When will euro-zone office rental values recover their 2008 highs?

Reflecting improvements in economic activity, there have recently been isolated reports of rising prime office rental values in parts of the euro-zone. While the floor for rents is now behind us, given our sub-consensus view on the economic outlook, past experience tells us that the path to recovery will be slow. Indeed, it may take four more years for euro-zone office rents to return to 2008 levels.

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