The fall in demand for commercial property has slowed

After a record 2024, the market cooled markedly.

Over the first half of 2025, the volume of deals in square metres fell by 35% compared with the same period of 2024.

The first half of 2026 showed a different pattern: the decline against the first half of 2025 was only 9%.

In other words, where in 2025 the market went through a sharp cooling, in 2026 it is more accurate to speak of activity stabilising at a new level.

It is still too early to speak of a turn in the trend. The difference between a fall of 35% and a fall of 9% does, however, look substantial. On the figures for the first half of the year, we see neither signs of a new sharp fall nor signs of a confident recovery of the market.

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