FINLAND. Country Snapshots. Second quarter I Please click on the appropriate sector to view. Economy Offices Retail Industrial.
|
|
- Marlene Porter
- 5 years ago
- Views:
Transcription
1 Country Snapshots Second quarter I 2016 Please click on the appropriate sector to view Economy Offices Retail Industrial About & Contacts
2 Economic Snapshot The Finnish economy maintained a steady momentum in the first half of 2016, with private consumption the main driver of growth, although gains are being offset by continued weakness in exports and public spending. GDP growth rose 0.6% quarter-on-quarter in Q1, marginally better than the 0.5% growth recorded in the final quarter of Private consumption ahead of expectations Consumer spending continues to surprise to the upside, despite muted wage growth and still high unemployment. Recent high-frequency economic indicators, such as retail sales and consumer confidence, have been showing steady signs of improvement, while low inflation is helping support real disposable incomes. The unemployment rate has started to gradually decline from the peak level of 9.4% in 2015 to 9.1% in May. Private consumption is now forecast to increase by 1.5% before slowing to 0.9% in Slow recovery in investment to continue After five consecutive years of contraction, fixed investment activity is forecast to finally start increasing in 2016, led primarily by the construction sector. For the majority of companies, however, large scale capital spending plans are expected to remain on hold, with the domestic and external environment still not strong enough to warrant significant investment. There is little support from the public sector, with investment being hampered by the government s ongoing fiscal adjustment programme. Fixed investment growth is forecast to be 1.2% in 2016, before averaging 2.0% per year between Reforms remain key to achieving stronger growth The economy is expected to grow by 1.3% in 2016, by 0.9% in 2017 and then average around 1.6% a year in While the economic outlook may have improved, Finland lost the last of its triple-a ratings in June, after Moody s downgraded it. This was due to concerns that stronger growth over the medium term will remain elusive until Finland addresses several structural issues, including weak cost competitiveness, poor labour productivity and declining corporate profitability. The government, unions and businesses have recently signed a competitiveness pact, which is an important step in the right direction to address these issues. GDP: Inflation: Interest rate: Employment: Economic Summary Steady improvement in 2016, but several domestic and external challenges remain. Price pressures are gradually building and inflation is expected to turn positive this year. The ECB continues to pursue ultra-loose monetary policy and may cut interest rates further. Weak but stabilising. Job creation is still very subdued in many industries amid limited investment. ECONOMIC INDICATORS E 2016 F 2017 F GDP Growth Consumer Spending Industrial Production Investment Unemployment rate (ILO%) Inflation USD/EUR (average) USD/EUR (end-period) Interest Rates: 3-month (%) Interest Rates: 10-year (%) NOTE: *annual % growth rate unless otherwise indicated. E estimate F forecast Source: Oxford Economics Ltd. and Consensus Economics Inc Economic & Political Breakdown Population 5.5 million (2015) GDP US$ billion (2015) Public Sector Balance -2.8% of GDP (2015) Public Sector Debt 63.2% of GDP (2015) Current Account Balance 0.1% of GDP (2015) A coalition of the Centre Party, The Finns and the Parliament National Coalition Party. President Sauli Niinistö Prime Minister Juha Sipilä Election Dates April 2019 (Legislative) February 2018 (Presidential) Economic Activity GDP GROWTH (annual %) - left INFLATION (annual %) - right F
3 Office Market Snapshot GDP growth forecasts for Finland have recently been revised upwards to 1.3%, however conditions remain challenging with unemployment relatively high, albeit declining slowly and this has dented business confidence. Occupier focus Occupier demand is showing signs of strengthening as 2016 progresses but the overall vacancy remains high and is currently between 13%-14%. Active requirements for modern buildings in good locations is strong but supply at this end of the market is declining and there are now clear signs that the demand for good quality secondary office properties has increased. In Q2 only 25,000 sq.m of new office space completed in the Helsinki Metropolitan Area and there is an estimated 54,000 sq.m due to complete in These current market conditions will support positive rental growth at the quality end of the market. The ongoing investments in transport infrastructure will go someway in reshaping the office market landscape in Helsinki, although this will take time as some have been delayed. For example, the new metro line towards the west from the Helsinki city centre was supposed to start to operate in August 2016 but is now delayed until January 2017 at the earliest, but this could provide opportunity to companies looking to relocate now on a cheaper rent before the area opens up further with the completion of the infrastructure projects. Investment focus Q2 investment in the Finnish office sector totaled 144 million with private property companies the most active, accounting for approximately 45% and international investors taking a market share of around 25%. Demand for office assets is still clearly targeting prime product - this is not expected to change going forward. However, secondary properties have traded and there are clear signs that investor appetite for secondary office properties have increased during 2016 as the lack of quality product forces them to look here for opportunities. Prime Rents: Prime Yields: Supply: Demand: With vacancy still high rents are generally stable, although with some potential uplift for quality stock. Prime yields are expected to stabilise following a sustained period of hardening. Supply is expected to decrease as speculative space falls and demand improves, eroding excess space. A strengthening of demand is apparent but this is from a low base. Prime Office rents June 2016 LOCATION US$ GROWTH % MTH SQ.FT 1 5 CAGR Helsinki (City Centre) Helsinki (Out of Town) Turku Tampere Oulu n/a Prime Office yields June 2016 LOCATION Helsinki (City Centre) Helsinki (Out of Town) Turku Tampere Oulu With respect to the yield data provided, in light of the changing nature of the market and the costs implicit in any transaction, such as financing, these are very much a guide only to indicate the approximate trend and direction of prime initial yield levels and should not be used as a comparable for any particular property or transaction without regard to the specifics of the property. Recent performance Yields Yield - Country Average Yield - Prime Rental Growth - Prime Rental Growth - Country Average 8.00% 15.0% 7.00% 10.0% 6.00% 5.0% 5.00% 0.0% 4.00% -5.0% 3.00% -10.0% Jun-06 Jun-08 Jun-10 Jun-12 Jun-14 Jun-16 Rental growth (y/y) Outlook Prime, well-let assets will remain key for investors although some demand for non-core assets is becoming apparent. The occupational market will continue to suffer from the slow economic momentum but demand should improve slowly.
4 Retail Market Snapshot With robust economic performance reported in the early part of 2016 growth forecasts for the year have been revised upwards from 0.7% to 1.3%, although this is likely to follow a slower period in 2017 with GDP estimates at 0.9%. According to Statistics Finland, consumer confidence increased from 9.8 in April to 14.9 in June, which is the highest value since May 2015 as consumers expectations concerning the performance of the economy are improving. Occupier focus Prime retail high street and shopping centre locations saw steady occupier demand in Q with a continued clear focus on units along the key high streets in Helsinki. Prime rents remain unchanged across all retail segments both in prime and secondary retail locations but there may be some uplift as the year progresses, demand strengthens further for key thoroughfares and the option to take suitable available units declines further. On the supply side there were no new shopping centre openings in Q1 and Q However, development activity is expected to improve in H and 2017 with more than 170,000 sq.m of new shopping centre space currently under construction. More than 70% of new shopping centre space will be opened in Helsinki, with the 60,000 sq.m Redi shopping centre representing one of the most anticipated openings in Investment focus Activity in the Finnish retail market was robust yet again in Q2, continuing the trend of rising investor sentiment. Trading volumes reached 253 million in Q2 with activity dominated entirely by Nordic investors. Indeed 55% of the capital invested in the Finnish retail sector originated from Sweden. The most active investor type was private property companies accounting for approximately 60% of the Q2 transaction volume. The most notable deal was AB Sagax s purchase of a retail portfolio for 90 million. Outlook The retail property market is expected to remain relatively stable but with an increasingly positive outlook. Occupational and investors demand will begin to improve but no significant changes in rent and yields are expected before Prime Rents: Prime Yields: Supply: Demand: Stable rents, although some marginal growth potential in the best prime high streets in Helsinki. Yields anticipated to remain at current level across all retail segments in Limited, with some improvement expected in H and Steady demand for prime assets in Helsinki and best retail location in dominant regional cities. Prime Retail Rents - June 2016 HIGH STREET SHOPS US$ GROWTH % MTH SQ.FT 1 5 CAGR Helsinki 130 1, Turku Tampere Oulu n/a Prime Retail Yields - June 2016 HIGH STREET SHOPS Helsinki Turku Tampere Oulu* SHOPPING CENTRES Country prime Note: *3yr record. With respect to the yield data provided, in light of the changing nature of the market and the costs implicit in any transaction, such as financing, these are very much a guide only to indicate the approximate trend and direction of prime initial yield levels and should not be used as a comparable for any particular property or transaction without regard to the specifics of the property. Recent performance Yields Yield - Country Average Yield - Prime Rental Growth - Prime Rental Growth - Country Average 7.00% 20.0% 6.00% 15.0% 10.0% 5.00% 5.0% 4.00% 0.0% -5.0% 3.00% -10.0% Jun-06 Jun-08 Jun-10 Jun-12 Jun-14 Jun-16 Rental growth (y/y)
5 Industrial Market Snapshot The Finnish economy this year is expected to outperform 2015, however exports continue to act as drag on growth. In response, the industrial market is facing relatively weak demand levels most of which are consolidation driven. Despite this and given the relatively tight supply levels, rents held firm over the quarter. Investor demand exists, albeit exclusively for prime product, and despite the limited activity in Q2, yields improved by a moderate 10bp across a number of markets. Occupier focus The activity patterns seen in Q1 were largely unchanged over the second quarter, whereby 3PL companies provided the bulk of active requirements as part of their consolidation strategies and they continue to streamline operations to fewer but larger floorplates. Positive absorption of space however remains limited considering the current market environment with a notable decline in expansion driven demand. This has continued to see the vacancy in the Helsinki Metropolitan Area, the most popular destination for logistics occupiers, relatively stable at around 7.0%. New speculative supply has been largely absent due to the recent lack of requirements for new space. Therefore, any new construction a response to a satisfied built-to-suit requirement such as Finnair s 35,000 sq.m cargo terminal. Furthermore, the lower cost of land are seeing the outer parts of HMA, such as Sipoo or Kerava increasingly popular in location strategies. Investment focus Investment activity in the industrial sector was weak in Q2, proliferated by the fact that no deals were completed. Despite this demand remains strong from both domestic and international private property vehicles but with a clear focus on quality, income producing product with is limited. Prime yields currently stand at 6.40% in Helsinki and about bps higher in the regional markets. Prime Rents: Prime Yields: Supply: Demand: Low demand facing limited new supply should maintain a relative balance in the market. No significant change expected in the short term as activity volumes remain subdued. Vacancy should remain fairly stable and new supply will be driven by prior commitment. Demand, for both occupiers and investors will concentrate on best in class assets. Prime Industrial Rents June 2016 LOGISTICS LOCATION US$ GROWTH % MTH SQ.FT 1 5 CAGR Helsinki Turku Tampere Oulu Prime Industrial Yields June 2016 LOGISTICS LOCATION Helsinki Turku Tampere Oulu* Note: * 3yr record With respect to the yield data provided, in light of the changing nature of the market and the costs implicit in any transaction, such as financing, these are very much a guide only to indicate the approximate trend and direction of prime initial yield levels and should not be used as a comparable for any particular property or transaction without regard to the specifics of the property. Recent performance Yields Yield - Country Average Rental Growth - Prime 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% Yield - Prime Rental Growth - Country Average 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% Jun-06 Jun-08 Jun-10 Jun-12 Jun-14 Jun-16 Rental growth (y/y) Outlook Challenges in the industrial market are expected to persist until exports regain some momentum. The fundamentals underpinning the industrial real estate sector will remain stable, with further occupier consolidation dominating activity going forward. Indeed volumes are unlikely to pick-up dramatically until the performance of the economy improves.
6 Our Research Services Visit our website to access... Cushman & Wakefield is known the world over as an industry knowledge leader. Through the delivery of timely, accurate, high-quality research reports on the leading trends, markets around the world and business issues of the day, we aim to assist our clients in making property decisions that meet their objectives and enhance their competitive position. In addition to producing regular reports such as global rankings and local quarterly updates available on a regular basis, Cushman & Wakefield also provides customised studies to meet specific information needs of owners, occupiers and investors....global Research Reports To learn more about the global trends in the commercial real estate sectors that are shaping economic development, business practices and real estate strategies....local Market Reports To find out about local real estate trends in the office, industrial and retail sectors in markets around the world...white Papers and Strategic Insights For authoritative and insightful commentary and analysis on the business landscape for commercial property markets...economic Reports To keep you updated on global economic events and emerging trends that will influence finance, investment, business and real estate markets...cushman & Wakefield global real estate blogs To hear our point of view on global market trends and how they are impacting on real estate decision making Accessing Cushman & Wakefield Research To access our industry-recognized research, please visit: cushmanwakefield.com Finland István Tóth Senior Research Analyst EMEA Research +36 (06) istvan.toth@cushwake.com Disclaimer This report has been produced by Cushman & Wakefield LLP, with data and market intelligence contributed by DTZ Finland, the Alliance Partner of legacy Cushman & Wakefield in Finland, for use by those with an interest in commercial property solely for information purposes and should not be relied upon as a basis for entering into transactions without seeking specific, qualified professional advice. It is not intended to be a complete description of the markets or developments to which it refers. This report uses information obtained from public sources that Cushman & Wakefield has rigorously checked and believes to be reliable, but Cushman & Wakefield has not verified such information and cannot guarantee that it is accurate or complete. No warranty or representation, express or implied, is made as to the accuracy or completeness of any of the information contained in this report and Cushman & Wakefield shall not be liable to any reader of this report or any third party in any way whatsoever. All expressions of opinion are subject to change. The prior written consent of Cushman & Wakefield is required before this report or any information contained in it can be reproduced in whole or in part, and any such reproduction should be credited to Cushman & Wakefield Cushman & To see a full list of all our publications, please go to cushmanwakefield.com or download the My C&W Research App For more information, please contact our Research Department: Cushman & Wakefield LLP 125 Old Broad Street, London, EC2N 1AR, UK
FINLAND. Country Snapshots. Second quarter Please click on the appropriate sector to view. Offices Retail Industrial.
Country s Second quarter 2017 Please click on the appropriate sector to view Offices Retail Industrial About & Contacts Office Market MARKET INDICATORS Market Outlook Prime Rents: Prime Yields: Vacancy
More informationSWITZERLAND. Country Snapshots. Second quarter Please click on the appropriate sector to view. Economy Offices Retail Industrial
SWITZERLAND Country Snapshots Second quarter 2016 Please click on the appropriate sector to view Economy Offices Retail Industrial About & Contacts Economic Snapshot The Swiss economy has performed steadily
More informationHUNGARY. Country Snapshots. Fourth quarter Please click on the appropriate sector to view. Offices Retail Industrial.
Country s Fourth quarter 2017 Please click on the appropriate sector to view Offices Retail Industrial About & Contacts Office Market MARKET INDICATORS Market Outlook Prime Rents: Headline rents continue
More informationMARKETBEAT COUNTRY SNAPSHOTS FINLAND Q 2012 ECONOMY OFFICE SECTOR RETAIL SECTOR INDUSTRIAL SECTOR CONTACTS. A Cushman & Wakefield Research Publication
COUNTRY SNAPSHOTS Q 2012 PLEASE CLICK ON THE APPROPRIATE SECTOR TO VIEW ECONOMY OFFICE SECTOR RETAIL SECTOR INDUSTRIAL SECTOR CONTACTS ECONOMIC SNAPSHOT SLOWDOWN CONTINUES After a strong start to the year,
More informationHUNGARY. Country Snapshots. Third quarter Please click on the appropriate sector to view. Offices Retail Industrial.
Country s Third quarter 2017 Please click on the appropriate sector to view Offices Retail Industrial About & Contacts Office Market MARKET INDICATORS Market Outlook Prime Rents: Headline rents continue
More informationReal estate to enjoy longer low interest rate regime
FORESIGHT Real estate to enjoy longer low interest rate regime European Fair Value Index Q 015 9//016 Contents Overview Drivers of Fair Value Index 3 Market in Focus: Warsaw Retail 3 Cushman & Wakefield
More informationOutlook for Australian Property Markets Brisbane
Outlook for Australian Property Markets 2009-2011 Brisbane Update August 2009 Outlook for Australian Property Markets 2009-2011 Brisbane Residential Update August 2009 Population growth continues to surge
More informationFinland falling further behind euro area growth
BANK OF FINLAND FORECAST Finland falling further behind euro area growth 30 JUN 2015 2:00 PM BANK OF FINLAND BULLETIN 3/2015 ECONOMIC OUTLOOK Economic growth in Finland has been slow for a prolonged period,
More informationRESIDENTIAL MARKET COMMENTARY
A Cushman & Wakefield Insight Publication RESIDENTIAL MARKET COMMENTARY September 2017 Economic Overview ECONOMIC OVERVIEW September s MPC meeting witnessed a clear shift in sentiment amongst members regarding
More informationEurozone. EY Eurozone Forecast December 2014
Eurozone EY Eurozone Forecast December 2014 Outlook for Road to recovery remains strewn with obstacles Published in collaboration with Highlights GDP growth With the Finnish economy still struggling to
More informationEurozone. EY Eurozone Forecast June 2014
Eurozone EY Eurozone Forecast June 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Finland
More informationQ HK$billion Total exports. Feb HK$billion Private Consumption Expenditure. HK$billion Q Dec 2010 Feb 2011 %
PROPERTY INSIGHTS Hong Kong Quarter 1, 2011 Market Overview Hong Kong s real GDP increased by 6.2% year-on-year (y-o-y) in Q4, whereas the growth is primarily driven by merchandise trading and financial
More informationPROPERTY INSIGHTS. Market Overview. Subdued economic growth dampen investment sentiments. Citigold Private Client
Citigold Private Client PROPERTY INSIGHTS Malaysia Quarter 2, 2016 Subdued economic growth dampen investment sentiments Market Overview Malaysia s economy grew at a slower pace in Q1 2016 due to slower
More informationEurozone. Economic Watch FEBRUARY 2017
Eurozone Economic Watch FEBRUARY 2017 EUROZONE WATCH FEBRUARY 2017 Eurozone: A slight upward revision to our GDP growth projections The recovery proceeded at a steady and solid pace in, resulting in an
More informationEuropean Investment Bulletin
European Investment Bulletin Spring 2009 Prime yield decompression per sector (yoy) Rents in decline in line with business sentiment 200 CBD offices Warehouses Shopping Centres European average prime office
More informationPROPERTY INSIGHTS. Market Overview. Office take-up rebounded. Hong Kong Quarter 3, 2012
PROPERTY INSIGHTS Hong Kong Quarter 3, Market Overview Office take-up rebounded Benefited from higher Great A office take-up in decentralised markets, overall net absorption increased significantly from
More informationEconomic Overview 1.9% 4.9% 1.8% 2.0% 0.5% 2018E 2.4% 1.0% 3.2% 4.1% 1.9%
MarketBeat Q1 2018 Economic Overview 2018 GDP mainland growth is forecast to be 3.2%, up from 1.9% in 2017. Growth is domestically driven, with increased consumption and mainland investment the main sources.
More informationFinancial Results Q Kari Inkinen, President and CEO Erik Hjelt, CFO Pia Arrhenius, SVP, IR
Financial Results Q2 2009 Kari Inkinen, President and CEO Erik Hjelt, CFO Pia Arrhenius, SVP, IR Introduction Market review Business overview Financial overview Appendix 2 Overview of reporting segments
More informationAVIVA INVESTORS UK INDUSTRIAL PROPERTY A SAFE HAVEN? by Tom Goodwin
This document is for professional clients, financial advisers and institutional or qualified investors only. Not to be distributed, or relied on by retail clients. AVIVA INVESTORS UK INDUSTRIAL PROPERTY
More informationPROPERTY INSIGHTS. Market Overview. Residential prices continue to soften while office rents are expected to rise. Citigold Private Client
Citigold Private Client PROPERTY INSIGHTS Singapore Quarter 4, 213 Residential prices continue to soften while office rents are expected to rise Market Overview The Singapore economy expanded by 4.4% year-on-year
More informationIreland Outlook. Economy powering on. February Economic Research Unit
Ireland Outlook February 218 Economy powering on Momentum in the Irish economy remains strong, with activity in the first three quarters of 217 ahead of expectations and high frequency data indicating
More informationEconomic activity gathers pace
Produced by the Economic Research Unit October 2014 A quarterly analysis of trends in the Irish economy Economic activity gathers pace Positive data flow Recovery broadening out GDP growth revised up to
More informationEurozone Economic Watch Higher growth forecasts for January 2018
Eurozone Economic Watch Higher growth forecasts for 2018-19 January 2018 Eurozone Economic Watch January 2018 Eurozone: Higher growth forecasts for 2018-19 Our MICA-BBVA model estimates a broadly stable
More informationHong Kong Economic Update
Irina Fan Senior Economist irinafan@hangseng.com Joanne Yim Chief Economist joanneyim@hangseng.com May 28 Hong Kong Economic Update Hong Kong s March export growth stayed low at 7.6 yoy, as exports to
More informationEurozone. EY Eurozone Forecast June 2014
Eurozone EY Eurozone Forecast June 214 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Slovenia
More informationOpportunities remain even though yields continue to fall
DTZ Research DTZ FORESIGHT Opportunities remain even though yields continue to fall 5 August 2015 Contents Overview 2 Classifications and context 3 Fair and forecast returns 4 Rental growth forecasts 5
More informationHOUSING MARKET OUTLOOK Calgary CMA
H o u s i n g M a r k e t I n f o r m a t i o n HOUSING MARKET OUTLOOK Calgary CMA C a n a d a M o r t g a g e a n d H o u s i n g C o r p o r a t i o n Date Released: Spring 2013 Table of Contents NEW
More informationLoan book expansion. LTVs and margins rise. Prime over secondary EUROPEAN LENDING TRENDS SPRING 2017
EUROPEAN LENDING TRENDS SPRING 2017 Loan book expansion LOAN ORIGINATION GROWTH CONTINUES AHEAD OF 2016 ACROSS EUROPE LTVs and margins rise LTVs REVERSE THEIR RECENT DOWNWARD TREND BUT MARGINS RISE over
More informationEconomic Projections :1
Economic Projections 2017-2020 2018:1 Outlook for the Maltese economy Economic projections 2017-2020 The Central Bank s latest economic projections foresee economic growth over the coming three years to
More informationEurozone. EY Eurozone Forecast June 2014
Eurozone EY Eurozone Forecast June 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Slovakia Slovenia Spain Outlook for exits bailout,
More informationReal estate market outlook Asia Pacific
December 2014 Real estate market outlook Asia Pacific Part of the M&G Group Executive summary Economic outlook remains firm Leasing fundamentals improving in most Asia Pacific markets Accommodative monetary
More informationLatin American Quarterly Outlook JULY 2011
Latin American Quarterly Outlook JULY 2011 LATIN AMERICA Real Estate Outlook Key Economic Themes Almost three years after the peak of the global crisis, Latin America has two contrasting stories: Mexico
More informationEuropean Quarterly Outlook JULY 2011
European Quarterly Outlook JULY 2011 EUROPE Executive Summary Key Themes Economic growth is improving steadily and interest rates are rising, although concerns about the outlook persist. Forecasts could
More informationOVERVIEW. The EU recovery is firming. Table 1: Overview - the winter 2014 forecast Real GDP. Unemployment rate. Inflation. Winter 2014 Winter 2014
OVERVIEW The EU recovery is firming Europe's economic recovery, which began in the second quarter of 2013, is expected to continue spreading across countries and gaining strength while at the same time
More informationEurozone Ernst & Young Eurozone Forecast Spring edition March 2013
Eurozone Ernst & Young Eurozone Forecast Spring edition March 2013 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain
More informationSTATEMENT. Evaluation of the fair value of Sponda Oyj s investment properties on 31 March 2009
STATEMENT Evaluation of the fair value of Sponda Oyj s investment properties on 31 March 2009 0 1 EVALUATION OF THE FAIR VALUE OF SPONDA OYJ S INVESTMENT PROPERTIES Sponda Oyj conducts its own quarterly
More informationIreland. Eurozone rebalancing. EY Eurozone Forecast June Portugal Slovakia Slovenia Spain. Latvia Lithuania Luxembourg Malta Netherlands
EY Forecast June 2015 rebalancing recovery Outlook for Rising domestic demand improves prospects for 2015 Published in collaboration with Highlights The Irish economy grew by 4.8% last year, which was
More information2015: FINALLY, A STRONG YEAR
2015: FINALLY, A STRONG YEAR A Cushman & Wakefield Research Publication U.S. GDP GROWTH IS ACCELERATING 4% 3.5% Percent Change Annual Rate 2% 0% -2% -4% -5.4% -0.5% 1.3% 3.9% 1.7% 3.9% 2.7% 2.5% -1.5%
More informationThe ECB Survey of Professional Forecasters. Second quarter of 2017
The ECB Survey of Professional Forecasters Second quarter of 17 April 17 Contents 1 Near-term headline inflation expectations revised up, expectations for HICP inflation excluding food and energy broadly
More informationSlower take-up but most prices continue to rise
PROPERTY INSIGHTS Singapore Quarter 1, 211 Slower take-up but most prices continue to rise Market Overview Following a 14.5% GDP growth in 21, the economy is forecasted to grow by 4-6% in 211. While interest
More informationEurozone Economic Watch. November 2017
Eurozone Economic Watch November 2017 Eurozone: improved outlook, still subdued inflation Our MICA-BBVA model for growth estimates for the moment a quarterly GDP figure of around -0.7% in, after % QoQ
More informationVictorian Economic Outlook
Tuesday, August 1 Victorian Economic Outlook Summary The Victorian economy has had its fair share of headwinds in recent years, but the tide may be turning. For some time, we have been optimistic that
More informationPROPERTY INSIGHTS. Market Overview. Central s rental drop slows. Hong Kong Quarter 2, 2012
PROPERTY INSIGHTS Hong Kong Quarter 2, 212 Market Overview Central s rental drop slows While office rents in Sheung Wan/Central/ Admiralty dropped 3.3% quarter-on-quarter (q-o-q) to reach HK$17 (US$13.7)
More informationEuropean Market Outlook The Risks & the Opportunities Guy-young LAMÉ Associate Director Research Europe, Invesco Real Estate
European Market Outlook The Risks & the Opportunities Guy-young LAMÉ Associate Director Research Europe, Invesco Real Estate This presentation is issued by Invesco Real Estate for Professional Clients
More informationMarket Perspective. Prudential Real Estate Investors. European Quarterly October 2005
Prudential Real Estate Investors European Quarterly October 2005 Market Perspective Europe s economic recovery remains slow and fragile, but despite this, conditions in property leasing markets are improving.
More informationEurozone. EY Eurozone Forecast March 2015
Eurozone EY Eurozone Forecast March 2015 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook
More informationPerformance Summary June 2015
Performance Summary June 2015 SA Metropolitan Fire Service Superannuation Scheme Funds SA is responsible for investing the assets of the SA Metropolitan Fire Service Superannuation Scheme. In this summary,
More informationEurozone. EY Eurozone Forecast September 2013
Eurozone EY Eurozone Forecast September 2013 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Ireland
More informationAdvanced Market Analysis for Commercial Real Estate
Ward Center for Real Estate Studies www.ccim.com Advanced Market Analysis for Commercial Real Estate PPT Handout EXCELLENCE SUCCESS SKILL LEADERSHIP CHALLENGE STRENGTH Copyright 2012 by the CCIM Institute
More informationEurozone. EY Eurozone Forecast March 2015
Eurozone EY Eurozone Forecast March 2015 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Slovakia Slovenia Spain Outlook for Modest
More informationMarket volatility to continue
How much more? Renewed speculation that financial institutions may report increased US subprime-related losses has sent equity markets tumbling. How much more bad news can investors expect going forward?
More informationSponda Financial Results Q November 2015
Sponda Financial Results Q3 2015 3 November 2015 1. Highlights for the Period Kari Inkinen 2. Strategy Implementation Pia Arrhenius 3. Business environment and Business Update Kari Inkinen 4. Financials
More informationEuropean Valuation Monitor (EVM) MarketView Q2 2013
European Valuation Monitor (EVM) MarketView Q2 2013 Q2 ALL PROPERTY -0.1% Q2 OFFICE -0.1% Q2 RETAIL Global Research and Consulting Q2 INDUSTRIAL -0.2% CAPITAL VALUES STABLE WITH EVIDENCE OF YIELD COMPRESSION
More informationMARKET OVERVIEW Czech Republic Q1 2017
MARKET OVERVIEW Czech Republic Q1 217 1 Market Overview Q1 217 CZECH REPUBLIC As a reaction to growing inflation, the Czech National Bank released the Czech Koruna / Euro peg that had been in place since
More informationCITYCON CAPITAL MARKETS DAY 16 MAY 2017, ISO OMENA CFO, EERO SIHVONEN
STRONG FINANCING FUNDAMENTALS CITYCON CAPITAL MARKETS DAY 16 MAY 2017, ISO OMENA CFO, EERO SIHVONEN MAIN FINANCING TARGETS Loan to Value 40-45% 47.1% Average maturity of loan portfolio > 5 yrs 5.2 Debt
More informationPROPERTY INSIGHTS. Market Overview. Decentralised office leasing gains pace. Hong Kong Quarter 1, DTZ ofice rental index ( F)
PROPERTY INSIGHTS Hong Kong Quarter 1, 213 Market Overview Decentralised office leasing gains pace In Q1 213, overall office net absorption increased quite substantially and reached 417,688 sq ft, thanks
More informationInterest Rates, Cap Rates, and the Real Estate Cycle
Interest Rates, Cap Rates, and the Real Estate Cycle Stephen Hester, Chief Executive We are real estate investors and create value by actively managing, financing and developing prime commercial property
More informationInterim Report 1 Jan 30 Jun August 2008 Kari Inkinen, President and CEO Robert Öhman, CFO
Interim Report 1 Jan 30 Jun 2008 7 August 2008 Kari Inkinen, President and CEO Robert Öhman, CFO Financial review Market overview Operational review Business areas Appendix 2 Financial review Market overview
More information2017 Mid-Year Commercial Real Estate Outlook for Asia Pacific
2017 Mid-Year Commercial Real Estate Outlook for Asia Pacific REAL ASSETS REAL ESTATE INVESTING TEAM INVESTMENT INSIGHT 2017 The global macroeconomic landscape continues its shift away from highly accommodative
More informationSchroders Investing in Property During and After a Recession
August 29 For professional investors and advisors only. Not suitable for retail clients. Schroders Investing in Property During and After a Recession Mark Callender Head of Property Research, Schroders
More informationInsolvency forecasts. Economic Research August 2017
Insolvency forecasts Economic Research August 2017 Summary We present our new insolvency forecasting model which offers a broader scope of macroeconomic developments to better predict insolvency developments.
More informationShort-term indicators and Updated Forecasts. Eurozone NOVEMBER 2016
Short-term indicators and Updated Forecasts Eurozone NOVEMBER 2016 EUROZONE WATCH NOVEMBER 2016 Key messages: resilience and unchanged projections The moderate pace of economic growth continued in the
More informationFinancial Results Q August 2012
Financial Results Q2 2012 3 August 2012 Agenda 1. Performance highlights and our priorities Kari Inkinen 2. Market Update Kari Inkinen 3. Financials Erik Hjelt 4. Business Update Kari Inkinen 2 1. Performance
More informationSummary. Economic Update 1 / 7 December 2017
Economic Update Economic Update 1 / 7 Summary 2 Global Strengthening of the pickup in global growth, with GDP expected to increase 2.9% in 2017 and 3.1% in 2018. 3 Eurozone The eurozone recovery is upholding
More informationFinancial Results Q May 2012
Financial Results Q1 2012 4 May 2012 Conference call 11.00 am EET Dial-in number: +44 (0)20 3450 9987 Webcast available at our website: Investors > performance > results and presentations Agenda Performance
More informationIrish Retail Investment Review 2015
Irish Retail Investment Review 2015 Introduction The following report provides an overview of the performance of the Irish retail investment market. The report includes a review of the economic conditions
More informationReal Estate Markets Germany Dr. Thomas Beyerle, London 22nd of September
Real Estate Markets Germany 2015 Dr. Thomas Beyerle, London 22nd of September German economy Why invest in Germany? 2 2015 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
More informationOUTLOOK THE CHANGING STRUCTURE OF THE WA ECONOMY ABOUT OUTLOOK
OUTLOOK July 2017 I Chamber of Commerce and Industry of Western Australia (Inc) THE CHANGING STRUCTURE OF THE WA ECONOMY ABOUT OUTLOOK Outlook is CCIWA s biannual analysis of the Western Australian economy.
More informationPROPERTY INSIGHTS. Market Overview. TMT sector emerges as a new driver of office market. Citigold. Hong Kong Quarter 3, 2013
PROPERTY INSIGHTS Hong Kong Quarter 3, 2013 Citigold TMT sector emerges as a new driver of office market Market Overview In Q3, leasing demand for office softened, and Figure 1 overall net absorption within
More informationEconomic Projections :2
Economic Projections 2018-2020 2018:2 Outlook for the Maltese economy Economic projections 2018-2020 The Central Bank s latest economic projections foresee economic growth over the coming three years to
More informationUK Monthly Commentary Valuation Advisory
UK Monthly Commentary Valuation Advisory June 2018 UK Commentary Finance US Federal Reserve rate at 1.75%. UK Base Rate at 0.50%, further increases expected. 5-Year Swap Rate 1.25% (Beginning May 1.33%).
More informationParis EUROPLACE International Forum New York, 18 April Speech by François Villeroy de Galhau, Governor of the Banque de France
Paris EUROPLACE International Forum New York, 18 April 2018 Speech by François Villeroy de Galhau, Governor of the Banque de France France and Europe: economic developments, reforms and attractiveness
More informationSTATEMENT. Evaluation of the fair value of Sponda Oyj s investment properties on 30 September 2009
STATEMENT Evaluation of the fair value of Sponda Oyj s investment properties on 30 September 2009 0 1 EVALUATION OF THE FAIR VALUE OF SPONDA OYJ S INVESTMENT PROPERTIES Sponda Oyj conducts its own quarterly
More informationSlovenia. Eurozone rebalancing. EY Eurozone Forecast June Portugal Slovakia Slovenia Spain. Latvia Lithuania Luxembourg Malta Netherlands
EY Forecast June 215 rebalancing recovery Outlook for Activity to remain solid this year, after growing 2.4% in 214 Published in collaboration with Highlights n GDP grew by 2.4% in 214 and 3% in Q1 215,
More informationEconomic projections
Economic projections 2017-2020 December 2017 Outlook for the Maltese economy Economic projections 2017-2020 The pace of economic activity in Malta has picked up in 2017. The Central Bank s latest economic
More informationEurozone. EY Eurozone Forecast September 2014
Eurozone EY Eurozone Forecast September 214 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Slovenia
More informationQUEENSLAND SUNCORP GROUP CCIQ PULSE SURVEY OF BUSINESS CONDITIONS
QUEENSLAND SUNCORP GROUP CCIQ PULSE SURVEY OF BUSINESS CONDITIONS DECEMBER QUARTER 16 SECTION 1 The CCIQ Pulse Survey of Business Conditions is the largest survey of businesses, providing critical insights
More informationFinancial Results Year February 2013
Financial Results Year 2012 1 February 2013 Agenda 1. Performance highlights and our priorities Kari Inkinen 2. Market Update Kari Inkinen 3. Financials Erik Hjelt 4. Business Update Kari Inkinen 2 Performance
More informationValuation Advisory. Citycon Oyj. Market Valuation of the Investment Properties 30 September 2016
Valuation Advisory Citycon Oyj Market Valuation of the Investment Properties 30 September 2016 Executive summary At the end of September 2016, Citycon owned 55 investment properties, 5 properties owned
More informationEconomic Projections :3
Economic Projections 2018-2020 2018:3 Outlook for the Maltese economy Economic projections 2018-2020 The Central Bank s latest projections foresee economic growth over the coming three years to remain
More informationEurozone. EY Eurozone Forecast September 2013
Eurozone EY Eurozone Forecast September 213 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Germany
More informationInvestment Property Forum UK Consensus Forecasts
Research Programme Investment Property Forum UK Consensus Forecasts SUMMER 2018 COMMISSIONED BY THE IPF RESEARCH PROGRAMME UK Consensus Forecasts This research was funded and commissioned through the IPF
More informationReaching consensus CREDI June CREDI Main index. CREDI Indices Q1 Average interest rate * % 7. Swedish key interest rates, %
catella real estate debt indicator CREDI June Reaching consensus In the June issue of the CREDI survey the Main index fell. points, from. to.. In contrast to the Main index relatively small change, however,
More informationSouth African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 18 January 2018 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank In recent weeks,
More informationFinancial Results Q November 2012
Financial Results Q3 2012 2 November 2012 Conference call 11.00 am EET Dial-in number: +44 (0)20 3364 5381 Webcast available on our website: Investors > performance > results and presentations Agenda 1.
More informationVictorian Economic Outlook
Thursday, November 1 Victorian Economic Outlook Summary The Victorian economy has been through difficult conditions over the past few years. GSP grew by.% in 11-1, easing from growth of.7% in 1-11, and
More informationInvestment Property Forum UK Consensus Forecasts
Investment Property Forum UK Consensus Forecasts AUGUST 2015 SUMMARY REPORT This research was commissioned by the IPF Research Programme 2015 2018 UK Consensus Forecasts This research was funded and commissioned
More informationInflation Outlook and Monetary Easing
Thomas Shik Acting Chief Economist thomasshik@hangseng.com Inflation Outlook and Monetary Easing Although annual consumer price inflation rose for a second consecutive month in July, the underlying trend
More informationEurozone. EY Eurozone Forecast March 2014
Eurozone EY Eurozone Forecast March 214 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Estonia
More informationMalaysia- GDP & BOP 1Q17
Real GDP growth surprised on the upside in 1Q17 Real GDP growth rose by 5.6% in 1Q17, exceeding market expectations Malaysia s real GDP growth rose by 5.6% yoy in 1Q17 (4.5% in 4Q16), significantly higher
More informationHKU Announced 2011 Q3 HK Macroeconomic Forecast
COMMUNICATIONS & PUBLIC AFFAIRS OFFICE THE UNIVERSITY OF HONG KONG Enquiry: 2859 1106 Website: http://www.hku.hk/cpao For Immediate Release HKU Announced 2011 Q3 HK Macroeconomic Forecast Economic Outlook
More informationQ3 SME Cost Inflation Report November 2013
Q3 SME Cost Inflation Report November 2013 Helping your business stay one step ahead through our insight Research Contents Executive Summary 3 4 6 20 22 Executive Summary UK Economic Overview SME Cost
More informationEurozone Economic Watch. April 2018
Eurozone Economic Watch April 2018 Eurozone: solid growth and broadly unchanged projections, with protectionist risks BBVA Research - Eurozone Economic Watch / 2 Confidence has weakened in 1Q18 since the
More informationMarch June Summary. A sharp improvement in nominal growth. Components of GDP. 4Q16 GDP Growth
GDP Australian 4Q16: GDP: A return XXX to growth June 2015 March 2017 Summary The economy returned decisively to growth in the final quarter of 2016, recording 1.1% growth q-q. This was boosted by household
More informationGlobal Property Market Outlook
Global Property Market Outlook Q3 2017 Paris Executive Summary The outlook for the global economy remains positive with output expected to pick-up in 2017 along with inflation. These trends should support
More informationThe ECB takes tiny steps towards policy normalization
Europe Insights Monthly update on European Markets June 27 The ECB takes tiny steps towards policy normalization Summary In the Spotlight. This month, we focus on the European Central Bank s (ECB) June
More informationGrowth might show positive surprise
Baltic Outlook Growth might show positive surprise Violeta Klyvienė Senior Baltic Analyst +370 5 2156992, +370 611 24354 April 2011 vkly@danskebank.dk Important disclosures and certifications are contained
More informationAmundi Real Estate. European Property Market Review Q Summary. Economic context. > Economic recovery underway but at a very slow pace
Quarterly February 2010 nº5 European Property Market Review Q4 2009 Summary Accepter des > The worst year since WWII ends with contrasting economic indicators across Europe > Despite an increase in 4Q09
More informationEditor: Thomas Nilsson. The Week Ahead Key Events Jul, 2017
Editor: Thomas Nilsson The Week Ahead Key Events 10 16 Jul, 2017 European Sovereign Rating Reviews Recent rating reviews Upcoming rating reviews Source: Bloomberg Monday 10, 08.00 NOR: CPI (Jun) SEB Cons.
More informationSouth African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 30 March 2017 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the previous
More information