THE TECH DELUSION: RECOVERY WITHOUT REAL ESTATE

• Tech equity has stabilised (+2%), yet physical occupancy has suffered a structural collapse to 15%.
• The 'Return to Office' mandate is dead in tech. Equity markets are rewarding firms for shedding lease liabilities.

THE NEW ANCHORS: FINANCE & MANUFACTURING

• Financial Services STOXX surged +60%, pulling physical occupancy up 21 points in lockstep. Manufacturing followed a near-perfect 1:1 correlation.
• Traditional, regulated industries have officially dethroned Tech as the dominant force in the European office.