. 2015 This publication is the sole property of Jones Lang LaSalle IP, Inc. and must not be copied, reproduced or transmitted in any form or by any means,
either in whole or in part, without the prior written consent of Jones Lang LaSalle IP, Inc. The information contained in this publication has been obtained from sources generally regarded to be reliable.
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