EMEA Office MarketView

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1 EMEA Office MarketView 2014 CBRE Global Research and Consulting EMEA PRIME YIELD 7.9 BPS EU-28 VACANCY RATE 0.02 PP EMEA PRIME RENT 0.3% EMEA CAPITAL VALUE 1.8% TAKE-UP 17% TAKE-UP STILL SUBDUED BUT SOME ENCOURAGING SIGNS FOR REMAINDER OF YEAR Quick Stats Chart 1: EMEA Prime Office Rent Cycle, 2014 Change from Q4 Rent Yield Hot Topics Overall demand still below trend but some markets showing an improvement on previous first quarters. 1 Majority of markets reached bottom of rental cycle, with some expected to move into growth in the remainder of year. Overall vacancy rate declines marginally, with some obsolete buildings removed or converted to alternative uses. Aggregate European take-up remained on a par with recent first quarters, but fell by 17% compared to Q4 20. Occupiers are still exercising caution in a number of key markets, but it is encouraging that some cities, such as Paris and Madrid, recorded stronger take-up figures than has been typical during recent years. Demand is expected to accelerate in the remainder of the year as more occupiers return to a growth agenda. However, an element of caution is likely to persist, and occupiers will continue to be very cost sensitive in their real estate activity. The EU-28 vacancy rate decreased by a marginal 0.02 percentage points in. Some sharp declines were recorded in the markets attracting the highest levels of demand, most notably London and Dublin, whilst in some markets the conversion and removal of obsolete stock from the market eroded the vacancy rate. The largest increases in vacancy rates were recorded in CEE markets, primarily due to the completion of speculative schemes. Source: CBRE Prime rental growth continued in the strongest performing markets, whilst a few markets saw a decline in the prime rent due to an oversupply of new office space coming onto the market. There was further evidence that prime rents in most of the markets on the downward curve of the cycle have now reached a trough. The next rental movement is expected to be upward, but the timing and pace of rental growth is likely to vary significantly between markets. Aggregate completion levels in 2014 are set to increase again from the level recorded in 20, but will continue to be dependent upon large schemes in a few core western Europe and CEE markets. Elsewhere, forecast completion levels remain well below pre-recession levels and, of the space which is due to complete, a high proportion is pre-let. Furthermore, the pipeline for 2015 looks set to fall back again, and although the improved economic outlook is likely to result in more schemes starting in 2014, many of these will not complete until 2016 and beyond.

2 2002 Q Q Q Q Q Q Q Q Q Q Q Q Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar- Mar-14 Index 2000= EMEA Office MarketView 2 OFFICE RENTS The first quarter of 2014 provided more evidence that the majority of EMEA markets on the downward curve of the cycle have reached a trough, with prime rents in key markets including Paris and Madrid now believed to be stable. However, there were some declines recorded in markets where there is an oversupply of new space notably Prague, Geneva and Zurich where new speculative development has pushed vacancy up to a locally high level. As was the case throughout 20, prime rental growth was recorded in a few of the stronger markets, and this caused the EMEA Prime Office Rent Index to rise by 0.3%. Central London continued to be a stand out performer, with prime rents in four out of five submarkets growing, including a 5% increase in the West End to 105/sq ft/annum. Other western European markets to record growth included Amsterdam and Munich (both 1.5%) whilst in the Nordics Oslo and Stockholm also posted quarterly increases. As we progress through 2014 the tight supply of high quality office space and growing occupier confidence supported by improving economic indicators is expected to move more markets to the rental growth stage of the cycle. However, the timing and pace of this growth is likely to vary significantly on a market-by-market basis. OFFICE TAKE-UP Despite improving macro-economic data take-up remained subdued in 2014 and on a par with the first quarter in 20 (+1.1%) and 2012 (-0.8%). This represented a drop of 17% on Q4 20, although a fall of this scale is not uncommon due to seasonal fluctuations in demand. Although most of the main markets recorded quarterly declines, there were some encouraging figures when compared to other recent first quarters. Take-up in Paris remains below trend, but at 506,000 sq m was a substantial improvement on the levels recorded in the first three quarters of 20. Similarly, the Frankfurt market recorded a sharp quarterly decline but saw a significant improvement on 20. In London, take-up declined from the exceptional Q4 20 level, but with the amount of space under-offer reaching the highest level since 2000, take-up will improve in the remainder of the year. Encouragingly, although the Madrid market recorded a decline on both a quarterly and yearly comparison, at nearly 100,000 sq m it was significantly higher than typical levels recorded during the downturn, and demand was driven by an increase in volume of small and medium transactions, rather than one exceptionally large deal, as was the case and Q4 20. Aggregate demand is expected to improve in the remainder of the year as more occupiers return to a growth agenda. However, an air of caution is likely to persist and occupiers will continue to be selective in their decision-making. Reflecting the on-going challenges to demand, also saw some very low take-up figures in markets such as Brussels and Amsterdam, with the latter recording the lowest ever take-up figure for the market at just 21,500 sq m. Chart 2: EMEA Prime Office Rent Index 20% 15% 10% 5% 0% -5% -10% -15% % Change pa Nominal Terms Index Table 1: EMEA Prime Office Rent Index Index ( 2000 = 100) Quarter-on-Quarter (% Change) Year-on-Year (% Change) Q2 Q3 Q Chart 3: Aggregate Office take-up (000 s SqM) 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Western Europe CEE Table 2: Office take-up (000 s SqM) Q3 20 Q Q-on-Q (%) Y-on-Y (%) Brussels Paris Frankfurt Dublin Milan Moscow Madrid London

3 Warsaw St Petersburg Moscow Prague Budapest Madrid Amsterdam Frankfurt Barcelona Milan Dusseldorf Dublin Brussels Berlin London City Copenhagen Hamburg Paris Munich Vienna London Central Marseille Lyon Lille London WE % Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar- Mar-14 Chart 4: EU-28 Vacancy Rate Change per Quarter (PP) EU-27 Vacancy Rate Table 3: Office Vacancy Rate (%) OFFICE VACANCY The EU-28 vacancy decreased marginally in 2014, falling by 0.02 percentage points (pp) to 11.3%, but remains 0.38 pp above the vacancy rate recorded twelve months ago. Amongst the sharpest declines in vacancy were two of the strongest performing markets London City and Dublin - where the vacancy rate fell by 0.93 pp and 1.44 pp respectively. In the latter, a strong recovery in demand combined with a non-existent development pipeline has resulted in the vacancy rate falling from 20.3% at the end of 2011 to.9% in Although some speculative development is coming through in the London City market, current demand levels are far outweighing the completion of new space, with much of the speculative element being leased prior to completion EMEA Office MarketView Q2 Q3 Q4 14 Paris Frankfurt Dublin Milan Amsterdam Moscow Elsewhere, the Frankfurt market recorded a significant drop of 0.96 pp. However unlike Dublin and London City this was largely due to the removal of obsolete stock from vacancy and the conversion of older buildings into residential units, rather than strong occupier absorption. With much of the available space in Europe comprised of lower grade, noncentral space which struggles to attract demand, we may start to see more conversions of obsolete stock into alternative uses as finance for such schemes becomes more abundant. Warsaw Madrid London Chart 5: Vacant Space + 2-year Pipeline as % of Stock The sharpest increases in vacancy were generally recorded in CEE markets most notably Prague, Warsaw and Moscow. A large volume of new speculative completions has been steadily boosting the vacancy rate in these markets, which has generally outweighed occupier demand. In the Moscow City submarket for example, the vacancy rate grew to 36% in due to one major completion which added substantially more space to vacancy than was absorbed by occupiers Development Pipeline to end 2015 Current Vacancy Rate Whilst the overall EU-28 vacancy rate remains high in a historical context, the proportion of space which comprises high quality, centrally located units has narrowed substantially in recent years. Even in some of the markets with the highest vacancy rates occupiers have relatively few options when looking in this segment of the market. OFFICE DEVELOPMENT PIPELINE 0.0 Table 4: Development Pipeline (000 s SqM) Completion levels will increase in 2014, driven by an upturn in development in core markets namely Paris and London in Western Europe and Warsaw, Moscow, Prague and St Petersburg in CEE. Elsewhere, completion levels will remain below trend and of the space which is due to complete, a high proportion will be pre-let Brussels Paris 735 1,009 Frankfurt Milan Amsterdam Moscow 1, St Petersburg Madrid Although more schemes are expected to progress in 2014 due to the improving economic outlook and financing opportunities, it will not be until 2016 onwards that this space comes through to the market. Completions for 2015, including some of the core markets which drove the upturn in development in 20/14, are forecast to drop back quite significantly. This is largely due to the low number of schemes which were started at the height of the eurozone crisis in H and As a result, a shortage of supply of high quality office space will continue to be a feature of many European markets for the foreseeable future. 3 London

4 2014 EMEA Office MarketView 4 KEY INDICATORS Country City Prime Office Rent (Local Measure) / SqM / Last 3 Last 12 Annum Months (%) Months (%) Change from Trough* (%) Austria Vienna per sq m pm Belgium Brussels 285 per sq m pa Croatia Zagreb 14.5 per sq m pm Czech Republic Prague 19.5 per sq m pm Denmark Copenhagen DK1650 per sq m pa Finland Helsinki 396 per sq m pa France Lyon 270 per sq m pa France Marseille 270 per sq m pa France Paris 800 per sq m pa Germany Berlin 22.5 per sq m pm Germany Frankfurt 38 per sq m pm Germany Hamburg 24 per sq m pm Germany Munich 33 per sq m pm Greece Athens 22 per sq m pm Hungary Budapest 20 per sq m pm Ireland Dublin 377 per sq m pa Israel Tel Aviv ILS108 per sq m pm Italy Milan 480 per sq m pa Italy Rome 400 per sq m pa Netherlands Amsterdam 345 per sq m pa Netherlands Rotterdam 225 per sq m pa Norway Oslo NOK4000 per sq m pa Poland Warsaw 26 per sq m pm Portugal Lisbon 18.5 per sq m pm Romania Bucharest 18 per sq m pm Russia Moscow $1200 per sq m pa Russia St Petersburg $800 per sq m pa Serbia Belgrade 15 per sq m pm Slovak Republic Bratislava 16 per sq m pm Spain Barcelona per sq m pm Spain Madrid 24.5 per sq m pm Sweden Stockholm SEK4500 per sq m pa Switzerland Geneva CHF925 per sq m pa Switzerland Zurich CHF825 per sq m pa Turkey Istanbul $45 per sq m pm UAE Dubai AED280 per sq ft pa UK Birmingham 28.5 per sq ft pa UK Bristol 27.5 per sq ft pa UK Edinburgh 28.5 per sq ft pa UK Glasgow 27 per sq ft pa UK London City 58.5 per sq ft pa Prime Yield (%) UK London WE 105 per sq ft pa UK Manchester 30 per sq ft pa * Figures indicate the degree of change from the lowest rent recorded since 2009 to the current level

5 5 Market Summaries Take-up in Amsterdam fell to an all-time low in. Corporates are continuing to consolidate activity to reduce costs, but they are also focussing on the qualitative aspect of the location choice, opting for sites at multi-functional and multimodally accessible locations, so as to cater for their staff in terms of accessibility. They are also showing a strong preference for buildings in areas with a high level of amenities. Office demand slowed significantly in the Brussels market in, largely due to a low volume of public sector transactions. The immediate supply of new office space is at its lowest level ever, but there is not sufficient corporate demand to produce an upturn in rents. However, if occupiers start to upgrade to newer more efficient space, prime CBD buildings may start to see some rental growth. The Dublin market continued in a positive trajectory in, with take-up reaching the high level recorded in the previous quarter. A number of large occupiers, predominantly from the ICT and life sciences sector are continuing to see significant expansion. Availability of high quality vacant space in central areas, where demand is focused, has been sharply declining. With no new space coming through to the market, the overall vacancy rate has declined to.9% from a peak of 21.1% in Demand in Frankfurt was unremarkable in, declining by 27% on the previous quarter but 31% above 20. As was the case the previous year, there continued to be an absence of larger transactions and just one deal over 10,000 sq m was signed in. The vacancy rate recorded a sharp decline, primarily due to the conversion of office buildings into residential units, whilst a number of obsolete buildings were removed from availability as they can no longer accommodate a tenant without significant upgrade work. Take-up in Central London fell back from the exceptional level recorded in Q4 20, but the amount of space under offer at the end of the quarter reached the highest level since 2000, indicating that take-up in the remainder of the year will improve. The vacancy rate is falling and although completions are increasing the majority of this space is already leased, placing upward pressure on prime rents with four out of the five submarkets recording growth in. Take-up in Lisbon was 17,200 sq m in, a quarterly decline of nearly 50% but 44% above 20. Demand was predominantly driven by consolidation as occupiers seek to streamline their occupation costs. The market has now stabilized, and with 70% of the new space coming through in 2014 already leased, prime rents are expected to remain at 18.50/sq m/month for the remainder of the year. Demand in Luxembourg City is being driven by a combination of expansions, upgrades and new start-ups, with companies focused on efficient office space. The largest transactions occurred in the Station and Airport districts, but there were also a large volume of deals signed in the CBD and Gasperich. With very few schemes coming to the market, the vacancy rate is falling and landlords are granting less favourable rent free periods. The Madrid office market appears to have reached a turning point, with take-up of just under 100,000 sq m in an encouraging return considering there was only one transaction above 10,000 sq m. Although consolidation continues to be the main trend, cost reduction is no longer the only consideration, with factors such as location playing a more important role many companies are taking the opportunity to move to a more central location whilst rents remain at historically low levels. Demand in Milan is becoming refocused on central areas, with occupiers particularly from the finance sector taking the opportunity to consolidate operations whilst rents are at a historical low. However, demand from the manufacturing and fashion industries continued to be focused in the new Porta Nuova office district, where the highest rent of 480/sq m/annum was recorded. The Munich office market continued to be one of the most robust in Europe, starting the year with a solid quarterly take-up of 164,600 sq m, an increase of 6% on 20. Due to the strong demand for wellequipped office space in central locations, rents continued their upward trend, and now stand 5% higher than 12 months ago at 33.00/sq m/month. With just 35,000 sq m available in the city centre, further growth can be expected over the course of the year. Activity in Paris was driven by a number of large consolidation projects, including two transactions which exceeded 40,000 sq m. Occupiers continue to be concerned with the weak economic outlook and the tax burden in France, and within this environment most companies continue to show a preference for extending their existing leases rather than committing to a relocation. Incentives remain historically high on average between months free however in the CBD are generally lower (1-1.5 months free on smaller leases, months on larger transactions). Occupiers are returning to a growth agenda in Vienna, albeit very conservatively. Major occupiers have now realized there is a very limited development pipeline for 2014/15 and it is therefore necessary to plan well in advance, with relocation projects for 2016/17 being initiated this year. Effective rents are rising slightly as landlords are reducing the level of incentives EMEA Office MarketView 5

6 2014 EMEA Office MarketView Office take-up in Copenhagen was strong, and well above the average for. Demand returned to the Harbor areas after two quarters of virtually nonexistent activity, however the CBD recorded a sharp dip in demand. There was a slight drop in the prime rent, due to the low level of activity in the CBD and an absence of leases in the more expensive Harbor North and Inner Harbor most transactions were in the traditionally cheaper Harbor South area. Occupiers in Helsinki are continuing to consolidate activities in the most attractive submarkets currently Leppävaara, Keilaniemi and as always the CBD. Landlords are willing to offer more flexible terms to tenants and the typical lease is now three years. Rising unemployment in Finland has resulted in a declining need for office space, which will put upward pressure on vacancies especially in older buildings. Demand in Stockholm is being driven by large corporates leaving properties in the city centre to consolidate in new buildings in well-connected peripheral submarkets. Their focus is on portfolio optimization, cost savings and implementing new workplace strategies. In markets with limited supply, primarily in central locations, a slight increase in the prime rent has been recorded. Demand for office space in Kiev continued to be weak due to the poor economic performance and political instability in Ukraine. A combination of strong development and weak demand resulted in the vacancy rate increasing to a new peak of 29% - reflecting these conditions the prime rent decreased by 10% to $30/sq m/month. Office leasing activity in Warsaw continued to be strong in, amounting to 6,000 sq m of which 86,400 sq m was take-up. Well-connected developments in peripheral submarkets continued to compete with the CBD for tenants, with 70% of activity recorded in non-central office zones. With 590,000 sq m currently under construction, despite the strong levels of demand the volume of new space coming to the market is expected to result in some further rental decline. Active demand has picked-up in Dubai. The majority of occupier movements are coming from upgrades, expansions or consolidations into more centralized areas, with a number of requirements for new HQs in prime locations coming to the market. Reflecting the rising demand, prime office rents will see further growth in the coming quarters, with good quality property in central areas in short supply, despite the high headline vacancy rate. The main driver of leasing activity in Tel Aviv is generally expansion, however consolidation is common amongst small to medium sized high-tech firms which get acquired by global corporates and consolidated into existing facilities. Companies continue to take space in modern buildings outside of the CBD to save costs, however in 2017 some major new developments in central Tel Aviv are due to complete which may reverse this trend. The majority (84%) of transactions in Moscow were signed by domestic companies in, with caution prevailing amongst international firms. With demand suffering and a large volume of new supply coming through to the market, vacancy is set to increase which will put downward pressure on rents in the coming quarters. Total leasing activity in Prague amounted to 67,400 sq m in, which represents a decrease of 19% compared to the previous quarter and 27% on 20. Renegotiations only accounted for 28% of this due to two large pre-lease transactions being agreed. The vacancy rate reached.7% at the end of 2014 which represents an increase by 0.5 pp compared to previous quarter. 6

7 CONTACTS For more information about this Regional MarketView, please contact: EMEA Research Richard Holberton Senior Director EMEA Research & Consulting Henrietta House Henrietta Place London W1G 0NB t: e: Zachary Gauge Analyst EMEA Research & Consulting Henrietta House Henrietta Place London W1G 0NB t: e: 2014 EMEA Office MarketView + FOLLOW US GOOGLE+ FACEBOOK TWITTER 7 Global Research and Consulting This report was prepared by the CBRE EMEA Research Team which forms part of CBRE Global Research and Consulting a network of preeminent researchers and consultants who collaborate to provide real estate market research, econometric forecasting and consulting solutions to real estate investors and occupiers around the globe. Disclaimer CBRE Limited confirms that information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt their accuracy, we have not verified them and make no guarantee, warranty or representation about them. It is your responsibility to confirm independently their accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE. 7

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