Back From the Brink – The Comeback of Office Tower Submarkets

Posted by Colliers on 1st April 2026 -

Office tower submarkets across Europe are experiencing a resurgence. This is highlighted in a new pan‑European study by Colliers, examining a wide selection of office tower submarkets in key European cities.

Many of these districts were originally planned more than two decades ago, shaped by the work‑life patterns of that era—characterised by high daily occupancy, large corporate tenants, and a clear separation between workplaces and urban life. Today’s revival is being driven by fundamentally different dynamics. Rather than functioning as single‑use employment hubs, most of these areas are now being planned or repositioned as mixed‑use urban districts, where offices are integrated with residential, leisure, cultural, and public spaces.

Colliers have analysed eleven office tower submarkets in key European cities, comprising locations in a mixture of central to edge of city locations. The sub-markets studied fall into four broad groups:

1. Pure office dominance (CTBA and AZCA in Madrid),

2. Office districts in transition (Bankenviertel in Frankfurt, City Center West in Warsaw, Canary Wharf and City of London, La Défense in Paris),

3. Planned mixed-use districts (Porta Nuova in Milan, Zuidas in Amsterdam, Donau City in Vienna), and the

4. Strong urban mix, in the Docklands area of Dublin.

These examples illustrate how each sub-market functions in the modern era. Most tower districts are witnessing robust or rising levels of leasing activity, and low or declining vacancy rates; 8 out of 11 operate at a vacancy rate below their respective city averages.

The study assesses each office tower submarket on an individual basis, analysing its development history, locational characteristics within the city, and key development stages. It also reviews the dominant occupier profiles, the extent and quality of mixed‑use integration, and the forward‑looking plans shaping each area’s evolution.

To provide a comprehensive assessment of submarket performance, the analysis incorporates recent leasing activity, pipeline developments, rental levels, and vacancy rates, enabling an informed evaluation of both current market dynamics and longer‑term prospects.

Overall, the study concludes that Europe’s office tower submarkets are adapting to remain relevant to modern occupier and investor demands. Competitiveness is increasingly driven by prime connectivity, strong sustainability credentials, and high‑quality amenities that enhance both urban vitality and employee experience.

Read full Colliers article here