‘While supply is still limited, we're starting to see more investment opportunities. The demand side is strong, and there is hope that supply will increase soon. This combination suggests a positive outlook for the recovery,’ Hutchings said.

He noted that the UK and Germany are currently the most attractive markets in Europe and are leading the recovery, due to their deeper liquidity. France is lagging behind due to lower seller motivation.

Cushman & Wakefield is advising on three high-profile deals in London involving large-scale office projects, which ‘will be a crucial test of market conditions and its recovery’, Hutchings said.

In the logistics and industrial sector, investor sentiment is ‘significantly more positive than last year’, according to Tim Crighton, the firm’s head of logistics & industrial EMEA.

While there are challenges ahead, particularly in the occupier sector, the overall outlook is encouraging, he said.

‘We're seeing strong commitment from retailers and industrial manufacturers, especially in Central Europe. The focus on operational complexity, including cold storage, data centres, and production facilities, has piqued investor interest.’

He added: ‘The spread between high-quality and lower-quality assets has narrowed. However, investors are becoming more selective and focused on their investment goals.’

Sustainability has become paramount for logistics properties, and location plays a key role, Crighton said. ‘Even the greenest building can't offset the carbon emissions from transportation if it's in a poor location. We need efficient buildings in strategic locations. This requires collaboration with municipalities and planning bodies.’

Overall, the logistics and industrial market is poised for a recovery, he concluded. ‘With continued strong occupier demand and a focus on high-quality investments, we expect a positive outlook for 2025.’