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Too soon to call a recovery in euro-zone office occupier demand

Although some euro-zone office markets saw a rise in take-up at the end of 2009, we do not think that this spells the end of the occupier market downturn. The fragile state of the economic recovery and weak outlook for labour markets in the euro-zone suggest that occupier demand will remain under pressure in the near-term. And with completion volumes still high, further rises in vacancy rates cannot yet be ruled out.

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