Real Estate Market Outlook Continental Europe
|
|
- Ashlee McDowell
- 6 years ago
- Views:
Transcription
1 September 217 Real Estate Market Outlook Continental Europe Part of the M&G Group
2 Executive summary Eurozone growth continues to gather momentum with recent actual data surprising on the upside Loose monetary policy and reduced debt costs has encouraged investors to take on more risk Record low yields in CBDs are likely to persuade investors to look further afield to find value A spread of up to 4bps of prime office yields over government bonds offers a healthy cushion and remains attractive 47% share of foreign capital targeting Europe in Q2 Source: CBRE 9.1% 1 European unemployment in June 2.% consensus forecast for Eurozone 217 GDP growth Source: Consensus Economics Economic Sentiment Index (rebased to Jun 16 = 1) Political risks recede as fundamentals improve The populism movement appeared to be gaining momentum across the developed world earlier this year, but the Dutch and French election outcomes suggest that the Eurozone has taken a different turn. Even in Italy, where a lagging economic performance and general election next year offer the potential for an upheaval, sentiment is slowly improving. Jun 6 Fig 1: European Commission economic sentiment indicator Jun 7 Eurozone Jun 8 Source: Bloomberg. Jun 9 France Jun 1 Jun 11 Germany Italy Spain Eurozone employment levels continued to recover over Q2, with the unemployment rate in May downwardly revised to 9.2%, stabilising at 9.1% a month later. In the core countries, the unemployment rate declined in June to a record low of 3.8% in Germany, but remained unchanged in France at 9.6%. However, Macron s immediate priorities are centred on domestic policies including labour market reforms and therefore the trend is likely to improve. In the periphery, the unemployment rate in Spain fell to an 8-year low of 17.7% while in Italy it picked up modestly from 11.2% to 11.3%. 1 Jun 12 Jun 13 Jun 14 Jun 1 Jun 16 Jun 17 Meanwhile in August, French factories reported they were hiring at their fastest rate since 2 and factories in Spain at a rate not seen since before the start of monetary union in 1999, according to IHS Markit s purchasing managers index (PMI). On the region s periphery, Greece made its first sale of government bonds since 214 in July. The bond issue was an important indicator as to how Greece will cope when the bailout payments stop and the country has to meet its financial needs from taxation and borrowing from the markets. The hope must be that a return to the sovereign debt market represents a milestone on the road to recovery. The first half of the year also marked five years since Mario Draghi s now famous whatever it takes remarks. At the time, funding costs for the periphery had climbed to unsustainable levels. Spanish 1-year government bonds traded at 7.%, Italy at 7%, Portugal at 11% and Greece at 27%. By finally acting as the lender of last resort, the European Central Bank (ECB) significantly decreased this risk. Its financial stimulus alongside structural reforms and improved growth has seen funding costs fall, offering the prospect of debt sustainability for these economies. With 1-year bonds at.3%, Greece s return to market is clear evidence that the peripheral recovery is well underway. Loose monetary policy and reduced debt costs, through the ECB cutting interest rates to penalise saving, has encouraged investors to take on more risk. This has served as a supportive backdrop for improved consumer sentiment, higher asset prices and a pick-up in consumption. This helps explain why the performance of the retail property sector was the first to recover in Europe followed closely by the office and industrial sectors. 1 Source: Capital Economics, Bloomberg. 3
3 Economic recovery gathers pace Eurozone growth continues to gather momentum with recent actual data surprising on the upside. Q1 real gross domestic product (GDP) growth was revised up from.% to.6% q-o-q, marking the sharpest expansion since Q Eurozone Q2 GDP grew in line with Q1, as suggested by the composite PMI indicator despite falling in June. The performance helped to drive y-o-y expansion from 1.9% to 2.1% the highest rate since the second quarter of 211 and now higher than the 2% UK equivalent. In terms of the year as a whole, Belgium, France, Germany, Spain and Sweden received GDP consensus forecast upgrades in August, resulting in an overall Eurozone forecast growth of 2.% for 217, up from 1.7% in Fig 2: 217 GDP forecasts Italy France Belgium Germany Eurozone Sweden Spain May Source: Consensus Forecasts, August real GDP forecast % y-o-y June July August Despite the political stabilisation seen in the Eurozone, lower borrowing costs and a generally improved economic outlook, the ECB continues to avoid breaching its inflation target ceiling of 2%. Indeed the headline rate fell from 1.9% in April to 1.3% in June while core inflation rose from.9% to 1.1%, mainly driven by the German economy already working at full capacity. Elsewhere, Spain, France and Italy all have large output gaps and so inflation there should stay lower for longer. Overall, oil prices have been ebbing, which suggests inflation will remain contained. Inflation % Fig 3: Eurozone headline and core inflation Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 1 Sep 1 Dec 1 Headline Source: Bloomberg. Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 1 Core (Excl. Food, Alcohol, Tobacco & Energy) While central banks globally dither over interest rate changes, the Czech central bank became the first European central bank since the global financial crisis to raise rates (to.2%) in August. The ECB, on the other hand, has shown no signs as of yet of following Prague s lead. The Bank will most likely wait for further firm evidence of a sustained rise in inflation before raising interest rates. According to the August Morgan Stanley first-interest-rate-hike survey, the consensus estimates that the ECB won t increase rates during the next 2 months (until 219). Occupier markets buoyant Jun 1 Sep 1 Dec 1 Mar 16 Jun 16 ECB Target Sep 16 Dec 16 Mar 17 Jun 17 Real estate fundamentals are responding well to the improved economic environment with the office sector seeing the strongest rental growth in the year to Q2 (up to 9.7% in Stockholm followed by 9.1% in Brussels). 4 Across Europe, the supply response remains modest. Even where the largest available stock and pipelines can be found in Northern cities such as Amsterdam, Stockholm and Luxembourg, strong job creation is generating demand to absorb it. The major exception is Helsinki, where employment growth has remained tepid for the last four years, reflecting declining or flat GDP. However, the pick-up in growth to 2.3% in 217 could mark a turnaround in the Finnish market. Indeed, supported by a lack of modern space, rents grew by 4.7% in the year to June, the third highest rate in Europe. A lack of office development, coupled with a strong labour market, means that German cities, such as Berlin and Munich, have some of the tightest office markets in Europe. According to Cushman and Wakefield, these cities will have the second and third lowest vacancy rates in the world by 219 of 3.1% and 3.3% respectively, just behind Sydney. 6 2 Source: Bloomberg. 3 Source: Consensus Forecasts, July JLL Q JLL Q Source: Global Forecast: Are we Overbuilding? Cushman & Wakefield, July
4 % office stock Warsaw Prague Dublin Milan Lisbon Fig 4: Prime available office space (% stock) and forecast employment growth (217-19) Amsterdam Helsinki End 216 vacancy (LHS) Barcelona Madrid Rome Frankfurt Lyon Stockholm Luxembourg Brussels Employment growth % (RHS) Copenhagen Dusseldorf Paris Marseille Cologne Hamburg Vienna Total net additions (LHS) Stuttgart Berlin Munich Employment growth % In the industrial sector, positive economic growth and structural changes related to e-commerce continue to support healthy demand. Logistics completions are rising, but the risk of oversupply remains concentrated in a few markets. Industrial rents across Europe remained broadly stable in the year to Q2, save in Helsinki (6.7%), Dublin (6.2%) and Italy (.8% in both Rome and Milan). 7 With the fundamentals for this sector significantly improving, we expect a pick-up in rental growth going forward. Our view is supported by the lag compared to UK and US logistics markets, which have already benefitted from e-commerce trends. Fig 6: Prime industrial rental growth Take up (s sqm) 9, 8, 7, 6,, 4, 3, 2, 1, Over the next three years, we forecast the next leg of the property cycle to be driven by Stockholm, Berlin, and Brussels with average rental growth in select submarkets exceeding 4% pa. Outside Northern cities, development pipelines are significantly smaller, with the exception of Dublin, reflecting higher existing vacancy. At c.3% pa, we expect Barcelona and Madrid to deliver the strongest rental growth over the next three years among southern markets. On the Brexit debate, Frankfurt appears to be the biggest beneficiary of financial services jobs moving out of London. In July, three Japanese banks, Nomura, Daiwa, and Sumitomo Mitsui all announced new EU headquarters in the German financial capital. In the same month, Citigroup, Morgan Stanley and Deutsche Bank also confirmed they would send staff to Frankfurt. In June, however, Colliers recorded less than 1, Brexit-related financial services job relocations across European financial centres including Paris, Dublin, and Luxembourg. With a current vacancy rate above 1%, we forecast a more modest average rental growth of less than 2% pa for Frankfurt offices over the next three years. Source: PMA Spring 217. Fig : Modern logistics stock estimated take up and availability index Prime industrial rental growth (% y-o-y) Availability index (29 = 1) UK Source: JLL. Europe US We expect the European industrial cycle to be led by Dublin with an average rental growth per annum exceeding 4% over the next three years, followed by the Nordic markets of Copenhagen, Helsinki and Stockholm. Southern markets follow closely with Barcelona, Madrid and Milan expected to deliver an average rental growth of up to 3% pa over the same period. Fewer retail markets are recording increased rental growth compared to the start of the European property cycle. Notable exceptions include markets in the fast growing economy of Sweden and recovering southern markets. The strongest year to June rental growth of 8.3% was recorded in Lisbon, Portugal, while rental growth in the core retail shop markets of France and Germany remained stable over the same period. 7 Driven by private consumption underpinned by monetary policy, retail was the first sector to recover and therefore is most likely to stabilise ahead of other sectors. Nonetheless, we expect supply-constrained high streets located in established tourist destinations, such as Madrid and Milan, to continue to outperform throughout the cycle. Overall, we expect an average rental growth of 2% pa over the next three years for the combined shop, retail warehouse and shopping centre sectors. Estimated take up (s sqm) Availability Index (29 = 1) Source: PMA Spring 217 (excludes Nordic markets). 7 Source: JLL Q2 217.
5 Yield % Investors targeting European property Real estate investment markets have so far not been deterred by upward movements in government bonds (up to 24bps in German 1-year government bonds over Q2), with the share of foreign capital targeting Europe increasing over the last year from 33% to 47% in Q A spread of up to 4bps of prime office yields over government bonds offers a healthy cushion and remains attractive. Singapore Hong Kong San Francisco New York Milan London: WE Madrid Paris: CBD Barcelona Washington DC Los Angeles London: City Sydney Stockholm Tokyo Seoul Berlin Melbourne Spread Prime Office Yield Government Bond Yield Source: PMA Spring 217, Bloomberg. Fig 7: Prime office spreads vs 1-year government bonds Munich Frankfurt Copenhagen Osaka Dublin Amsterdam Lyon Helsinki Brussels Overall, Europe has had a positive start to the year with Q2 investment volumes (.7bn) rising by 26% q-o-q and 1% y-o-y. On a 12-month rolling basis, Germany remains the main driver of investment activity in the region at 61.2bn. Other markets, such as Finland (+66% in Q2 y-o-y) and Spain (+76% in Q2 y-o-y), were also more active as more stock came to the market. Fig 8: Rolling annual investment volumes billion Q4 26 Q2 27 Q4 27 Q2 28 Q4 28 Q2 29 Q4 29 Q2 21 Q4 21 Q2 211 Q4 211 Q2 212 Q4 212 Q2 213 Q4 213 Q2 214 Q4 214 Q2 21 Q4 21 Q2 216 Q4 216 Q2 217 France Germany Peripherals Nordics Benelux CEE Other Source: CBRE Q Competition for the best assets remains widespread with further yield tightening of up to 2bps in Q2. The greatest yield compression took place in the logistics sector. In the office sector, yields in Amsterdam, Milan, Brussels and Stockholm fell by 2bps. Prime office yields in Paris and Berlin stand at around 3.%, with an increasing number of markets now approaching historical lows. For shops, only Brussels, Prague and Stockholm yields fell by 2bps, all to 3.%. Yields also fell by 1bps in Milan and Rome to 3.4%. 8 Record low yields in CBDs are likely to persuade investors to look further afield to find value. Edge of CBD submarkets, for example, continue to offer more attractive pricing, and also benefit from limited supply and strong prospects for rental growth. With transport links improving across European cities, as governments invest more into both digital and physical infrastructure, submarkets deemed to be core are expanding. Given the discounts on offer, non-cbd submarkets with strong occupier fundamentals and greater urban connectivity can provide opportunities to higher returns. For example, in Stockholm, the development of a subway extension from the city centre will boost the prospects for the Solna/Sundbyberg district. Equally, the Grand Paris project, with phased scheduled completions from 219 to 227, will see a number of edge of CBD submarkets, including Saint Denis, benefitting from improved transport infrastructure, such as new metro lines 14, 1, 16 and 17 as well as the extension of RER C. Looking ahead, only one in four real estate investors in Europe believes that the current market cycle will peak soon, according to the findings of the latest property investment climate study by Union Investment. Three quarters of respondents do not expect it to peak until after 218. Of that figure, 43% expect the peak in 22 or later. Conclusion In summary, the European property market continues to be characterised by ongoing economic growth, limited available supply, and attractive relative pricing. Moreover, business confidence remains undented by various political elections in the first half of the year, with the Eurozone GDP projection for 217 (2.%) now higher than the actual 216 figure of 1.7%. Monetary policy is likely to remain ultra-loose for a long while. Given the weight of capital targeting European real estate, coupled with an expected lag between government bond movements and prime property yields of between 18 to 24 months (according to Capital Economics), we expect further inward compression to continue albeit at a slower pace in the short to medium-term. Underpinned by improving demand fundamentals, we expect the European property market to continue delivering strong investment returns going forward. 8 Source: JLL Q
6 Contacts Vanessa Muscarà Senior Research Analyst +44 () Richard Gwilliam Head of Property Research +44 () Christopher Andrews, CFA Head of Client Relationships and Marketing, Real Estate +(6) Lucy Williams Director, Institutional Business UK and Europe, Real Estate +44 () Stefan Cornelissen Director of Institutional Business Benelux, Nordics and Switzerland +31 () Costanza Morea Italy +39 () Florent Delorme France +33 () Alicia Garcia Spain +34 () IMPORTANT INFORMATION: For Investment Professionals only. This document is for investment professionals only and should not be passed to anyone else as further distribution might be restricted or illegal in certain jurisdictions. The distribution of this document does not constitute an offer or solicitation. Past performance is not a guide to future performance. The value of investments can fall as well as rise. Any forecasts and projections herein represent assumptions and expectations in light of currently available information; actual performance may differ from such forecasts and projections. Any expected rate of return herein is not a guaranteed rate of return. There is no guarantee that these investment strategies will work under all market conditions or are suitable for all investors and you should ensure you understand the risk profile of the products or services you plan to purchase. This document is issued by M&G Investment Management Limited (except if noted otherwise below). The services and products provided by M&G Investment Management Limited are available only to investors who come within the category of the Professional Client as defined in the Financial Conduct Authority s Handbook. They are not available to individual investors, who should not rely on this communication. Information given in this document has been obtained from, or based upon, sources believed by us to be reliable and accurate although M&G does not accept liability for the accuracy of the contents. M&G does not offer investment advice or make recommendations regarding investments. Opinions are subject to change without notice. In Australia, M&G Investment Management Limited does not hold an Australian financial services licence and is exempt from the requirement to hold one for the financial services it provides. M&G Investment Management Limited is regulated by the Financial Conduct Authority under the laws of the UK which differ from Australian laws. In Singapore, this document is issued by M&G Real Estate Asia Pte Ltd. This document may not be circulated or distributed, whether directly or indirectly, to persons in Singapore other than (i) an institutional investor pursuant to Section 34 of the Securities and Futures Act, Chapter 289 of Singapore (the SFA ) or (ii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. M&G Investments and M&G Real Estate are business names of M&G Investment Management Limited and are used by other companies within the Prudential Group. M&G Investment Management Limited is registered in England and Wales under numbers with its registered office at Laurence Pountney Hill, London EC4R HH. M&G Investment Management Limited is authorised and regulated by the Financial Conduct Authority. M&G Real Estate Limited is registered in England and Wales under number with its registered office at Laurence Pountney Hill, London EC4R HH. M&G Real Estate Limited forms part of the M&G Group of companies. M&G Investment Management Limited and M&G Real Estate Limited are indirect subsidiaries of Prudential plc of the United Kingdom. Prudential plc and its affiliated companies constitute one of the world s leading financial services groups and is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America. SEP 17 / W23133
Outlook 2015: Europe & Germany
Part of the M&G Group Outlook 215: Europe & Germany Research presentation 27 th November 214 European Economic Fundamentals Update & Outlook 2 Economic recovery broadening GDP growth by country Q3 214
More informationREAL ESTATE. October 2018 Europe Real Estate Market Outlook. For Investment Professionals only
REAL ESTATE October 2018 Europe Real Estate Market Outlook For Investment Professionals only Executive summary Economic growth softens, but macro tailwinds still strong Majority of European markets now
More informationMarch Europe Real Estate Market Outlook. For Investment Professionals only
March 2018 Europe Real Estate Market Outlook For Investment Professionals only Executive summary 2.2% Economic upturn is broadening across Europe Monetary policy remains accommodative, with consensus expectations
More informationPerspectives: The impact of QE on European property markets
April 15 Perspectives: The impact of QE on European property markets The European Central Bank (ECB) plans to inject 1.1 trillion into the eurozone economy through its new quantitative easing (QE) programme
More informationImpact of higher interest rates on UK commercial property
For Investment Professionals only July 2018 Impact of higher interest rates on UK commercial property Gradual transition towards a comparatively lower new normal for interest rates Relationship between
More informationNotice to investors in Australia
REAL ESTATE March 2019 Europe Real Estate Market Outlook For Investment Professionals only Notice to investors in Australia M&G Investment Management Limited (MAGIM) and M&G Alternatives Investment Management
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 informationPROPERTY EU EUROPEAN LOGISTICS INVESTMENT BRIEFING
PROPERTY EU EUROPEAN LOGISTICS INVESTMENT BRIEFING RICHARD HOLBERTON, SENIOR DIRECTOR, EMEA RESEARCH, CBRE FEBRUARY 19 TH 2015 AGENDA Economy Market Activity Forecasts Issues ECONOMY 2014 Some Alarms and
More informationEuropean Property Investment Markets. Sorbonne Immo 13 Juin 2007
European Property Investment Markets Sorbonne Immo 13 Juin 2007 European Direct Commercial Property in bn. Euro 250 Investment by sector Office Retail Logistics Others 200 150 100 50 0 2000 2001 2002 2003
More informationJuly Asia Real Estate Market Outlook. For Investment Professionals only
July 2018 Asia Real Estate Market Outlook For Investment Professionals only Executive summary Attractive prospects for APAC real estate supported by improving structural and early economic upcycle drivers
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 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 informationWill Rising Interest Rates Pummel Your Portfolio?
Will Rising Interest Rates Pummel Your Portfolio? ULI Fall Meeting Chicago - November 2013 Dr. Richard Barkham, MRICS Global Research Director, Grosvenor Group Eileen Marrinan, CRE Director of Research,
More informationFebruary 2019 Asia Real Estate Market Outlook
REALESTATE February 19 Asia Real Estate Market Outlook For Investment Professionals only Notice to investors in Australia. M&G Investment Management Limited (MAGIM) and M&G Alternatives Investment Management
More informationInvestment Market Germany. PROVADA 5 th June 2013
Investment Market Germany PROVADA 5 th June 2013 In Europe, which country/region do you believe to be the most attractive for making investment purchases in 2013? 40 35 2012 2013 2012 (n=341) 2013 (n=361)
More informationfinancial benefits for investors?
November 2018 Green buildings: what are the November 2018 financial benefits for investors? Green buildings: what are the financial benefits for investors? For Investment Professionals only For Notice
More informationEuropean Commercial March European Investment. SPOTLIGHT Savills Research. Alternative Sectors Yield Compression Korean Investment
SPOTLIGHT Savills Research European Commercial March 2019 European Investment Alternative Sectors Yield Compression Korean Investment Poland, Portugal and Luxembourg were among the most active markets
More informationALLIANZ REAL ESTATE REAL ESTATE INVESTMENTS FROM A GLOBAL INVESTOR S PERSPECTIVE
ALLIANZ REAL ESTATE REAL ESTATE INVESTMENTS FROM A GLOBAL INVESTOR S PERSPECTIVE Investors Forum 2018 Alexander Gebauer CEO Western Europe Brussels, January 18 th 2018 Vertigo, Luxembourg AGENDA 01 at
More informationGrand Paris project: beyond the CBD office investment opportunities
Grand Paris project: beyond the BD office investment opportunities For Investment Professionals Only Executive summary By 2030, the 26 billion Grand Paris project will add a further 200km to the capital
More information2018 EUROPEAN PROPERTY MARKET OUTLOOK
AEW RESEARCH 2018 EUROPEAN PROPERTY MARKET OUTLOOK FUNDAMENTALS DRIVING FEARS AWAY 2 EUROPEAN PROPERTY MARKET OUTLOOK - 2018 AEW EUROPEAN PROPERTY OUTLOOK We are delighted to share with you our first European
More information1bn. 400bps prime office yield spread over government bonds. Over. 300m. 318m. 164m. Magnify
For investment professionals only Magnify European Office Market 2% The recovery in Europe is showing little sign of running out of steam. Economic sentiment is on an upwards trend, while the provision
More informationGlobal Real Estate Capital Markets
Global Real Estate Capital Markets Real Estate Data as of 2Q 2017 Economic/Capital Markets Data as of September 2017 Jon H. Zehner Presentation to ULI Scotland Thursday 28 September 2017 LaSalle Investment
More informationReal Estate Market Outlook UK
January 2017 Real Estate ket Outlook UK Part of the M&G Group For investment professionals only Front cover photo: Hardman Square, Manchester. Executive summary Economy shrugs off initial Brexit-related
More informationContinental European Real Estate: Reasons to be Cheerful
Continental European Real Estate: Reasons to be Cheerful May 8 Mark Callender, Head of Real Estate Research The last few years have seen a solid recovery in continental European real estate markets, echoing
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 informationAustralian capital is it really safer at home?
HALF IMAGE PLACEMENT HOLDER (HORIZONTAL) Resize image to cover grey box Australian capital is it really safer at home? November 2015 FOR INSTITUTIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION Contents 8:28
More informationM&G Real Estate: Asia Pacific Outlook
December 216 M&G Real Estate: Asia Pacific Outlook Part of the M&G Group Executive summary Asia-Pacific economic outlook healthy in near-term, but policy uncertainty globally poses risks. Regional property
More informationBriefing Note European property themes 2018
Savills World Research European Commercial Briefing Note European property themes 2018 December 2017 GRAPH 1 European economy another year of a healthy growth rate is predicted yoy % change 4.0 3.0 2.0
More informationFOR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION AND NOT FOR USE BY RETAIL INVESTORS
A Global View June 2018 Andy Schofield, Director of Research FOR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION AND NOT FOR USE BY RETAIL INVESTORS. PLEASE REFER TO DISCLOSURE PAGE FOR IMPORTANT
More informationEuropean Consensus Forecasts of Prime Office Rents
Investment Property Forum European Consensus Forecasts of Prime Office Rents MAY 2017 This research was commissioned by the IPF Research Programme 2015 2018 European Consensus Forecasts This research was
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 informationEuropean Quarterly Outlook
European Quarterly Outlook JANUARY 2012 Prudential Real Estate Investors 8 Campus Drive Parsippany, NJ 07054 USA 973.683.1745 Phone 973.734.1319 Fax www.prei.com REF: # PFIA-8QTNTF Executive Summary Macro
More informationGlobal Real Estate Outlook
Global Real Estate Outlook Jeremy Kelly Global Research David Green-Morgan Global Capital Markets Research 7 August 2014 Global Real Estate Market Outlook Jeremy Kelly Director, Global Research Jeremy.Kelly@eu.jll.com
More informationReal Estate Market Spain 2016/2017
REAL ESTATE MARKET SPAIN 216/217 Real Estate Market Spain 216/217 The fundamental data in Spain is positive and the economy is growing significantly over the European average. Looking at the property market,
More informationContinental European real estate
October 216 For professional investors only. This material is not suitable for retail clients 1 Schroders Insurance Asset Management Insurance Strategy Continental European real estate The right time to
More informationAgenda. About IREIT Global. Key Highlights. Portfolio Summary. Economy & Real Estate Review. Looking Ahead. Appendix : Overview of Tikehau Capital
4Q 2017 and FY 2017 Results Presentation 14 February 2018 Agenda About IREIT Global Key Highlights Portfolio Summary Economy & Real Estate Review Looking Ahead Appendix : Overview of Tikehau Capital 2
More informationReal Estate Investment Strategy
Real Estate Investment Strategy 8th of July, 2015 Alessandro Bronda Head of Global Real Estate Investment Strategy Group Real Estate Zurich s real estate strategy Zurich has a systematic and structured
More informationGlobal. Real Estate Outlook. Jeremy Kelly Global Research. David Green-Morgan Global Capital Markets Research
Global Real Estate Outlook Jeremy Kelly Global Research David Green-Morgan Global Capital Markets Research Ben Breslau Director of Research, Americas 7 th February 2013 Global Real Estate Outlook Road
More informationFINLAND. Country Snapshots. Second quarter I Please click on the appropriate sector to view. Economy Offices Retail Industrial.
Country Snapshots Second quarter I 2016 Please click on the appropriate sector to view Economy Offices Retail Industrial About & Contacts Economic Snapshot The Finnish economy maintained a steady momentum
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 informationJuly UK Real Estate Market Outlook. For Investment Professionals only
July 18 UK Real Estate Market Outlook For Investment Professionals only Executive summary Recent moderation in economic activity unlikely to continue Brexit transition period agreement provides some certainty
More informationMarket Perspective. Prudential Real Estate Investors. European Quarterly July 2007
Prudential Real Estate Investors European Quarterly July 2007 Market Perspective Executive Summary During the first half of 2007, Europe s economy remained relatively strong. Despite a tighter monetary
More informationThe Office Property Handbook 4.0 Investment & Financing Keys Spain 2019
The Office Property Handbook 4.0 Investment & Financing Keys Spain 2019 February 2019 Financial Advisory I Real Estate 1 of 19 The spanish economy keeps growing and remains stable but a lower pace than
More informationMain Economic & Financial Indicators Eurozone
Main Economic & Financial Indicators Eurozone 03 NOVEMBER 2015 AKIKO DARVELL ASSOCIATE ECONOMIST ECONOMIC RESEARCH OFFICE (LONDON) T +44-(0)20-7577-1591 E akiko.darvell@uk.mufg.jp The Bank of Tokyo-Mitsubishi
More informationThreats and opportunities in Dutch Office Investment Market
9th April 213 Threats and opportunities in Dutch Office Investment Market Alphons Spaninks Local Head of Asset Management Benelux & Nordics Real Estate Investment Seminar 213 Dutch Real Estate: Office
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 informationQuarterly market summary
Quarterly market summary 4th Quarter 2016 Economic overview Economies around the world appear to be relatively resilient, with data signalling that in many countries, economic activities are expanding
More informationStrong performance for real estate assets
Strong performance for real estate assets Annualized returns, United States, 212 Percent 2 18 16 14 1 year 1 year 12 1 8 6 4 2 REITs Equities Real property Govt bonds CPI T-bills Sources: CBRE, NCREIF.
More informationPatterns of Global Capital Flow
Patterns of Global Capital Flow Real Estate Capital Flows (from one continent to another) have been more than $100 billion in each of the last three years North America was the largest source of cross-regional
More informationMarketView European Capital Markets
MarketView European Capital Markets www.cbre.eu/research OVERVIEW Quick Stats Change from Q4 11 Q1 11 Capital Values Yields Hot Topics Investment activity down on weaker economic activity. Economic outlook
More informationReal Estate Market Outlook UK
July 217 Real Estate Market Outlook UK Part of the M&G Group For investment professionals only Front cover photo: Hardman Square, Manchester. Executive summary UK economic growth moderates, but still supportive
More information2019 EUROPEAN ANNUAL OUTLOOK
AEW 19 EUROPEAN ANNUAL OUTLOOK WHEN THE GOING GETS TOUGH 19 EUROPEAN MARKET OUTLOOK TABLE OF CONTENTS EXECUTIVE SUMMARY: MORE THAN HALF OF MARKETS NEUTRAL OR ATTRACTIVE... 3 SECTION 1: ECONOMIC BACKDROP...
More informationEMEA Investor Intentions Survey 2015
EMEA Investor Intentions Survey 1 CBRE Research B INVESTOR INTENTIONS SURVEY 1 EMEA INVESTOR INTENTIONS SURVEY 1 EMEA 1 Executive summary Real Estate investors intentions in 1 Western Europe is the region
More informationSchroder European Real Estate Investment Trust
Schroder European Real Estate Investment Trust Investor update presentation Tony Smedley, Head of Continental European Real Estate Investment Andrew MacDonald, Head of Real Estate Finance July 2017 For
More informationEuropean Real Estate Market H
European Real Estate Market H1 2 18 The European Union MACROECONOMIC OVERVIEW 18. Contribution of some Member States to the EU-28 GDP (million euro) Globally, economic growth remains solid, but less synchronized
More informationMarket Perspective. Prudential Real Estate Investors. European Quarterly October 2007
Prudential Real Estate Investors European Quarterly October 2007 Market Perspective Executive Summary While the business cycle is maturing, forward-looking indicators have been declining but are still
More informationMonitor Euro area deflation
Investment Research General Market Conditions 17 July 2014 Euro area deflation Inflation outlook Euro inflation remained very low at 0.5% in June and is still far below the ECB s target. In response, the
More informationSchroder European Real Estate Investment Trust
Schroder European Real Estate Investment Trust Investor update presentation Tony Smedley, Head of Continental European Real Estate Investment Andrew MacDonald, Head of Real Estate Finance July 2017 Marketing
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 informationGLOBAL PROPERTY MARKET CONFERENCE SPOTLIGHT ON LONDON. Forward thinking for a global city
GLOBAL PROPERTY MARKET CONFERENCE SPOTLIGHT ON LONDON Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Balance of Responses, SA IN LONDON, EVERYONE
More informationEUROPE REAL ESTATE STRATEGIC OUTLOOK. August 2018 / Research Report. Marketing Material
Marketing Material August 2018 / Research Report EUROPE REAL ESTATE STRATEGIC OUTLOOK On March 23, 2018, Deutsche Asset Management rebranded to DWS. The brand DWS represents DWS Group GmbH & Co. KGaA and
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 informationInvesco Real Estate House View
Invesco Real Estate House View European Market Outlook Autumn 2011 This document is for Professional Clients only in Dubai, Continental Europe, Ireland and the UK, for Institutional Investors only in the
More informationEuropean Real Estate Market
European Real Estate Market A P R I L 2 18 European Real Estate Market - April 218 The European Union MACROECONOMIC OVERVIEW The stronger cyclical momentum in Europe and the positive unexpected rise of
More informationEuropean Real Estate House View
Real Estate European Real Estate House View Second half-year 2017 EXECUTIVE SUMMARY Retailers raise concerns, office markets perform well European Europe s economies are benefitting from the first simultaneous
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 informationMain Economic & Financial Indicators Eurozone
Main Economic & Financial Indicators Eurozone 28 JANUARY 2016 AKIKO DARVELL ASSOCIATE ECONOMIST ECONOMIC RESEARCH OFFICE (LONDON) T +44(0)2075771591 E akiko.darvell@uk.mufg.jp The Bank of TokyoMitsubishi
More informationABN AMRO (Channel Islands) Limited Order Execution Policy
ABN AMRO (Channel Islands) Limited Order Execution Policy 1. Introduction 1.1. What is the aim of this policy? In this policy document, the bank has set out the procedures and rules used to execute your
More informationSchroder European Real Estate Investment Trust
Schroder European Real Estate Investment Trust Interim results presentation Tony Smedley, Head of Continental European Real Estate Investment Andrew MacDonald, Head of Real Estate Finance 25 May 2017 Jeff
More informationGlobal Market Perspective
November 2018 Global Market Perspective JLL Global Research Global Market Perspective 3 Global real estate markets carry momentum into 2019 Global Economy 7 Global expansion remains resilient despite heightened
More informationINVESCO Real Estate House View European Market Outlook
INVESCO Real Estate House View European Market Outlook This document is for Investment Professionals and Market Counterparties only and is not for consumer use. In the UK, from 1 November 2007, this publication
More informationMain Economic & Financial Indicators Eurozone
Main Economic & Financial Indicators Eurozone 24 DECEMBER 2015 AKIKO DARVELL ASSOCIATE ECONOMIST ECONOMIC RESEARCH OFFICE (LONDON) T +44-(0)20-7577-1591 E akiko.darvell@uk.mufg.jp The Bank of Tokyo-Mitsubishi
More informationResults Q IMPORTANT NOTE: The Results Q do not yet include the asset transfer to FMS-WM as of Oct 1, 2010
Results Q3 21 IMPORTANT NOTE: The Results Q3 21 do not yet include the asset transfer to FMS-WM as of Oct 1, 21 Investor Relations Presentation November 16, 21 HRE Group Overview Q3 21 pre-tax loss reduced
More informationMain Economic & Financial Indicators Eurozone
Main Economic & Financial Indicators Eurozone 7 MAY 2015 AKIKO DARVELL ASSOCIATE ECONOMIST ECONOMIC RESEARCH OFFICE (LONDON) T +44(0)2075771591 E akiko.darvell@uk.mufg.jp The Bank of TokyoMitsubishi UFJ,
More informationGlobal Market Perspective
November 2017 Global Market Perspective JLL Global Research Global Market Perspective 3 A solid 2018 in prospect, barring major geopolitical or macroeconomic shocks Global Economy 7 Global economy in best
More informationMain Economic & Financial Indicators Eurozone
Main Economic & Financial Indicators Eurozone 30 NOVEMBER 2015 AKIKO DARVELL ASSOCIATE ECONOMIST ECONOMIC RESEARCH OFFICE (LONDON) T +44(0)2075771591 E akiko.darvell@uk.mufg.jp The Bank of TokyoMitsubishi
More informationBank of Greece 2 nd conference on real estate market. Property valuations during crisis: consequences and risks
Bank of Greece 2 nd conference on real estate market Property valuations during crisis: consequences and risks Ioannis Ganos MRICS Chairman RICS Hellas Bluehouse Capital Agenda 1. European Economic Environment
More informationEurope Real Estate Strategic Outlook
Marketing Material For Professional Clients (MiFID Directive 2004/39/EC Annex II) only. For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For Qualified
More informationQuarterly market summary
Quarterly market summary 1st Quarter 2017 Economic overview Data appears to signal that economic activity is picking up around the world, with many forecasts for growth being revised upwards. This has
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 informationEuropean Regional Economic Growth Index Introduction to E-REGI
September 2016 European Regional Economic Growth Index Introduction to E-REGI What is E-REGI? Launched in 2000-2016 is the 17 th edition of E-REGI Europe-wide coverage - 32 countries - 295 European regions
More informationEMEA INVESTOR INTENTIONS SURVEY. CBRE Research N E OSLO N E AMSTERDAM N 0.
59.913869 N 10.752245 E OSLO 51.507351 N 0.127758 W LONDON 52.370216 N 4.895168 E AMSTERDAM 48.856614 N 2.352222 E PARIS 52.520007 N 13.404954 E BERLIN 40.416775 N 3.703790 W MADRID EMEA INVESTOR INTENTIONS
More informationBank of Ireland Hotel Sector Briefing
Bank of Ireland Hotel Sector Briefing 29 th November 2018 Sarah Duignan Director, Client Relationships sduignan@str.com 2018 STR, Inc. All Rights Reserved. Any reprint, use or republication of all or a
More informationBROLL RETAIL BAROMETER
BROLL RETAIL BAROMETER MAXIMISING PROPERTY POTENTIAL www.broll.co.za Review of Fourth Quarter 2011 RESEARCH Key facts Prime shopping centres Gross rentals Cap rates Vacancies Prime high street Gross rentals
More informationFebruary 2019: Market news and expert views. We work for your investment
The heavy sell-off at the end of 2018 was followed up by a rebound last month. Whilst on the one hand, markets are being negatively impacted by economic and political challenges, on the other they are
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 informationM&G Real Estate.
www.mandgrealestate.com One of the world s largest property investors focused on generating income through the active management of real estate Delivering strong, long-term income Delivering strong, long-term
More informationInvestment Market Outlook
Investment Market Outlook Europe and Baltics Aivar Tomson, MRICS March 20, 2015 18 th international conference Real Estate and Construction in the Baltics 2015: Markets, Development, Forecasts Key questions
More informationIreland Revenue Forum
Ireland Revenue Forum 27 th June 2017 Sarah Duignan Director, Client Relationships sduignan@str.com @SarahDuignanSTR 2016 STR, Inc. All Rights Reserved. Any reprint, use or republication of all or a part
More informationGlobal Economic Outlook - July 2017
Global Economic Outlook - July 2017 June 28, 2017 by Carl Tannenbaum, Asha Bangalore, Ankit Mital, Brian Liebovich of Northern Trust Global economic activity has generally been good during the first six
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 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 informationMain Economic & Financial Indicators Eurozone
Main Economic & Financial Indicators Eurozone 13 JULY 2015 AKIKO DARVELL ASSOCIATE ECONOMIST ECONOMIC RESEARCH OFFICE (LONDON) T +44(0)2075771591 E akiko.darvell@uk.mufg.jp The Bank of TokyoMitsubishi
More informationReal Estate Investment Beyond(?) the Global Credit Crisis
Real Estate Investment Beyond(?) the Global Credit Crisis James Valente (james.valente@ipd.com) Director, North America November 29 th 2011 2011 ipd.com Overview Variation in regional trends Global investment
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 informationREAL ESTATE INVESTOR INTENTIONS SURVEY
EMEA www.cbre.eu/research REAL ESTATE INVESTOR INTENTIONS SURVEY 13 By Dr Peter Damesick Chairman, EMEA Research INTRODUCTION Over 36 investors took part in the CBRE 13 online survey of European Investor
More informationIs there still value in Irish Real Estate?
Is there still value in Irish Real Estate? Colm Lauder Senior Associate, MSCI ERES Belfast, 17 th October 214 214 Investment Property Databank Ltd. All rights reserved. ipd.com 1 Today s focus Risk, Return
More informationEurozone Economic Watch. March 2018
Eurozone Economic Watch March 20 Eurozone Economic Watch March 20 Eurozone: The moderation of confidence continues We expect GDP growth to remain steady early this year supported mostly by strong global
More informationHSE HR Circular 009/ th March, Subsistence Allowances Abroad
Office of the National Director of Human Resources Health Service Executive Dr. Steevens Hospital Dublin 8 Tel: (01) 635 2319 Fax: (01) 635 2486 E-mail: nationalhr@hse.ie HSE HR Circular 009/2009 25 th
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 information