5.0% 0.0% -5.0% -10.0% -15.0% 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% 10.0% 5.0% 0.0% -5.0% -10.0% 16.00% 13.00% 10.00% 7.00% 4.

Transcription

1 MARKETBEAT The DNA of Real Estate EUROPE A Cushman & Wakefield Research Publication Q ICE RENTAL (YEAR-ON-YEAR) Q Q Q All Countries 0.2% 0.7% 0.2% Western Europe -0.5% 0.7% 1.8% Eastern Europe 3.1% 0.6% -6.4% Central Europe -0.4% -0.9% 0.2% EU Countries -0.7% 0.7% 1.7% EMU Countries -0.8% 0.3% 1.0% HIGH STREET AIL RENTAL (YEAR-ON-YEAR) Q Q Q All Countries 3.8% 3.9% 1.5% Western Europe 3.4% 4.0% 2.4% Eastern Europe 5.7% 3.4% -1.8% Central Europe -2.9% 1.9% -0.9% EU Countries 2.6% 3.7% 2.0% EMU Countries 3.4% 3.2% 2.6% LOGISTICS RENTAL (YEAR-ON-YEAR) Q Q Q All Countries 0.3% 0.3% -2.2% Western Europe 0.2% 0.5% 0.6% Eastern Europe 1.0% -0.6% -12.7% Central Europe -1.8% -2.0% -1.1% EU Countries -0.3% 0.1% 0.5% EMU Countries -0.3% 0.3% 0.1% 1 7.5% West (Left) -7.5% CEE (Left) -1-1 EU (Left) EMU (Left) -22.5% East (Right) West -1 East CEE -2 EU EMU West East -1 CEE EU -2 EMU ALL SECTOR YIELD AGGREGATES AND 10 YR MOVEMENTS Q Q Q All Countries 6.68% 6.55% 6.58% Western Europe 6.04% 5.91% 5.61% Eastern Europe 9.37% 9.20% 10.47% Central Europe 7.62% 7.58% 7.48% EU Countries 6.25% 6.13% 5.84% 16.00% 13.00% 10.00% 7.00% 4.00% 10 yr yield range Current yield level EMU Countries 6.29% 6.20% 5.90% Notes: Western Europe countries: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, The Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom Eastern Europe countries: Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Macedonia, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey, Ukraine Central Europe countries: Czech Republic, Hungary, Poland, Slovakia EU countries: corresponds to the members of the European Union EMU countries: corresponds to the members of the euro zone ALL WEST EAST CEE EU EMU

2 KEY EUROPEAN ICES IN FOCUS Austria Vienna sq.m/mth $ % -5 bp -10 bp Belgium Brussels sq.m/yr $ % -5 bp -5 bp Bulgaria Sofia sq.m/mth $ % 0 bp -50 bp Czech Republic Prague sq.m/mth $ % 6.25% 0 bp 0 bp Denmark Copenhagen sq.m/yr Dkr1, $ % 0 bp 0 bp Finland Helsinki sq.m/mth $ % 5.00% -25 bp -25 bp France Paris sq.m/yr $ % 4.00% 0 bp -25 bp Germany Berlin sq.m/mth $ % 0 bp -25 bp Germany Frankfurt sq.m/mth $ % 0 bp -5 bp Germany Hamburg sq.m/mth $ % 0 bp -25 bp Germany Munich sq.m/mth $ % 4.00% 0 bp -20 bp Germany Dusseldorf sq.m/mth $ % 4.60% 0 bp -10 bp Greece Athens sq.m/mth $ % -20 bp -95 bp Hungary Budapest sq.m/mth $ % 0 bp -25 bp Ireland Dublin sq.m/yr $ % 4.75% -15 bp -125 bp Italy Rome sq.m/yr $ % 5.00% 0 bp 0 bp Italy Milan sq.m/yr $ % 0 bp 0 bp Luxembourg Luxembourg City sq.m/mth $ % 0 bp 0 bp Macedonia Skopje sq.m/mth $ % 0 bp 0 bp The Netherlands Amsterdam sq.m/yr $ % 6.20% 0 bp -10 bp Norway Oslo sq.m/yr Nkr4, $ % 4.75% 0 bp -25 bp Poland Warsaw sq.m/mth $ % 25 bp 25 bp Portugal Lisbon sq.m/mth $ % 0 bp -125 bp Romania Bucharest sq.m/mth $ % -50 bp -75 bp Russia Moscow sq.m/yr $1, $ % 11.00% 175 bp 250 bp Slovakia Bratislava sq.m/mth $ % 0 bp 0 bp Spain Madrid sq.m/mth $ % 5.25% -25 bp -50 bp Spain Barcelona sq.m/mth $ % -25 bp -75 bp Sweden Stockholm sq.m/yr Skr4, $ % 4.25% -25 bp -25 bp Switzerland Zurich sq.m/yr Sfr $ % 3.80% 0 bp 5 bp Switzerland Geneva sq.m/yr Sfr $ % 0 bp 0 bp Turkey Istanbul sq.m/mth $ $ % 6.80% -20 bp -20 bp Ukraine Kiev sq.m/yr $ $ % 13.00% 0 bp 50 bp United Kingdom London sq.ft/yr ,595 $ % 3.50% 0 bp -25 bp United Kingdom Manchester sq.ft/yr $ % 5.25% 0 bp -50 bp United Kingdom Birmingham sq.ft/yr $ % 0 bp -50 bp United Kingdom Edinburgh sq.ft/yr $ % 5.50% -25 bp -25 bp United Kingdom Glasgow sq.ft/yr $ % -25 bp -25 bp This report has been produced by or use by those with an interest in commercial property solely for information purposes. It is which believe to be reliable, but we have not verified such information and cannot guarantee that it is accurate and complete. The contained herein and shall not be liable to any reader of this report or any third party in any way whatsoever. All expressions of

3 KEY EUROPEAN HIGH STREETS IN FOCUS Austria Vienna sq.m/mth 300 3,600 $ % 0 bp 0 bp Belgium Brussels sq.m/yr 1,750 1,750 $ % 4.15% -10 bp -20 bp Bulgaria Sofia sq.m/mth $ % -25 bp -25 bp Czech Republic Prague sq.m/mth 185 2,220 $ % 0 bp -50 bp Denmark Copenhagen sq.m/yr Dkr17,750 2,384 $ % 4.10% 0 bp -65 bp Finland Helsinki sq.m/mth 164 1,968 $ % 5.00% 0 bp 0 bp France Paris sq.m/yr 18,000 13,255 $1, % 0 bp -25 bp Germany Berlin sq.m/mth 300 3,600 $ % 4.10% -10 bp -35 bp Germany Frankfurt sq.m/mth 315 3,780 $ % 4.00% -10 bp -35 bp Germany Hamburg sq.m/mth 310 3,720 $ % 4.10% 0 bp -5 bp Germany Munich sq.m/mth 370 4,440 $ % 3.50% 0 bp -10 bp Germany Dusseldorf sq.m/mth 275 3,300 $ % 4.10% 0 bp -25 bp Greece Athens sq.m/mth 180 2,160 $ % 7.00% 0 bp -80 bp Hungary Budapest sq.m/mth 95 1,140 $ % 0 bp -25 bp Ireland Dublin sq.m/yr 4,500 2,529 $ % 4.00% -50 bp -150 bp Italy Rome sq.m/yr 8,000 8,000 $ % 4.75% 0 bp 0 bp Italy Milan sq.m/yr 8,500 8,500 $ % 4.75% 0 bp 0 bp Luxembourg Luxembourg City sq.m/mth 125 1,500 $ % 0 bp 0 bp Macedonia Skopje sq.m/mth $ % 0 bp 25 bp The Netherlands Amsterdam sq.m/yr 2,900 2,900 $ % 0 bp -40 bp Norway Oslo sq.m/yr Nkr25,000 2,756 $ % 4.75% 0 bp 0 bp Poland Warsaw sq.m/mth 85 1,020 $ % 0 bp -25 bp Portugal Lisbon sq.m/mth 95 1,140 $ % 6.00% 0 bp -75 bp Romania Bucharest sq.m/mth $ % -25 bp -25 bp Russia Moscow sq.m/yr $5,000 4,132 $ % 350 bp 450 bp Slovakia Bratislava sq.m/mth $ % 7.50% 0 bp 25 bp Spain Madrid sq.m/mth 245 2,940 $ % 4.40% -10 bp -35 bp Spain Barcelona sq.m/mth 270 3,240 $ % 4.40% -10 bp -35 bp Sweden Stockholm sq.m/yr Skr14,900 1,573 $ % 4.25% -25 bp -25 bp Switzerland Zurich sq.m/yr Sfr9,000 7,485 $ % 3.60% -10 bp -20 bp Switzerland Geneva sq.m/yr Sfr4,000 3,327 $ % 0 bp 0 bp Turkey Istanbul sq.m/mth $280 2,777 $ % 5.80% 0 bp -20 bp Ukraine Kiev sq.m/yr $2,400 1,983 $ % 0 bp 50 bp United Kingdom London sq.ft/yr 1,250 10,402 $1, % 0 bp 0 bp United Kingdom Manchester sq.ft/yr 250 1,768 $ % 0 bp 0 bp United Kingdom Birmingham sq.ft/yr 225 1,591 $ % 0 bp -25 bp United Kingdom Edinburgh sq.ft/yr 190 1,812 $ % 0 bp -25 bp United Kingdom Glasgow sq.ft/yr 255 2,432 $ % 0 bp 0 bp Rents in France, Ireland and the UK relate to Zone A. This report has been produced by or use by those with an interest in commercial property solely for information purposes. It is which believe to be reliable, but we have not verified such information and cannot guarantee that it is accurate and complete. The contained herein and shall not be liable to any reader of this report or any third party in any way whatsoever. All expressions of

4 KEY EUROPEAN LOGISTICS IN FOCUS Austria Vienna sq.m/mth $ % 0 bp 0 bp Belgium Brussels sq.m/yr $ % 0 bp -10 bp Bulgaria Sofia sq.m/mth $ % 11.25% -50 bp -50 bp Czech Republic Prague sq.m/mth $ % 0 bp -100 bp Denmark Copenhagen sq.m/yr Dkr $ % 0 bp 0 bp Finland Helsinki sq.m/mth $ % -25 bp -25 bp France Paris sq.m/yr $ % -25 bp -50 bp Germany Berlin sq.m/mth $ % 6.90% 0 bp -30 bp Germany Frankfurt sq.m/mth $ % 0 bp -30 bp Germany Hamburg sq.m/mth $ % 6.35% 0 bp -15 bp Germany Munich sq.m/mth $ % 0 bp -15 bp Germany Dusseldorf sq.m/mth $ % 0 bp -20 bp Greece Athens sq.m/mth $ % 0 bp -100 bp Hungary Budapest sq.m/mth $ % 0 bp -25 bp Ireland Dublin sq.m/yr $ % 6.25% -50 bp -175 bp Italy Rome sq.m/yr $ % 0 bp 0 bp Italy Milan sq.m/yr $ % 7.75% 0 bp 0 bp Luxembourg Luxembourg City sq.m/mth $ % 8.50% 0 bp 0 bp The Netherlands Amsterdam sq.m/yr $ % 7.40% -20 bp -30 bp Norway Oslo sq.m/yr Nkr1, $ % 6.25% 0 bp -25 bp Poland Warsaw sq.m/mth $ % 0 bp 0 bp Portugal Lisbon sq.m/mth $ % 8.00% -25 bp -175 bp Romania Bucharest sq.m/mth $ % 0 bp 25 bp Russia Moscow sq.m/yr $ $ % 13.00% 150 bp 150 bp Slovakia Bratislava sq.m/mth $ % 0 bp -25 bp Spain Madrid sq.m/mth $ % 7.50% -50 bp -75 bp Spain Barcelona sq.m/mth $ % -25 bp -75 bp Sweden Stockholm sq.m/yr Skr1, $ % -25 bp -25 bp Switzerland Zurich sq.m/yr Sfr $ % 5.60% 0 bp 10 bp Switzerland Geneva sq.m/yr Sfr $ % 6.00% 0 bp 0 bp Turkey Istanbul sq.m/mth $ $ % 9.00% 0 bp 0 bp Ukraine Kiev sq.m/yr $72 59 $ % 0 bp 300 bp United Kingdom London sq.ft/yr $ % 4.75% -25 bp -75 bp United Kingdom Manchester sq.ft/yr $ % -25 bp -75 bp United Kingdom Birmingham sq.ft/yr $ % -25 bp -75 bp United Kingdom Edinburgh sq.ft/yr $ % -25 bp -125 bp United Kingdom Glasgow sq.ft/yr $ % -25 bp -100 bp This report has been produced by or use by those with an interest in commercial property solely for information purposes. It is which believe to be reliable, but we have not verified such information and cannot guarantee that it is accurate and complete. The contained herein and shall not be liable to any reader of this report or any third party in any way whatsoever. All expressions of

5 Q The DNA of Real Estate A Cushman & Wakefield Research Publication OUR RESEARCH SERVICES The Research Group provide strategic market analysis to support our clients in decision making and project execution. Consultancy is undertaken on a local and international basis, providing indepth advice and market appraisals incorporating real estate, business and wider macro influences. Typical projects include: reliable and comparable data and market intelligence site specific, location analysis, ranking and targeting for occupation or investment analysis of future development activity and existing supply/competition market research and demand analysis by retail/industry sector rental analysis, forecasts & investment and portfolio strategy VISIT OUR WEBSITE TO ACCESS......Global Research Reports To learn more about the global trends in the industrial, office and retail 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....business Briefings 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....the Cushman & Wakefield global real estate blog To hear our point of view on global market trends and how they are impacting on real estate decision making. Gain access to all of Cushman &Wakefield's publications globally by visiting the Research section of our website: or follow us on For further information about research or the report, please contact: Joanna Tano Director Head of EMEA Central Research & Consultancy London, UK joanna.tano@eur.cushwake.com Istvan Toth Senior Research Analyst EMEA Central Research & Consultancy Budapest, HU istvan.toth@eur.cushwake.com 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 customized studies to meet specific information needs of owners, occupiers and investors. Cushman & Wakefield is the world s largest privately held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 253 offices in 60 countries and nearly 15,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at: This report was written and produced by Cushman & Wakefield and has been prepared solely for information purposes. It does not purport to be a complete description of the markets or developments contained in this material. The information on which this report is based we believe to be reliable, but we have not independently verified such information and we do not guarantee that the information is accurate or complete Cushman & Wakefield, Inc. All rights reserved. Cushman & Wakefield, LLP