–38 pts · TECH: The Great Capitulation

2024 Return-to-Office mandates failed. Tech firms quietly capitulated, slashing their physical footprint to cut costs.

+21 pts · FINANCE: The Regulatory Whip

Zero-tolerance compliance mandates from the FCA/ECB crowned banking the undisputed king of the European office.

+18 pts · MANUFACTURING: Zoom-Proof

European supply chain nearshoring and re-industrialisation drove a physical office boom. You cannot manage supply chains over a screen.

–21 pts · HEALTHCARE: The Big Pharma Split

Post-COVID revenue cliffs triggered a corporate exodus. Pharma companies secretly emptied HQs to protect margins.

+2 pts · CONSUMER GOODS: War Room Recovery

The European cost-of-living crisis forced FMCG leadership to pivot supply chains and marketing in-person.

+2 pts · BUSINESS SERVICES: The Consultant's Echo

Following the money. As banking and manufacturing returned, consultants were forced to follow for premium face-time.