BofA | Offices across Europe are enjoying a resurgence, owing to: i) rising property prices as prosperity and hence urbanisation increase in cities, ii) 2.6x faster growth in office-related jobs vs total employment across Europe as the economy becomes more service-oriented (70% of GDP); iii) office vacancy in the central business districts of Madrid, Barcelona and Paris standing 40% below the long-term average, resulting in a tighter supply/demand balance and driving up rents.