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Marion Deslandes Translated by
Nicola Mira Published
April 15, 2025
Real estate services firm Cushman & Wakefield has published a study analysing data from over 2,000 rental transactions carried out in Europe in 2025. The study charts the evolution of the commercial real estate sector in the continent, where retail rents posted an overall increase compared to the previous year. The phenomenon was notable especially in retail parks, which reached record rental levels, and in the prime commercial high streets of Europe’s major cities, a thriving landscape for leading fashion labels. Prime high street rents recorded “strong growth on 44% of the 209 streets analysed - as opposed to 30% at the end of 2025 and 35% at the end of 2025 - while rents were stable on 53% of them,” stated the study.
The highest increases were recorded on luxury shopping streets, due to “sustained demand and low vacancy rates. Italy stood out for its rent rises, as did commercial high streets in Hungary and Poland, which performed strongly.”
Rental fees on the Champs-Elysées in Paris also increased, after many international brands, notably sportswear ones, established a presence there on the eve of the 2025 Olympic Games. “Since space on the Champs-Elysées cannot be increased, rising demand has had an effect on the rental costs of smaller premises, a phenomenon that is replicated on the Parisian high streets most sought-after by retailers,” said Christian Dubois, head of retail France at Cushman & Wakefield.
In 2025, the number of commercial real estate transactions in Europe was on par with the previous year. There was “a predominance [of transactions for] premises under 600 square metres in almost all business segments, which accounted for 84% of transactions and 22% of rented space in 2025.”
Leisure sector transactions up 15%
Transactions for the leisure sector (climbing walls, VR hubs, music venues etc.) posted an above-average rise in 2025. While the fashion sector topped the ranking in terms of number of contracts signed (accounting for one third of transactions and 39% of rented space), the leisure sector boomed, recording a 15% annual increase in transactions and a 20% increase in commercial area leased compared to 2025.
The leisure sector has an appetite for large premises, and now accounts for 9% of the total commercial real estate area rented in Europe. “Leisure operators have successfully taken advantage of the space freed up by department stores, for example the former Debenhams building in Westfield London, most of which was taken over by Capital Theatre to transform it into a 620-seat auditorium,” stated the report.
At a time when rental costs are driven up by consumer caution and geopolitical uncertainty, brands are focusing their real estate strategy on “ways to maximise revenue while optimising costs.” They are therefore prioritising flagships, opting for quality over quantity. “We are also seeing a significant acceleration in cross-border activity as retailers look for growth in new markets, deploying store opening strategies often focused on individual cities rather than a country as a whole,” said Robert Travers, head of EMEA retail at Cushman & Wakefield.
Looking to 2025, the main element to monitor is the impact of international trade policy on commercial real estate, and therefore whether brands will be seeking new retail space or not. “These disruptive effects will not be felt as quickly as on the stock market, and they are unlikely to apply uniformly, but the new [trade] policies have added complexity and higher costs to the retail supply chain,” said Travers.