Demand fell considerably in 2020, with take-up volumes down -38% y/y, but some significant transactions completed towards the end of 2020 driving a 16% growth in Q4 take-up (q/q). With cooling demand and the completion of several new schemes across markets, EMEA’s average (weighted) vacancy rose to 6.8% by year-end, from 5.5% a year earlier.

European investment volumes witnessed a strong bounce back in Q4 2020, with key markets witnessing improving liquidity and the return of global capital sources. Investment into Direct European real estate reached €252 billion for the full year, a 25% fall on 2019, but the figure masks a range of different performances across countries.

2020 could potentially be the catalyst for a structural change in real estate. Over 2021 we will begin to see the true impact of the pandemic and start to make sense of what it’s long lasting impact will be.

The results of the much-anticipated U.S. presidential election hung in the balance for several days after Election Day. In the end, a number of key states finalized a historic level of vote tabulation resulting in Democratic challenger and former Vice President Joseph Biden accruing enough electoral college votes to secure victory as president-elect. Biden will be inaugurated as the 46th president of the United States on January 2021.