The technology, media and telecoms (TMT) sector accounted for 52% of deal activity in the European flexible office market in 2022, according to data from CBRE.
In addition to accounting for the majority of deals the sector also accounted for 62% of the number of seats acquired, with activity driven by consolidation in the sector.
The second most active sector was financial and professional services companies, which accounted for 21% of activity in terms of number of deals and 27% by number of seats acquired.
Richard Holberton, senior director, research at CBRE, said: “Throughout 2022, we saw transaction volumes and occupier enquiries continue to accelerate and our research shows a 37% increase in transactions completed across the whole market when compared with 2021. Flex is becoming a core part of the decision-making process for many occupiers as they look to increase the proportion of flex space in their real estate portfolios.”
Tim Hamilton, European flex lead at CBRE, added: “Whilst the changing economic climate could impact occupier sentiment, there remains a significant gap between corporate appetite for flex space and current availability and as a result, we are yet to see such a slowdown in activity levels. We anticipate the shift towards the use of flex space to be more pronounced in 2023 as we see increased uncertainty in the market.”
