The case for European office investment is compelling for a number of reasons. Most of these markets have some features that are indeed appealing to investors. However, an exhaustive analysis of each European office market is a very complicated exercise and would only allow us to scratch the surface. As a result, we have decided to focus on the most important gateways in each of the largest five European economies, namely London, Paris, Munich, Madrid and Milan.

The choice of London and Paris is relatively easy, as both the United Kingdom and France are dominated in terms of population and output by their respective capitals. To some extent, the choice of Madrid and Milan is also justified, as the former is the largest Spanish city while the latter is the economic capital of Italy. Germany, however, is a polycentric country where no single city dominates. Four cities stand out, namely Munich, Frankfurt, Berlin and Hamburg. While the choice of Munich