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Global Capital Markets Offices Annual Review 2026 (Savills)

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ReportSavillsJanuary 202616 pages24 min readOriginal source
Key number
$208bn
Global office investment p.4
What changed
18%
Global office investment growth, year-on-year p.4

Summary

  • Global real estate investment rose by nearly 10% in 2025 in US-dollar terms.p.2
  • Global office investment rose by 18% year-on-year to $208 billion, taking a 23% share of global investment, up from 21%.p.4
  • Global investment into offices by US-based investors reached $87 billion, 47% higher than in the prior year.p.5
  • EMEA office investment reached €47 billion, up 15% year-on-year.p.6
  • US office investment reached $80 billion, a 38% rise year-on-year.p.8
  • Investment across APAC rose 10% year-on-year to $68.5 billion.p.10

Key insights

  1. UK office investment rose 32% year-on-year to £13 billion.p.6
  2. French office turnover rose by 49% to €6.7 billion, while German investment grew 1% to €5.6 billion.p.6
  3. The cross-border share of European office investment rose from 29% to 35%.p.7
  4. The CMBS delinquency rate for offices reached a high of 12.3% by January 2026.p.8
  5. Office loan originations rose sharply to $29 billion, up from $9.4 billion the previous year.p.9
  6. Investment in Chinese offices fell 17% to CNY73 billion.p.10
  7. Japanese office investment reached JP¥3tn, up 10% on the year, with prime yields holding at 2.6%.p.11
  8. Indian office investment rose 49% year-on-year to INR321 billion.p.11

Topics and entities

EuropeGlobalUSPrivate marketsBlackstoneGrosvenorNBIMSavills

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