It seems the supply of new offices not keeping pace with demand for new office space is not just a Dublin problem.

New research from CBRE points out that, in Europe’s major cities, office development is not keeping up with growing demand driven by improving employment trends. Almost all key office markets are expected to show falling vacancy rates and accelerated rental growth over the next five years.

CBRE expects Europe’s prime office market vacancy rate to fall back to its 2009 level by the end of 2016 and to continue declining over the rest of the decade.

Office-based employment in major cities is rising at double the growth rate of total employment across Europe, says Dr Neil Blake, of CBRE.