CANNES, France, March 12 (Reuters) - LaSalle Investment

Management is reducing its exposure to offices in Europe and

believes between 20% and 30% of office space in the region could

be "obsolete", the firm's head of Europe said on Tuesday.

"Is there redundant space in areas where it shouldn't have

been in the first place? I think maybe 20 to 30% of office stock

is probably obsolete," Philip La Pierre, Head of Europe at

LaSalle, told Reuters in an interview at the MIPIM real estate

conference in Cannes.

La Pierre said the commercial real estate market remained

"fickle", although there were signs that investors were slowing

redemption requests and becoming used to lower prices.

"Everyone has to accept the fact that pricing is down 30 to

40% and they might want to liquidate their position ... Now

they're willing to do it. But it takes a year or two

psychologically to adapt to the fact that you're making a loss,"

he said.

LaSalle is an independent part of global property services

firm Jones Lang LaSalle ( JLL ).