EUROPEAN COMMERCIAL PROPERTY FOCUS

Size: px
Start display at page:

Download "EUROPEAN COMMERCIAL PROPERTY FOCUS"

Transcription

1 EUROPEAN COMMERCIAL PROPERTY FOCUS Editors: Roger Bootle and Ed Stansfield Where is the potential for office rental value growth strongest? An analysis of current office rental values relative to estimates of their equilibrium levels suggests that Madrid, Barcelona, the main German cities and Brussels offer the best medium-term growth potential. At the other end of the spectrum, Helsinki, Lisbon and the Italian cities are likely to underperform over the next five years. Over the last five years or so, office rental values across the euro-zone have followed very different paths. Whereas rents in some Northern euro-zone cities have increased more or less continuously since 21, in other cities office rents may not even have reached a floor. This divergence can make it hard to think about the medium-term outlook. For instance, is it the case that those markets that have already seen sizeable rental gains will now lag behind, or have these markets been strong for good reason, so that recent performance will have little bearing on the medium-term outlook? To help answer that question, in this Focus we present estimates for equilibrium office rental values across the euro-zone. To calculate these equilibrium values, we use two methods. The first method is a model based on city-level fundamental variables. We then combine the results of this model with a second set of estimates, calculated by looking at how rents and economic factors have developed in relative terms between cities. Based on the equilibrium estimates alone, it is not the case that those cities that have underperformed in recent years will automatically outperform. For instance, while the scope for gains in Madrid and Barcelona looks large, in Rome and Milan there seems much less potential for rental growth. Similarly, the outperformance of some cities in recent years is not a sign that they will now underperform. Admittedly, the potential for further gains in Helsinki seems limited, but in the German cities there seems ample scope for rents to rise further. Given we also need to take into account factors such as the economic outlook and supply developments, our final office rental forecasts will vary from the conclusions presented here, which are based on the equilibrium estimates alone. Nevertheless, they provide a useful framework for thinking about the medium-term outlook for rental values across different euro-zone cities. 19 th Aug 215 Stephen Brown Tel: +44 () North America Europe Asia 2 Bloor Street West, Suite Buckingham Palace Road #26-3 Income at Raffles Toronto, ON London 16 Collyer Quay M4W 3E2 SW1W 9TR Singapore Canada United Kingdom Tel: Tel: Tel: +44 () Managing Director Chief Property Economist Property Economist Property Economist Roger Bootle Ed Stansfield Stephen Brown Kiran Raichura European Commercial Property Focus 1

2 Where is the potential for office rental value growth strongest? Over the past few years, rental values in the major euro-zone office markets have followed very different paths. At one end of the spectrum, rents in Vienna, Helsinki and Munich have risen more or less continuously over the past five years and now stand 7% to 13% above their pre-crisis highs. At the other end, rents may not even have reached a floor yet in Rome and are falling again in Paris and Brussels. Meanwhile, rents in Lisbon have been more or less unchanged, at a level 13% below their pre-crisis peak, for the past 15 quarters. This divergence makes it hard to think about the medium-term outlook. Is it the case, for example, that markets which have already enjoyed sizeable gains will now lag behind markets such as Rome or Paris? Or have the stronger markets been strong for good reason, so recent performance will have little bearing on the medium term outlook? In this Focus, we present a framework for thinking about such issues. To be specific, we present an analysis of equilibrium rental values across eurozone cities and see how they compare to current levels. From there we assess what this means for future rental growth. It is worth clarifying what we mean by equilibrium rental values. We define this as where rents should be when supply and demand are balanced at a normal level. By normal, for most markets that means when vacancy rates are around 6% to 8% and when economic output and employment are in line with potential. Of course, simply defining equilibrium rental values does not tell us where they are. As such, the report starts with two sections that cover the different methods we use to determine the estimates. 1. The fundamental model The first method is a model of the relationship between rents and their various fundamental determinants. There are many different variables that will have a bearing on the level of rental values. But we have found that four key variables can explain 8% to 9% of the deviation in rental values between cities. The first variable is gross value added (GVA) per worker in the office sector. Assuming a broadly equal amount of office space per worker in each city, a higher GVA suggests that such space is being used more productively. All else being equal, that leads to a higher equilibrium rental value as firms are able to pay more for that space. The second variable is GDP per capita. This is fairly closely correlated with office GVA per worker, but it needs to be included for a couple of data reasons. Firstly, office GVA per worker is more volatile than GDP per capita and is more likely to be influenced by single industries. Secondly, Eurostat regional definitions vary widely. For instance, regional German data covers just the cities themselves, but in Spain the data cover the city and the surrounding region. These differences are more likely to affect the office GVA data than GDP per capita, given that office production is focused in city centres. Hence, we include GDP per capita as a health check. The third variable is the population of the city and surrounding urban area. A higher population provides a signal for a number of factors that may attract firms and thus influence rental values, such as a large pool of potential workers and beneficial clustering effects. Finally, proximity to the next major city provides an indication of how easy it is for firms to relocate. In theory, the closer the proximity to the nearest city, the less office space will cost as there will be greater competition between landlords. This effect seems to be enhanced by the fact that there is a positive correlation between a city s proximity to the nearest major city and the proportion of top companies headquartered there. 2 European Commercial Property Focus

3 One issue we encounter is that directly comparable city-level GVA data by sector are only available from Eurostat for 28 to either 211 or 212. However, we can use this data to calibrate our model and to gauge the relative importance of each of our four variables. We can then apply those estimated coefficients to our own up-to-date estimates of fundamentals, derived from more timely local economic indicators and national data. In isolation, there is a fairly weak correlation between each of our four variables and city-level rental values across the euro-zone. However, taking the four variables together provides much greater explanatory power. Using the 28 data, we find that the four variables explain 89% of the variation in rents across cities. While offering decent explanatory power for 28, we cannot use these initial results to estimate current equilibrium values. That s because, by its nature, the linear regression technique we use implicitly assumes that, on average, 5% of rents are too high and 5% too low. Yet in 28 it s likely that most rental values were too high, given that the economy was in the final stages of a long upswing. To correct for this problem, we also estimate the model using 211 data, and then combine the 28 and 211 coefficients. Thus, the influence of excess demand in 28 should be broadly offset by the impact of excess supply in 211. Having derived our coefficients in this way we can then apply them to our estimates of the current values of the model s four explanatory variables. To estimate 214 values for our model s inputs we have assumed that city-level economic trends have approximately matched national ones. Additionally, we have made some adjustments based on factors such as local labour market developments, for which data tend to be timelier. The largest adjustment is for Berlin, where, compared to Germany as a whole, the unemployment rate fell by an extra 1%pt over Combined with the fact that productivity probably also increased due to structural factors, we raised our mechanical estimate of Berlin GDP per capita and office GVA by a further 4%. Such estimates may prove inaccurate once official data are released, but these errors should not make large differences to our results. For instance, if we had assumed that Berlin s growth rates were in line with Germany s, than our equilibrium rental value estimate for Berlin would be just 2.5% lower. Having estimated up-to-date values for the four variables, we use the coefficients from our model to estimate equilibrium rental values. The difference between end-214 rents and the equilibrium estimates are displayed in Chart 1. CHART 1: 214 RENTS: SCOPE FOR CHANGE VERSUS Source Capital Economics EQUILIBRIUM ESTIMATE (%) Hence, based on this method, rents in Barcelona appear to have scope to increase the most, while in Amsterdam and Helsinki rents are above the equilibrium estimates. The extent of the apparent mispricing in Barcelona, at just under 5%, is large. Yet such a rise, even during a short time, is not without precedent for instance rents in Dublin have so far increased by over 65% since their trough in Rental value trends between cities Given that the differences in rental values between cities can be explained by fundamental factors, it should be the case that changes in these fundamentals between cities are reflected in European Commercial Property Focus 3

4 relative rents over time. Hence, the next method involves assessing whether rental value trends between cities are consistent with the respective economic trends. Data limitations mean that we cannot compare fundamentals over time in great detail. Yet we can gain an appreciation for how the city-level variables might have developed by looking at national economic trends. To put the cross-city trend analysis into context, consider Chart 2, which shows rents in Madrid and Munich. Since 1995, rents in Madrid have been significantly more volatile than those in Munich. The question we want to examine is whether this volatility has been justified by underlying economic fundamentals. CHART 2: OFFICE RENTAL VALUES IN MUNICH AND MADRID (EUR/SQM/ANNUM) 54 Madrid Munich Source Various Agents To answer that, we can compare the ratio of rents between cities to their relative fundamentals, represented by the ratio of GDP per capita in both markets. (See Chart 3.) It is worth noting that if GDP per capita in one city is 1% higher than in another, it does not necessarily follow that office rents will also be 1% higher as other factors also determine rental values. However, a 1% rise in GDP per capita in, say, Spain, that was not matched by a corresponding rise in Germany, ought over time to boost relative rents in Spain by around 1%. Therefore, divergences between trends in the two ratios could still represent a relative mispricing of rents. CHART 3: RATIOS OF OFFICE RENTS IN MADRID TO MUNICH AND GDP PER CAPITA IN SPAIN TO GERMANY GDP per Capita (LHS) Rents (RHS) Sources Various Agents, Thomson Datastream, Capital Economics For instance, large rises in rents in Madrid meant that the rental ratio diverged massively from the GDP per capita ratio over 2-1. In other words, rents in Madrid outperformed strongly and to a far greater extent than can be explained by Spain s comparatively stronger economic growth alone. And in 27/8 a similar spike in relative rents was also not driven by economic fundamentals. Not surprisingly, in both cases these strong rises proved unsustainable. Yet Chart 3 also suggests that rents in Madrid may now have fallen too far, given that the rental ratio has now fallen below the GDP per capita ratio. To correct this divergence, rents in Madrid would need to rise relative to Munich by 14%. For some cities, the ratios paint a less clear picture. Chart 4 repeats the exercise for Berlin and Munich. (For the German cities we can use city-level GDP per capita, as longer time series are available.) European Commercial Property Focus

5 CHART 4: RATIOS OF OFFICE RENTS IN BERLIN TO MUNICH AND GDP PER CAPITA IN BERLIN TO MUNICH expected the two ratios to converge to some degree, in line with what has actually happened GDP per capita (LHS) Rents (RHS) Sources Various Agents, Destatis, Various Agents Now that we have illustrated the principals in detail, we can repeat the exercise for the other cities. Table 1 displays the results. Based on this method, rents in Barcelona again seem to have the most potential to rise relative to Munich. However, in contrast to the conclusions from the fundamental model estimates, rents in Amsterdam do not look too high relative to Munich. In this case, there is no visible relationship between the two ratios although they both trended down from 1993 to 23, GDP per capita in Berlin has since risen strongly without any corresponding rise in the rental ratio. Why might this be? On the previous page, we said that the value of the GDP per capita ratio could not be used as an indication of where the rental ratio should be. Nevertheless, in this case the values can still provide clues as to why the rental ratio has not risen strongly in line with the GDP ratio. Simplistically, the ratio of rents gives us a rough indication of how much input costs vary by city and the ratio of GDP per capita shows us how productive each unit of input is. For Berlin and Munich, a rental ratio of.9 in 1993 tells us that the costs of production were very similar, despite the fact that in Berlin each unit of input was producing half as much output. In other words, in 1993 companies in Berlin had to pay double the rent for every unit of output that they produced compared to their counterparts in Munich. Where companies do not face obstacles to moving, such a large divergence does not make economic sense. So why did this ratio prevail in the early 199s? An obvious reason is that, before reunification, companies were not free to move. Hence, after reunification, we should have TABLE 1: 214 RENTS: SCOPE FOR CHANGE VERSUS EQUILIBRIUM ESTIMATE (%) City Fundamental Model Relative to Munich Amsterdam Athens Barcelona Berlin 7 13 Brussels 24 3 Dublin 2 6 Frankfurt 6 5 Hamburg 17 4 Helsinki Lisbon -6 9 Madrid Milan 11 Munich -4 - Paris 1-4 Rome 5-8 Vienna 6-8 Source Capital Economics 4. Combining the estimates We now combine the results of the two methods and discuss the implications for rental growth. Technically, the trend analysis results imply rental growth potential relative to Munich. Yet the fundamental model suggests that rents in Munich are more or less in-line with their equilibrium. Hence, for the sake of simplicity we do not make any adjustments to the trend analysis results. Plotting the two sets of results produces a clear trend, showing that they tend to agree. (See Chart 5.) Yet the shallowness of the trend line shows that European Commercial Property Focus 5

6 the trend analysis results typically show less mispricing than those derived from the fundamental model. Cross-city analysis CHART 5: 214 RENTS: SCOPE FOR CHANGE VERSUS EQUILIBRIUM ESTIMATE (%) Results disagree Results agree Ams Hel Lis Ber Dub Fra Par Mil Vie Rom Mad Ham Fundamental Model Source Capital Economics Bru Results agree Ath Results disagree A likely reason for this is that the fundamental model does not take into account specific factors that keep rents relatively high or low in individual cities. For instance, the responsiveness of supply and demand to changes in prices will vary by city, as will the bargaining power of landlords and tenants. A good example is Brussels, where the fundamental model suggests that rents should be 24% higher than current levels, whereas the trend analysis suggests that they are just 3% too low. A number of reasons may explain why rents have tended to be much lower than the model implies. Firstly, many tenants in Brussels are linked to the public sector. Such occupants would normally sign long-term leases and represent lower risks to landlords, thus helping to keep rents low. Moreover, academic research by other authors has shown that Brussels has some of the lowest regulatory hurdles to new supply development, which also serves to keep rents low. Although some of the results of the fundamental model look questionable, the results of our analysis on relative rental trends also require a degree of judgement to be exercised. And we are not convinced that one approach is intrinsically Bar superior to the other. Hence, to calculate our final equilibrium value estimates in most cases we take an average of the two results. The exception is when the two results disagree by a wide margin. This is the case for Amsterdam, Brussels and Barcelona, where we give a greater weight to the relative trend model. Naturally, our confidence in the final equilibrium estimate is lowest for these cities in which the estimates differ the most. With that health warning, the final estimates are presented in Table 2. TABLE 2: 214 EQUILIBRIUM RENTAL VALUE ESTIMATES City Estimate ( ) Implied Growth Barcelona Athens Madrid Berlin Hamburg Brussels Frankfurt Milan Dublin Paris Lisbon Munich Amsterdam Rome Vienna Helsinki Source Capital Economics 4. The outlook for rents Now, we address the question of how our estimates will impact the path of rental values over the next few years. In part, the outlook for rental values in each city will depend on how far rents currently are from their equilibrium. For those cities where rents look too high or too low, we might expect rents to return to these equilibrium values over the medium 6 European Commercial Property Focus

7 term, say three to five years. Yet how will rental values develop once they return to, or are already in, a position of equilibrium? To answer that question, we can look at underlying trends in real rental values in our historical data. Using real rents allows us to exclude the effects of different inflation rates in different locations. Generally speaking, over the past 2 to 25 years there are no clear trends for real rental growth in the euro-zone data. Indeed, across the euro-zone cities in this report average annual real rental growth has varied from 4.5% to 2%. Given that our euro-zone time series cover a relatively short period, these growth rates may have been affected by one-off factors. One example is the impact of German reunification on Berlin rental values, which we mentioned in Section 3. Moreover, longer-term data for the UK show that there has been no clear trend in real rental values over the past 15 years. (See Charts 6 and 7.) CHART 6: REAL UK ALL-PROPERTY RENTAL VALUES, 2= Sources IPD, Thomson Datastream CHART 7: REAL LONDON CITY OFFICE RENTAL VALUES, = Sources Steven Devaney (21), Trends in Office Rents in the City of London: Given this, we are inclined to believe that longterm real rental growth rates are unlikely to be significantly different from zero. That implies we should factor in real rental growth of % for cities such as Munich, Amsterdam and Rome, where we believe that rents are now essentially at the right level. In reality, our forecasts will depend on our perceptions of how the property cycle will develop. For instance, given the current comparatively strong outlook for the German economy and the low level of vacancy in Munich, rather than stay in line with their equilibrium it s more likely that rents will move higher. Similarly, given the poor outlook for the Greek economy, there is little scope for rents in Athens to return to our equilibrium estimate in the foreseeable future. Nevertheless, if we assume that rents in each city either return to their equilibrium value or remain in-line with it, then combining our estimates from Table 2 with our inflation forecasts provides an indication of medium-term average annual rental growth potential, as outlined in Chart European Commercial Property Focus 7

8 CHART 8: POTENTIAL MEDIUM-TERM AVERAGE ANNUAL Sources Capital Economics RENTAL GROWTH (%) To reiterate, the potential growth rates shown in Chart 8 are not our forecasts. Rather, based on factors such as the economic outlook, our forecasts will depend on how we envision supply and demand fundamentals in each city to develop. Nevertheless, the figures in Chart 8 provide a useful framework for thinking about which cities currently have, or could have, the strongest potential for rental growth. 5. Conclusion The equilibrium estimates suggest that, over the medium to long run, office property in a number of cities could benefit from strong rental growth. The candidates that stand out most are Barcelona, Athens and Madrid. Based on the assumption that rents return to the equilibrium estimates by the end of 219, these three cities have the potential to experience average annual rental growth of 6.7%, 4.7% and 3.8% respectively. However, the presence of Athens at the top of the rankings perhaps best demonstrates the health warning that accompanies this analysis. As was mentioned in the introduction, for the equilibrium rental values to be achieved both the property market and economic conditions need to return to a normal state. For Greece, this is unlikely to happen over the next five years. And, even for Spain, which is now showing signs of recovery, the after-effects of the financial crisis mean that the economy is unlikely to be at full health even by 219. That said, with Spain at least on a much sounder fundamental footing than Greece, the potential for long-run rental growth makes Madrid and Barcelona good investment opportunities. At the other end of the scale, although many investors have recently turned their attention to property in Italy and Portugal, our equilibrium estimates suggest that, based purely on a return to equilibrium, there is limited scope for office rental growth in Milan, Lisbon or Rome. Of the core markets, the results suggest that the base case for investing in Berlin, Hamburg, Brussels and Frankfurt is strongest. Moreover, for Germany at least, there s a good chance that the economy could move above its long-run potential over the coming years. With that in mind, medium-term rental growth could be even stronger than the estimates presented in Chart 8 suggest. Hence, providing investors can time their exit well, the potential for upside is strong Elsewhere in the North, our estimates suggest that, having risen strongly for several years despite the weakness of the Finnish economy, rental growth in Helsinki could now underperform. That s not to say that we expect rents to fall it typically takes a negative shock to cause such a drop but the estimates do suggest that now could be the ideal time for investors to sell office property in Helsinki. Overall, when combined with other factors such as the economic outlook and supply pipelines, the equilibrium estimates provide a useful framework for thinking about the scope for rental growth between markets. Although the estimates presented in Chart 8 are not our final forecasts, these will be updated soon in our upcoming Analyst report. 8 European Commercial Property Focus

DTZ Foresight Europe Fair Value Q1 2012 Germany and UK holding firm

DTZ Foresight Europe Fair Value Q1 2012 Germany and UK holding firm Germany and UK holding firm 29 May 2012 Contents Fair value highlights 2 Economic context 3 Market classifications 4 Office market forecasts 5 Retail market forecasts 6 Industrial market forecasts 7 Authors

More information

Real Estate and Infrastructure Investment Opportunities

Real Estate and Infrastructure Investment Opportunities FRANKLIN TEMPLETON REAL ESTATE ADVISORS Real Estate and Infrastructure Investment Opportunities Jack Foster Head of Real Estate & Real Assets Franklin Templeton Real Estate Advisors World GDP Growth Almost

More information

West End of London Office Property Market Outlook

West End of London Office Property Market Outlook September 2011 West End of London Office Property Market Outlook Mark Callender, Head of Property Research, Schroders By contrast with the pedestrian recovery of the overall UK economy, the West End of

More information

Property Times Europe Q3 2010 Short supply improves rental outlook

Property Times Europe Q3 2010 Short supply improves rental outlook 1999 2000 2001 2002 2003 2004 2005 2006 2007 2011 2012 2013 2014 Property Times Europe Short supply improves rental outlook 19 October Contents Overview 1 Market Statistics 2 Office Market Overview 3 Outlook

More information

Rebound after a slow start

Rebound after a slow start DTZ Research PROPERTY TIMES Rebound after a slow start Europe Office Q2 2015 28 August 2015 Contents Take-up 2 New office supply 3 Vacancy ratio 4 Prime office rents 5 Outlook 6 Definitions 7 3 million

More information

DTZ Foresight European Fair Value Q3 2010 Non-core markets drive temperature rise

DTZ Foresight European Fair Value Q3 2010 Non-core markets drive temperature rise DTZ Foresight European Fair Value Q3 Non-core markets drive temperature rise 18 November Contents Overview 1 Fair Value Index 2 Fair Value Classifications 3 European Market Classifications 4 European versus

More information

Outlook for European Real Estate in 2013. Mark Charlton, Head of Research & Forecasting

Outlook for European Real Estate in 2013. Mark Charlton, Head of Research & Forecasting Outlook for European Real Estate in 2013 Mark Charlton, Head of Research & Forecasting Tuesday 20 th November 2012 Europe - uncertainty continues to buffet sentiment Oct 06 Oct 07 Oct 08 Oct 09 Oct 10

More information

European Retail Guide. Shopping Centres March 2012

European Retail Guide. Shopping Centres March 2012 European Retail Guide Shopping Centres March 2012 // Introduction These challenging markets for retail property present a special opportunity to be well positioned for the recovery that will come. We

More information

European office rental struggle amidst subdued demand

European office rental struggle amidst subdued demand The Jones Lang LaSalle Office Property Clock - Q2 2012 European office rental struggle amidst subdued demand The European rental index records a second successive modest fall (-0.2%) The European vacancy

More information

Deloitte Property Index 2015 - Overview of European residential markets Residential property prices increase

Deloitte Property Index 2015 - Overview of European residential markets Residential property prices increase Deloitte Property Index 215 - Overview of European residential markets Residential property prices increase Michal Melc Senior Manager Audit Deloitte 3 Deloitte s Property Index, an overview of European

More information

UK COMMERCIAL PROPERTY MONTHLY

UK COMMERCIAL PROPERTY MONTHLY UK COMMERCIAL PROPERTY MONTHLY A round-up of the latest economic and commercial property market data Editors: Roger Bootle and Ed Stansfield Retail rental values finally show signs of life The economy

More information

EMEA Office MarketView

EMEA Office MarketView EMEA Office MarketView 20 CBRE Global Research and Consulting EMEA PRIME YIELD 7.6 BPS EU-27 VACANCY RATE 0.11 PP EMEA PRIME RENT 0.5% EMEA CAPITAL VALUE 1.9% TAKE-UP 9.6% EMEA OFFICE MARKETS SET FOR IMPROVEMENT

More information

LARGE OFFICE SPACE Where to find 5,000 sq m in Europe

LARGE OFFICE SPACE Where to find 5,000 sq m in Europe EMEA Office July 2015 LARGE OFFICE SPACE Where to find 5,000 sq m in Europe HIGHLIGHTS The availability of large office premises has reduced by 12% year-on-year Choice is limited - only 19% of options

More information

Key contacts. EMEA Investor Intentions Survey 2015. www.cbre.eu. CBRE Research

Key contacts. EMEA Investor Intentions Survey 2015. www.cbre.eu. CBRE Research Key contacts For more information about this regional special report, please contact: Michael Haddock Senior Director, EMEA Research t: +44 7 182 3274 e: michael.haddock@cbre.com For more information regarding

More information

EMEA Investor Intentions Survey 2015

EMEA 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 information

ARLA Members Survey of the Private Rented Sector

ARLA Members Survey of the Private Rented Sector Prepared for The Association of Residential Letting Agents ARLA Members Survey of the Private Rented Sector Fourth Quarter 2013 Prepared by: O M Carey Jones 5 Henshaw Lane Yeadon Leeds LS19 7RW December,

More information

Commercial Property Newsletter

Commercial Property Newsletter Commercial Property Newsletter November 2010 Inside: Irish Commercial Property Commentary UK Commercial Property Commentary - Irish Life UK Property Fund Information European Commercial Property Commentary

More information

Eurozone. EY Eurozone Forecast September 2013

Eurozone. 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 Finland

More information

DTZ Research. Property Times Europe Office Q4 2012 Rebound in take-up and new supply. 21 February 2013. Summary. Authors. Contact

DTZ Research. Property Times Europe Office Q4 2012 Rebound in take-up and new supply. 21 February 2013. Summary. Authors. Contact Property Times Europe Office Q4 2012 Rebound in take-up and new supply 21 February 2013 Summary Take-up 2 Vacancy ratio 4 New office supply 6 Office prime rents 7 Outlook 9 Definitions 10 Authors Magali

More information

EMEA Office MarketView

EMEA Office MarketView 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

More information

THINK Global: Risk and return

THINK Global: Risk and return Changing context of real estate returns in a globalised world Data generating art This document is solely for the use of professionals and is not for general public distribution. Using data from Fig.1

More information

Europe s Most Dynamic Cities. City Momentum Index March 2015

Europe s Most Dynamic Cities. City Momentum Index March 2015 Europe s Most Dynamic Cities City Momentum Index March 2015 Europe s most dynamic cities The combined forces of urbanisation, globalisation and technology are recasting the commercial geography of real

More information

European office sector recovery continuing Divergence in speed and strength remains

European office sector recovery continuing Divergence in speed and strength remains The Jones Lang LaSalle Office Property Clock Q3 2013 European office sector recovery continuing Divergence in speed and strength remains European Office Rental Index decreases q-o-q Aggregate European

More information

European office market recovery continues but at varying speeds

European office market recovery continues but at varying speeds The Jones Lang LaSalle Office Property Clock Q2 2013 European office market recovery continues but at varying speeds European Prime Office Rental Index continues upward trend Aggregate European leasing

More information

COMMERCIAL LEASE TRENDS FOR 2014

COMMERCIAL LEASE TRENDS FOR 2014 COMMERCIAL LEASE TRENDS FOR 2014 Notes from a Presentation given by N B Maunder Taylor BSc (Hons) MRICS, Partner of Maunder Taylor The following is a written copy of the presentation given by Nicholas

More information

Property investment in an international perspective

Property investment in an international perspective Property investment in an international perspective Presentation to Asset Allocation Netværket, Den Danske Finansanalytikerforening 10 June 2013 Tonny Nielsen, Head of Investment Management Nordic & Eastern

More information

Hotel Reviews: How Guests Rate Their Experiences in European Hotels

Hotel Reviews: How Guests Rate Their Experiences in European Hotels Hotel Reviews: How Guests Rate Their Experiences in European Hotels Foreword The importance of Guest reviews Since the Internet revolution gained momentum around the turn of the century, the hospitality

More information

Commercial Property and Financial Stability An International Perspective

Commercial Property and Financial Stability An International Perspective Commercial Property and Financial Stability An International Perspective Luci Ellis and Chris Naughtin* Commercial property and property development have historically posed a greater direct risk to financial

More information

Europe s office markets: Rent cycles weakening

Europe s office markets: Rent cycles weakening Economics & politics Research Briefing May, 11 Europe s office markets: Rent cycles weakening In many European markets for office space vacancy rates are now higher than at earlier turning points. This

More information

OFFICE REFURBISHMENT IN GLOBAL CITIES: Which city provides the highest return?

OFFICE REFURBISHMENT IN GLOBAL CITIES: Which city provides the highest return? OFFICE REFURBISHMENT IN GLOBAL CITIES: Which city provides the highest return? 1 SCOPE OF THE RESEARCH Our global cities research estimates the expected return on investment that can be generated from

More information

July 2014. UK Commercial & Residential Property Markets Review: July 2014 1

July 2014. UK Commercial & Residential Property Markets Review: July 2014 1 July 2014 UK Commercial & Residential Property Markets Review: July 2014 1 UK Commercial & Residential Property Markets Review: July 2014 2 UK COMMERCIAL & RESIDENTIAL PROPERTY MARKETS REVIEW: JULY 2014

More information

Forecasting Business Investment Using the Capital Expenditure Survey

Forecasting Business Investment Using the Capital Expenditure Survey Forecasting Business Investment Using the Capital Expenditure Survey Natasha Cassidy, Emma Doherty and Troy Gill* Business investment is a key driver of economic growth and is currently around record highs

More information

PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT

PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT PENSIONS INVESTMENTS LIFE INSURANCE PERSONAL RETIREMENT SAVINGS ACCOUNT INVESTMENT REPORT FOR PERSONAL RETIREMENT SAVINGS ACCOUNT () PRODUCTS WITH AN ANNUAL FUND MANAGEMENT CHARGE OF 1% - JULY 201 Thank

More information

Why Treasury Yields Are Projected to Remain Low in 2015 March 2015

Why Treasury Yields Are Projected to Remain Low in 2015 March 2015 Why Treasury Yields Are Projected to Remain Low in 5 March 5 PERSPECTIVES Key Insights Monica Defend Head of Global Asset Allocation Research Gabriele Oriolo Analyst Global Asset Allocation Research While

More information

RICS Global Commercial Property Monitor Q4 2014

RICS Global Commercial Property Monitor Q4 2014 Simon Rubinsohn Chief Economist srubinsohn@rics.org +44 (0)207334 3774 RICS ECONOMICS RICS Global Commercial Property Monitor Q4 2014 * RICS Occupier Sentiment Index (OSI) is constructed by taking an unweighted

More information

EUROPEAN SME CAPEX BAROMETER

EUROPEAN SME CAPEX BAROMETER GE Capital EUROPEAN SME CAPEX BAROMETER SMEs business sentiment and capital investment in Europe s four biggest economies July 2011 www.gecapital.eu Contents Introduction Executive summary Capital investment

More information

Insurance market outlook

Insurance market outlook Munich Re Economic Research 2 May 2013 Global economic recovery provides stimulus to the insurance industry long-term perspective positive as well Once a year, MR Economic Research produces long-term forecasts

More information

Socio-economic implications of retiring baby boom generation people, shrinking workforce in the developed economy and proposed solution

Socio-economic implications of retiring baby boom generation people, shrinking workforce in the developed economy and proposed solution Socio-economic implications of retiring baby boom generation people, shrinking workforce in the developed economy and proposed solution By Sonjai Kumar Abstract This paper talks about the socio-economic

More information

LEVEL ECONOMICS. ECON2/Unit 2 The National Economy Mark scheme. June 2014. Version 1.0/Final

LEVEL ECONOMICS. ECON2/Unit 2 The National Economy Mark scheme. June 2014. Version 1.0/Final LEVEL ECONOMICS ECON2/Unit 2 The National Economy Mark scheme June 2014 Version 1.0/Final Mark schemes are prepared by the Lead Assessment Writer and considered, together with the relevant questions, by

More information

The global economy Banco de Portugal Lisbon, 24 September 2013 Mr. Pier Carlo Padoan OECD Deputy Secretary-General and Chief Economist

The global economy Banco de Portugal Lisbon, 24 September 2013 Mr. Pier Carlo Padoan OECD Deputy Secretary-General and Chief Economist The global economy Banco de Portugal Lisbon, 24 September 213 Mr. Pier Carlo Padoan OECD Deputy Secretary-General and Chief Economist Summary of presentation Global economy slowly exiting recession but

More information

Global Real Estate Outlook

Global Real Estate Outlook Global Real Estate Outlook August 2014 The Hierarchy of Economic Performance, 2014-2015 China Indonesia India Poland South Korea Turkey Australia Mexico United Kingdom Sweden United States Canada South

More information

Eurozone Economic dashboard

Eurozone Economic dashboard Eurozone Economic dashboard Our Economic Dashboard is designed to help investors understand the true state of the eurozone economy. It is not meant to serve as a direct prediction regarding the future

More information

2012: Deeper into crisis or the long road to recovery?

2012: Deeper into crisis or the long road to recovery? 2012: Deeper into crisis or the long road to recovery? Bart Van Craeynest Hoofdeconoom Petercam Bart.vancraeynest@petercam.be 1 2012: crises looking for answers Global slowdown No 2008-0909 rerun Crises

More information

US HOUSING MARKET MONTHLY

US HOUSING MARKET MONTHLY US HOUSING MARKET MONTHLY th Oct. Editor: Ed Stansfield New build sales finally making some headway Overview: The drop in mortgage rates towards the end of September has given mortgage applications a boost,

More information

Office Rents map EUROPE, MIDDLE EAST AND AFRICA. Accelerating success.

Office Rents map EUROPE, MIDDLE EAST AND AFRICA. Accelerating success. Office Rents map EUROPE, MIDDLE EAST AND AFRICA Accelerating success. FINLAND EMEA Office Rents H2 212 NORWAY Oslo 38.3 5.4% 7.% 295, SWEDEN Stockholm 44.7 4.5% 3.% 5, Tallinn 13.4 44,2 21. 5.25% 1.% 12,

More information

Insurance Market Outlook

Insurance Market Outlook Munich Re Economic Research May 2014 Premium growth is again slowly gathering momentum After a rather restrained 2013 (according to partly preliminary data), we expect growth in global primary insurance

More information

Gross Domestic Product (GDP-PPP) Estimates for Metropolitan Regions in Western Europe, North America, Japan and Australasia

Gross Domestic Product (GDP-PPP) Estimates for Metropolitan Regions in Western Europe, North America, Japan and Australasia Gross Domestic Product (GDP-PPP) Estimates for Metropolitan Regions in Western Europe, North America, Japan and Australasia Draft April 2007 GROSS DOMESTIC PRODUCT ESTIMATES: METROPOLITAN REGIONS In Western

More information

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University

More information

Real Estate as a Strategic Asset Class. Less is More: Private Equity Investments` Benefits. How to Invest in Real Estate?

Real Estate as a Strategic Asset Class. Less is More: Private Equity Investments` Benefits. How to Invest in Real Estate? Real Estate as a Strategic Asset Class The Benefits of Illiquid Investments Real estate, a key asset class in a portfolio, can offer stable income returns, partial protection against inflation, and good

More information

Debt, consolidation and growth

Debt, consolidation and growth Debt, consolidation and growth Robert Chote Annual meeting of OECD PBO and IFI officials Paris, 23 February 2012 Outline Very interesting paper. Will focus on UK approach to these issues rather than detailed

More information

UK exports of insurance and financial services are crucially important, but EU share is falling as growth disappoints

UK exports of insurance and financial services are crucially important, but EU share is falling as growth disappoints UK exports of insurance and financial services are crucially important, but EU share is falling as growth disappoints Ruth Lea, Chairman of Economists for Britain, February 2015 Main points: The UK trade

More information

Impact of the recession

Impact of the recession Regional Trends 43 21/11 Impact of the recession By Cecilia Campos, Alistair Dent, Robert Fry and Alice Reid, Office for National Statistics Abstract This report looks at the impact that the most recent

More information

RETAIL : OFFICE : INDUSTRIAL. UK Commercial Property Market Overview June 2009

RETAIL : OFFICE : INDUSTRIAL. UK Commercial Property Market Overview June 2009 RETAIL : OFFICE : INDUSTRIAL UK Commercial Property Market Overview June 2009 MARCH 2009 UK Commercial Property Market Overview June 2009 2 KEY HIGHLIGHTS Total returns fell by 7.1% over Q1 2009 according

More information

Inflation Targeting The Swedish Experience

Inflation Targeting The Swedish Experience Inflation Targeting The Swedish Experience Lars Heikensten We in Sweden owe a great debt of thanks to the Bank of Canada for all the help we have received in recent years. We have greatly benefited from

More information

RICS Global Commercial Property Monitor Q3 2014

RICS Global Commercial Property Monitor Q3 2014 Simon Rubinsohn Chief Economist srubinsohn@rics.org +44 (0)207334 3774 RICS ECONOMICS RICS Global Commercial Property Monitor Q3 2014 * RICS Occupier Sentiment Index (OSI) is constructed by taking an unweighted

More information

Commercial Property Newsletter

Commercial Property Newsletter Commercial Property Newsletter July 2010 Inside: Irish Commercial Property Commentary - Irish Life Property Fund Information UK Commercial Property Commentary - Irish Life UK Property Fund Information

More information

France A.T. Kearney Foreign Direct Investment Confidence Index (FDICI)

France A.T. Kearney Foreign Direct Investment Confidence Index (FDICI) France 20 A.T. Kearney Foreign Direct Investment Confidence Index (FDICI) 20 A.T. Kearney FDI Confidence Index 20 2 6 4 0 20 Rankings 20 2 4 0 6 20 24 20 2 4 6 0 20 24 2 US China Canada Germany UK Japan

More information

Perspective. Economic and Market. Does a 2% 10-year U.S. Bond Yield Make Sense When...

Perspective. Economic and Market. Does a 2% 10-year U.S. Bond Yield Make Sense When... James W. Paulsen, Ph.D. Perspective Bringing you national and global economic trends for more than 30 years Economic and Market January 27, 2015 Does a 2% 10-year U.S. Bond Yield Make Sense When... For

More information

Markit Global Business Outlook Survey

Markit Global Business Outlook Survey News Release EMBARGOED UNTIL: :1 (UK), 1 March 14 Markit Global Business Outlook Survey Developed world set to lead strengthening global upturn in 14 Global business optimism hits two-year high Improved

More information

THE ARLA REVIEW & INDEX

THE ARLA REVIEW & INDEX THE ARLA REVIEW & INDEX for Residential Investment FOURTH Quarter 2014 Fourth Quarter 2014 Compared with three months ago, the average weighted rental return for houses is up from 5.0% to 5.1%, its second

More information

Markit Global Business Outlook Survey

Markit Global Business Outlook Survey News Release EMBARGOED UNTIL: 00:01 (UK), 14 July 2014 Markit Global Business Outlook Survey Worldwide business confidence wanes Global optimism slips from two-year high Waning confidence centred on eurozone

More information

Year Two. World Report

Year Two. World Report Year Two The global economy is now a little more than one year into the economic and stock market recoveries that have occurred since the Lehman shock of September 2008. After that credit crisis triggered

More information

CHAPTER 11: ARBITRAGE PRICING THEORY

CHAPTER 11: ARBITRAGE PRICING THEORY CHAPTER 11: ARBITRAGE PRICING THEORY 1. The revised estimate of the expected rate of return on the stock would be the old estimate plus the sum of the products of the unexpected change in each factor times

More information

For a world in crisis the only certainty is uncertainty!

For a world in crisis the only certainty is uncertainty! For professional use only Not for Public distribution Global real estate opportunities and risks 31 May 2012 Andrew Smith Global Head of Property Aberdeen Asset Management Aberdeen Asset Management ( AAM

More information

THE UK COMMERCIAL PROPERTY ANALYST

THE UK COMMERCIAL PROPERTY ANALYST THE UK COMMERCIAL PROPERTY ANALYST Q No sign yet of a peak for capital values The economy should grow steadily over the next few years, without generating much inflation, allowing interest rates to stay

More information

FURTHER CONTRACTION IN PRIME YIELDS ACROSS ALL SECTORS

FURTHER CONTRACTION IN PRIME YIELDS ACROSS ALL SECTORS EMEA Rents and Yields MarketView, Q4 2014 FURTHER CONTRACTION IN PRIME YIELDS ACROSS ALL SECTORS Rents Risers 23 Yields Fallers 59 Figure 1: CBRE EMEA YieldIndex Annual Change (BPS) 200.0 150.0 Retail

More information

The Equity Evaluations In. Standard & Poor s. Stock Reports

The Equity Evaluations In. Standard & Poor s. Stock Reports The Equity Evaluations In Standard & Poor s Stock Reports The Equity Evaluations in Standard & Poor s Stock Reports Standard & Poor's Stock Reports present an in-depth picture of each company's activities,

More information

ECON NOTE. The impact of the recession in 2008-2009 on EU regional convergence

ECON NOTE. The impact of the recession in 2008-2009 on EU regional convergence ECON Department Economic Studies Division SG/ECON/ES/2012-522/AKo/as ECON NOTE The impact of the recession in 2008-2009 on EU regional convergence Friday, 14 December 2012 Atanas Kolev 1. Executive summary

More information

CHAPTER 11. AN OVEVIEW OF THE BANK OF ENGLAND QUARTERLY MODEL OF THE (BEQM)

CHAPTER 11. AN OVEVIEW OF THE BANK OF ENGLAND QUARTERLY MODEL OF THE (BEQM) 1 CHAPTER 11. AN OVEVIEW OF THE BANK OF ENGLAND QUARTERLY MODEL OF THE (BEQM) This model is the main tool in the suite of models employed by the staff and the Monetary Policy Committee (MPC) in the construction

More information

Unaudited Nine Months Financial Report

Unaudited Nine Months Financial Report RECRUITING SERVICES Amadeus FiRe AG Unaudited Nine Months Financial Report January to September 2015 Temporary Staffing. Permanent Placement Interim Management. Training www.amadeus-fire.de Unaudited Nine

More information

Professional Clients Mai 2010. A. Introduction. Helaba Best Execution Policy

Professional Clients Mai 2010. A. Introduction. Helaba Best Execution Policy Helaba Best Execution Policy Professional Clients Mai 2010 Editor: Landesbank Hessen-Thüringen MAIN TOWER Neue Mainzer Str. 52-58 60311 Frankfurt am Main Germany Contacts Elke Blass Phone: (+49) 69/91

More information

Financial Repression: A Driving Force for Mergers and Acquisitions?

Financial Repression: A Driving Force for Mergers and Acquisitions? Strategy / Investment Financial Repression: A Driving Force for Mergers and Acquisitions? International capital markets have seen a growing number of corporate mergers and acquisitions (M&A) over the past

More information

interim report 2004June 30, 2004

interim report 2004June 30, 2004 interim report 2004June 30, 2004 Macroeconomic trends In the first quarter of 2004, the euro-area economy grew 0.6% sequentially. This represented a faster pace of growth than in the previous quarters.

More information

Indian E-Retail Congress 2013

Indian E-Retail Congress 2013 The Retail Track The Omni Channel Retail Supply Chain Indian E-Retail Congress 2013 Subhendu Roy Principal Consumer Industries and Retail Practice 15 February, 2013 Disclaimer This document is exclusively

More information

An Evaluation of the Possible

An Evaluation of the Possible An Evaluation of the Possible Macroeconomic Impact of the Income Tax Reduction in Malta Article published in the Quarterly Review 2015:2, pp. 41-47 BOX 4: AN EVALUATION OF THE POSSIBLE MACROECONOMIC IMPACT

More information

Why is the Greek economy collapsing?

Why is the Greek economy collapsing? Why is the Greek economy collapsing? A simple tale of high multipliers and low exports Cinzia Alcidi and Daniel Gros 21 December 2012 W hy is Greece still mired in recession? Why has GDP fallen by close

More information

What can econometrics tell us about World Cup performance? May 2010

What can econometrics tell us about World Cup performance? May 2010 What can econometrics tell us about World Cup performance? May 2010 What can econometrics tell us about World Cup performance? Executive summary Econometrics is the standard technique used in explaining

More information

The Case for Central London Real Estate. Is the Recent Price Correction a Bubble or Here to Stay?

The Case for Central London Real Estate. Is the Recent Price Correction a Bubble or Here to Stay? The Case for Central London Real Estate Is the Recent Price Correction a Bubble or Here to Stay? Re-Pricing in the Wake of the Credit Crunch 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 Prime office yields

More information

Financial market integration and economic growth: Quantifying the effects, Brussels 19/02/2003

Financial market integration and economic growth: Quantifying the effects, Brussels 19/02/2003 Financial market integration and economic growth: Quantifying the effects, Brussels 19/02/2003 Presentation of «Quantification of the Macro-Economic Impact of Integration of EU Financial Markets» by London

More information

Gross fixed capital formation: new figures old problems

Gross fixed capital formation: new figures old problems KfW Investment Barometer Germany: September Frankfurt, 7 th October Gross fixed capital formation: new figures old problems R&D expenditure now officially counts as investment. The investment rates of

More information

EIOPA Risk Dashboard. March 2013 EIOPAFS13022

EIOPA Risk Dashboard. March 2013 EIOPAFS13022 EIOPA Risk Dashboard March 2013 EIOPAFS13022 Systemic risks and vulnerabilities On the basis of observed market conditions, data gathered from undertakings, and expert judgment, EIOPA assesses the main

More information

Health Care Systems: Efficiency and Policy Settings

Health Care Systems: Efficiency and Policy Settings Health Care Systems: Efficiency and Policy Settings Summary in English People in OECD countries are healthier than ever before, as shown by longer life expectancy and lower mortality for diseases such

More information

THE UK COMMERCIAL PROPERTY ANALYST

THE UK COMMERCIAL PROPERTY ANALYST THE UK COMMERCIAL PROPERTY ANALYST Q The sweet spot is not over yet GDP will grow by at least % each year to, pushing up rental values and underpinning investors confidence. But yields are falling fast

More information

THE RETURN OF CAPITAL EXPENDITURE OR CAPEX CYCLE IN MALAYSIA

THE RETURN OF CAPITAL EXPENDITURE OR CAPEX CYCLE IN MALAYSIA PUBLIC BANK BERHAD ECONOMICS DIVISION MENARA PUBLIC BANK 146 JALAN AMPANG 50450 KUALA LUMPUR TEL : 03 2176 6000/666 FAX : 03 2163 9929 Public Bank Economic Review is published bi monthly by Economics Division,

More information

AN ILO NOTE TO THE G20 TASK FORCE ON EMPLOYMENT 1 SEPTEMBER 2012

AN ILO NOTE TO THE G20 TASK FORCE ON EMPLOYMENT 1 SEPTEMBER 2012 AN ILO NOTE TO THE G20 TASK FORCE ON EMPLOYMENT 1 SEPTEMBER 2012 This note reviews the latest available data on youth employment in G20 countries. It then makes a number of suggestions as to issues the

More information

Corporate funding monitor 2015

Corporate funding monitor 2015 Corporate funding monitor 2015 The changing face of finance February 2015 2 Corporate funding monitor 2015 A global reaction to a global crisis Global corporate funding by source (USDtn) USD4tn USD3tn

More information

TREASURY MANAGEMENT UPDATE QUARTER 4 2014/15

TREASURY MANAGEMENT UPDATE QUARTER 4 2014/15 Committee and Date Cabinet 10 June 2015 12.30 pm Item 9 Public TREASURY MANAGEMENT UPDATE QUARTER 4 2014/15 Responsible Officer James Walton e-mail: james.walton@shropshire.gov.uk Tel: (01743) 255011 1.

More information

Recovery in UK property to gain momentum. Recovery in UK property market to gain momentum. Research & Strategy. June 2013. Economic growth recovering

Recovery in UK property to gain momentum. Recovery in UK property market to gain momentum. Research & Strategy. June 2013. Economic growth recovering Research & Strategy Recovery in UK property to gain momentum June 13 Recovery in UK property market to gain momentum This hasn t been a typical recession and it won t be a typical recovery. Nevertheless

More information

Funding European business: What s the alternative? November 2014. www.allenovery.com

Funding European business: What s the alternative? November 2014. www.allenovery.com Funding European business: What s the alternative? November 2014 2 Funding European business: What s the alternative? November 2014 Allen & Overy LLP 2014 3 Contents Introduction 04 The survey findings

More information

DTZ Foresight UK Fair Value Q2 2011 Widening yield gap raises scores

DTZ Foresight UK Fair Value Q2 2011 Widening yield gap raises scores DTZ Foresight UK Fair Value Q2 Widening yield gap raises scores 23 August Contents Overview 1 Fair Value Index 2 UK market classifications 4 UK versus global forecasts 5 Office market forecasts 6 Retail

More information

RESEARCH DUBAI REAL ESTATE INVESTMENT REPORT INVESTMENT SENTIMENT YIELD PERFORMANCE INTERNATIONAL TARGET MARKETS

RESEARCH DUBAI REAL ESTATE INVESTMENT REPORT INVESTMENT SENTIMENT YIELD PERFORMANCE INTERNATIONAL TARGET MARKETS RESEARCH DUBAI REAL ESTATE INVESTMENT REPORT 21 INVESTMENT SENTIMENT YIELD PERFORMANCE INTERNATIONAL TARGET MARKETS UAE ECONOMIC PERFORMANCE AND DUBAI REAL ESTATE INVESTMENT OVERVIEW Survey data pointed

More information

London Market Snapshot October 2015 10/15

London Market Snapshot October 2015 10/15 London Market Snapshot October 2015 10/15 Global Macro Overview Global equities experienced their sharpest falls since 2011, with most major markets moving into correction territory (a fall of more than

More information

Economic and Fiscal Outlook for Ireland

Economic and Fiscal Outlook for Ireland Economic and Fiscal Outlook for Ireland Section 1 Macroeconomic Developments Slides 3-8 Section 2 Macroeconomic Outlook Slides 9-11 Section 3 Developments in Public Finances Slides 12-14 Section 4 Debt/Deficit

More information

How cheap is the FTSE 100?

How cheap is the FTSE 100? How cheap is the FTSE 100? Nine snapshots of UK equity valuation US equities are very dear right now according to most credible long-term valuation metrics. This points to disappointing returns over the

More information

MyHome Property Report, Q3 2015: Slowdown continues

MyHome Property Report, Q3 2015: Slowdown continues Davy Research Irish economy September 3 215 MyHome Property Report, Q3 215: Slowdown continues DAVY VIEW The MyHome.ie asking price data for Q3 suggest that the slowdown in Irish house price inflation

More information

44 ECB STOCK MARKET DEVELOPMENTS IN THE LIGHT OF THE CURRENT LOW-YIELD ENVIRONMENT

44 ECB STOCK MARKET DEVELOPMENTS IN THE LIGHT OF THE CURRENT LOW-YIELD ENVIRONMENT Box STOCK MARKET DEVELOPMENTS IN THE LIGHT OF THE CURRENT LOW-YIELD ENVIRONMENT Stock market developments are important for the formulation of monetary policy for several reasons. First, changes in stock

More information

Industrial occupiers respond to economic headwinds

Industrial occupiers respond to economic headwinds EMEA Corporate Occupier Conditions - Industrial - December 2011 Industrial occupiers respond to economic headwinds Year-to-date take-up is ahead of the equivalent period last year but there are now signs

More information

Corporate funding monitor: The changing face of fi nance. January 2014. www.allenovery.com

Corporate funding monitor: The changing face of fi nance. January 2014. www.allenovery.com Corporate funding monitor: The changing face of fi nance January 214 www.allenovery.com 2 The Allen & Overy Corporate Funding Monitor looks at loan, bond and equity issues to non-financial corporates over

More information

THE DELOITTE CFO SURVEY 2015 Q2 RESULTS PATH TO GROWTH

THE DELOITTE CFO SURVEY 2015 Q2 RESULTS PATH TO GROWTH THE DELOITTE CFO SURVEY 2015 Q2 RESULTS PATH TO GROWTH 2 Contents Key points from the 2015 Q2 Survey 4 Economic context 5 The economy and CFOs outlook 6 Funding 7 Cash flow and risk 8 M&A 9 A note on methodology

More information