The Logistics Market in Italy H1 2012

Size: px
Start display at page:

Download "The Logistics Market in Italy H1 2012"

Transcription

1 The Logistics Market in Italy H emerging as the most difficult year for the Italian economy since the beginning of the crisis, with a severe contraction of both consumption and industrial production Healthy take-up activity and slowdown in development contributing to a reduction in vacancy rates across prime locations. H has seen a take-up of just over 460,000 m² of warehousing space, up 12% on H Substantial slowdown in completions, with a total of approximately 102,000 m² new warehousing space delivered. Further delays are expected for the rest of the year due to limited credit available to developers Very limited supply of Grade A investment opportunities and weak demand by investors leading to just 40 million totally invested over H1 2012

2 2 On Point Macroeconomic overview Q Change Y-o-Y GDP -2.1% -290 bps Consumer prices 3.3% +70 bps Household consumption -2.5% -350 bps Unemployment 10.8% 33% Industrial production (Index) % PMI 44.3 (July) -12% Export Q has seen a continued contraction in the global economy, with GDP in the Eurozone declining by 0.5% on Q Distressed financial markets have resulted in increased volatility in the stock and bond markets in the Euro area, with Southern European countries particularly affected 1. Italy is one of the worst performing economies in the Eurozone, with an estimated decline in GDP by 2.1% and inflation at 3.3% in Q (against a Eurozone average of 2.7%). An increase in unemployment and youth unemployment (and low participation rate) reaching new highs also point to a worsening outlook for the industrial sector. Indeed, among the Consensus panellists the impact of acute fiscal corrections and weak private consumption are among the three key unfavourable factors affecting their macroeconomic forecasts for 2012 and 2013, alongside financial markets turbulence. EMEA, Purchasing Managers Indices, August 2012 Eurozone UK Germany France Spain Italy Aug '10 Sep '10 Oct '10 Nov '10 Dec '10 Jan '11 Feb '11 Mar '11 Apr '11 May '11 Jun '11 Jul '11 Aug '11 Sep '11 Oct '11 Nov '11 Dec '11 Jan '12 Feb '12 Mar '12 Apr '12 May '12 Jun '12 Jul '12 Source: Jones Lang LaSalle on Markit, JP Morgan data, August 2012 On the retail side, however, the overall decline in retail sales recorded by ISTAT (-2% Month on Month in June 2012) is possibly lower that could have been expected, reflecting the relative wealth that the average Italian household can still rely on; a map of disposable income at province level for EU 27 countries helps illustrating the point. Export also offers some relief, with a 1.4% growth Month on Month in May 2012 thanks to a 5.5% increase in export towards non Eurozone countries. EU 27, Disposable income per capita at NUTS 3 level, 2011 The decline in industrial production is reflected in the Purchasing Managers Indices, on a declining trend since March Source: Jones Lang LaSalle on Oxford Economics data, Sources for the section: Consensus Forecasts, July and August 2012; ISTAT, data as at June 2012, 2005=100; Industrial production: ISTAT data at Q2 2012; Banca d Italia, Bollettino economico, July 2012, Markit, JP Morgan data, August 2012.

3 On Point 3 Distribution warehousing market Key facts Italy H H Logistics stock (000s m 2 ) 12,570 12,940 Take-up 414, ,000 Overall vacancy rate 6.4% 5.8% Completion 164, ,800 Stock and completions With a stock that is now just under 13 mln m 2, Italy is among the largest European distribution warehousing despite its predominantly local reach 2. The pipeline is however quite generous. With a number of schemes delayed from 2011, under construction floorspace expected by the end of 2013 totalled over 517,000 m² and was up 59% on Q EMEA, Under Construction, Q compared to Q In the first semester of 2012 the economic crisis has started taking its toll on the development sector. As a result, the warehousing sector has seen a substantial slowdown in completions, with a total of 101,800 m² new warehousing space delivered, only 18,000 m² of which were concentrated in a single speculative scheme in the Lombardia region. Such a slowdown is happening in most of European countries, all of which are experiencing construction levels below their five-years annual completion average (France is the only exception). EMEA, Under construction and 5-years annual completions average, H sq m 2,000 1,800 1,600 1,400 1,200 1, Belgium Spain Netherlands under construction UK France Italy Germany Hungary Czech Republic Poland Italy 5-year annual completions average Russia However, more delays are now emerging: with limited credit available to developers, and limited exit options due to the stall currently characterising the investment market, projects are being put on hold unless they are built to suit or built to own. under construction 5-year annual completions average 2 Jones Lang LaSalle tracks modern distribution warehousing defined as properties that were completed after 1995 and are above 5,000 m 2 in size.

4 4 On Point Take-up activity and rental values Take-up Coupled with a healthy take-up activity the slowdown in development activity has affected vacancy rates across prime locations. H has seen a take up of just over 460,000 m² of distribution warehousing, representing an increase by 12% on H Italy, Logistics take-up, m², 2007 H ,000, , , , ,000 - Italy was one of the most dynamic markets across the JLL EMEA panel, and well above its 10 year take-up average. EMEA, Distribution Warehousing Take-up >5,000 m² (UK: >10,000 m²), 000s m², H Germany France Netherlands Russia Spain Italy UK Poland Belgium Hungary Czech Republic 657, , , , , , Yearly take-up Q1 Q2 Italy H1 Take-up H H year HY average Italy H Italy H ,000 1,500 2,000 2,500 Retail and 3PL operators were the most active in the semester. Out of the total 465,000 m² take-up, the 3PL sector totalled 40% with 184,500 m², the retail sector followed with 35% or 160,500 m², and the manufacturing sector, with courier and transport operators made up the remainder (100,200 m 2 and 19,500 m² respectively). Retailers saw a significant rise in activity compared to H1 2011, with a 161,000 m 2 take-up in H against 41,000 m 2 in H Italy, Distribution warehousing take-up by occupier type, m², H H % 90% 80% 70% 60% 50% 40% 30% 20% 0% 35% 53% 35% 22% 40% Other Retail Manufacturing 3PL Looking at deals in each sector, 3PL deals saw some large deals, with three deals only totalling 118,000 m 2. Among retail operators, four transactions accounted for almost 60% of the total 160,500 m² retail take-up, and the largest deals involved large discount chains. This is significant in the current macroeconomic context, as it reflects a possible change in consumers behaviour towards more affordable shopping options. The consumers good market, both luxury and fast moving, was also relevant among manufacturing and 3PL occupiers. In the manufacturing sector for instance fashion and beauty totalled just over 40% of the sector 100,200 m 2 take-up. The food sector accounted for another 45,000 m 2 of manufacturing takeup. This is consistent with industrial production data for Q2 2012, which saw intermediate goods suffer substantially compared to fast moving consumer goods. The most sought after locations in Q2 were the Lombardia region, mostly the province of Milan (26% of take-up) and Pavia (12%), as well as the Emilia Romagna region with Piacenza (14%) and Bologna (11%), where retailers operations were already located. Over 80% of the take-up involved Grade A properties, and the remainder saw a mix of local and international 3PL operators, couriers and modern distribution retailers seeking proximity to their end markets (possibly also to counter increasing fuel prices).

5 On Point 5 Vacancy The overall Italy vacancy rate has declined by 104 bps on H1 2011, to approximately 6%. In the Lombardia and Emilia Romagna regions, where the prime distribution warehousing locations are concentrated, vacancy is effectively at frictional level despite some releases. This is the result of a dynamic letting market in which constraints to credit for developers have limited not only speculative development but also built to suit activity. Tenants have thus turned to either built to own, when they had enough equity, or to existing properties. Owner occupation and lettings have increased in absolute numbers, and have grown from contributing almost 30% each to total take-up volumes in H to the current 44% of owner occupation and 40% of lettings. Italy, Distribution warehousing take-up by contract type, m², H H % 90% 80% 70% 60% 50% 40% 30% 20% 0% 176, , ,735 74, , , Pre-Let Owner occupied Let Despite the constrained competition, however, tenants have been able to negotiate more favourable terms, with more generous incentives compared to a year ago. Such tenant friendly environment is spread throughout Europe, with incentives contributing on average to in Amsterdam and London and to 8% in Munich, Warsaw and Budapest, against an average figure of 5% in Milan. In terms of rent-free periods incentives are at about six to eight months on typical 6+6 years leases (9+6 is standard for built to suit). EMEA, Prime rent and incentives as % of prime rent, / m²/ pa and %, Q London 2% Moscow Amsterdam 8% 8% Munich Warsaw Net Effective Rent 15% Madrid 8% Budapest 5% Milan Prime Rent 6% Brussels 6% Prague 45% Paris Source: Jones Lang LaSalle Reseach, 2012 Incidentally, 63% of all owner occupied floorspace (203,000 m²) was taken up by retail operators, 30% by 3PL and the remainder by a manufacturing company, all of whom may have had equity or preexisting credit lines to tap into. into. Rental levels The high levels of letting activity and constrained competition in Grade A properties in prime location has also helped sustain face rents which are stable on H across both prime and secondary locations. Prime Rent Q Change YoY Milan 52 = Rome 54 =

6 6 On Point Warehousing investment market The warehousing sector is being severely affected by the on-going uncertainty on Italy s economic fundamentals. Very limited supply of Grade A buildings in prime locations and weak demand by investors has resulted in just four deals over H totalling approximately 40 million, all of which were sold to owner occupiers. This may seem at odds with the evidence of constrained credit to nonfinancial firms. However, all the deals involved cash-rich firms who are likely to have chosen to secure their equity in their own buildings and to have considered renting the least convenient option at the moment. Industrial production has slowed down substantially on Q1, and year-end 2012 forecasts put Italy 4% below the Eurozone, negatively affecting demand for logistics assets. Italy, Warehousing investment volumes, 2003 H Average H requirements, owner occupiers appear to be the only investors actively pursuing opportunities. Prime net yields reflect the market conditions, having increased by between 10 and 15 basis points across all monitored locations. Italy, Prime net yields by submarket, 2007 H Milan Rome Investors are being cautious about Italy in general, but are also put off by the limited supply of Grade A investment properties and by sellers price expectations. As a result, assets whose location, building quality, lease length and tenant rating match investors requirements are not actively pursued. Increasingly Italy compares unfavourably with other non-core European countries in which prices are more aggressive, other things being equal. As a result, whilst warehousing remains an asset class that investors look at to diversify their portfolios, they do not necessarily consider Italian warehousing as the best product to do so. With institutional investors becoming even more cautious and exclusively focused on core investment opportunities (location, building quality, lease length and tenant rating), and country risk hampering activity even when opportunities match demand

7 On Point 7 Outlook Demand fundamentals The outlook for macroeconomic indicators remains weak. The Italian GDP is only expected to start growing again in Q but real GDP is still expected to experience negative growth in Consumption is expected to suffer from relatively high (albeit declining) inflation levels sustained by increases in indirect taxation. The Bank of Italy expects that real income may continue to decline throughout 2013 and the restrictive fiscal policy (considered too restrictive by 67% of the Consensus panel) may further constrain a recovery in consumption. Investment market Investors confidence has decreased on Q1, and the outlook for the remainder of 2012 is not reassuring. H1 has seen activity only by end users, a sign of the depressing impact of the on-going credit crunch and of the harsh economic crisis. Over the next months the macroeconomic environment is expected to continue constraining investment activity, with investment volumes lower than in 2011 and a potential further repricing, although some assets may struggle to raise interest even at higher yields e 2013e GDP* Industrial production* Household consumption* Inflation rate* Unemployment rate Source: Consensus Forecasts (August 2012), avg annual figure, e=consensus estimate, *= % change year on year. Occupiers market The constrained supply and lively demand are expected to continue putting pressure on existing stock with expectations of declining vacancy in prime location, also in light of the on-going difficulty in financing built to suit deals. As is happening in other sectors the market is seeing an increasingly segmented demand, very strong for prime properties in primary locations and strong for those in secondary locations, as well as secondary properties in prime locations. On a positive note, some interest is recorded towards Grade A properties with long leases and tenants with a strong covenants within established logistics park. The forthcoming months will be crucial in understanding future yield movements: should any prime deal go through in H then the outlook on yields by year end may remain stable. In the absence of transactions, however, the negative sentiment may lead to an increase in both prime and secondary net yields. H Outlook H Outlook Investment volumes Stable Stable Prime net yields Stable Stable This is expected to sustain rents, and incentives are consequently likely to remain stable in prime locations but possibly increase in secondary ones. H Outlook 3 H Outlook Take-up (000's sq m) Stable Stable Vacancy Rate (%) Decreasing Decreasing Completions (`000 sq m) Stable Decreasing Under Construction (`000 sq m ) Stable Decreasing Prime Rent ( /sq m/ pa) Stable Stable 3 Outlook compared to H1 2012

8 Jones Lang LaSalle Research Elena Di Biase Research Milan + 39 (0) Roberto Piterà Logistics & Industrial Agency Milan + 39 (0) Gianluca Sinisi Logistics & Industrial Capital Markets Milan + 39 (0) OnPoint reports from Jones Lang LaSalle include quarterly and annual highlights of real estate activity, performance and specialised surveys and forecasts that uncover emerging trends. COPYRIGHT JONES LANG LASALLE IP, INC All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of Jones Lang LaSalle. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We would like to be told of any such errors in order to correct them. Printing information: paper, inks, printing process, recycle directive.

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

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 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

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

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

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

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

Budapest City Report Q City Reports

Budapest City Report Q City Reports Budapest City Report City Reports COPYRIGHT JONES LANG LASALLE IP, INC. 2016 Budapest City Report million GDP Growth () Unemployment rate () Economy & Investment Economy Inflation 2.9% 6.0% () -0.1% Average

More information

Prague City Report Q City Reports

Prague City Report Q City Reports Prague City Report City Reports Retail Sales, May 2016 y-o-y change GDP Growth Q1 2016 Inflation June 2016 y-o-y change Unemployment rate, Czech Rep., June 2016 Economy & Investment Economy Investment

More information

European office sector recovery gains momentum

European office sector recovery gains momentum The Jones Lang LaSalle Office Property Clock Q4 2013 European office sector recovery gains momentum European Office Rental Index increases q-o-q Aggregate European leasing volume up 18% on Q3 Completions

More information

GLOBAL ECONOMIC OUTLOOK

GLOBAL ECONOMIC OUTLOOK GLOBAL ECONOMIC OUTLOOK Professor Richard Barkham, PhD MRICS Global Chief Economist MIDDLE EAST CRISIS 2 3 SO HERE S GDP GROWTH WITH RECESSIONS HIGHLIGHTED U.S. GDP growth % Change, Y-o-Y GEOPOLITICS 8.0

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

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 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

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

ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES

ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES NUMBER 99 JULY 21 ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES MACROECONOMIC PROJECTIONS 1 7 8 11 12 Directorate general for economics, statistics

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

Retail investment drops to 10 billion in Q1 following five quarters of exceptional turnover

Retail investment drops to 10 billion in Q1 following five quarters of exceptional turnover 2008.1 2008.2 2008.3 2008.4 2009.1 2009.2 2009.3 2009.4 2010.1 2010.2 2010.3 2010.4 2011.1 2011.2 2011.3 2011.4 2012.1 2012.2 2012.3 2012.4 2013.1 2013.2 2013.3 2013.4 2014.1 2014.2 2014.3 2014.4 2015.1

More information

Prospects for the Construction Industry. Oebele Vries

Prospects for the Construction Industry. Oebele Vries Prospects for the Construction Industry Oebele Vries Economic framework Credit crisis: deep global recession Strongly decreasing investment demand Lack of commercial credit possiblities Bottom has been

More information

Sofia City Report H2 2014

Sofia City Report H2 2014 Sofia City Report H2 2014 BG H2 Sofia City Report H2 2014 Economy/Investment Economy During the third quarter of 2014, GDP contracted by 0.4%, causing a modest growth of 1.5% for the entire year, expressing

More information

Inflation. Credit. Coincident indicator (Ita-coin) and Italian GDP (1) (percentage changes)

Inflation. Credit. Coincident indicator (Ita-coin) and Italian GDP (1) (percentage changes) NUMBER 16 FEBRUARY 216 Economic activity and employment Foreign trade and competitiveness Inflation Credit The Public Finances Macroeconomic projections 1 7 8 11 12 Directorate general for economics, statistics

More information

Global Investment Update

Global Investment Update ISHC Annual Conference Hospitality in a Changing World Global Investment Update Mark Wynne Smith Jones Lang LaSalle Hotels Ceylan InterContinental 2011 ISHC Istanbul, Annual Turkey Conference Hospitality

More information

RESEARCH PERIODICAL THE ECONOMIC OUTLOOK FOR LONDON

RESEARCH PERIODICAL THE ECONOMIC OUTLOOK FOR LONDON RESEARCH PERIODICAL THE ECONOMIC OUTLOOK FOR LONDON Report prepared for the City of London Corporation by Oxford Economics Published April 2013 Overview The outlook suggests that London is expected to

More information

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION 30-Apr-2004 28.35 29.00 28.20 28.46 28.55 03-May-2004 28.50 28.70 26.80 27.04 27.21 04-May-2004 26.90 26.99 26.00 26.00 26.38 05-May-2004 26.05 26.69 26.00 26.35 26.34 06-May-2004 26.31 26.35 26.05 26.26

More information

Current Issues Note 27 Central London office market through the recession By Yeukai Muchenje and Nick Ennis

Current Issues Note 27 Central London office market through the recession By Yeukai Muchenje and Nick Ennis Current Issues Note 27 By Yeukai Muchenje and Nick Ennis copyright Greater London Authority November 2010 Published by Greater London Authority City Hall The Queen s Walk London SE1 2AA www.london.gov.uk

More information

Warsaw Office MarketView

Warsaw Office MarketView Warsaw Office MarketView H1 213 CBRE Global Research and Consulting OFFICE STOCK 4. M SQ M OFFICE VACANCY 1.5% OFFICE TAKE-UP 334, SQ M COMPLETION 152, SQ M UNDER CONSTRUCTION 7.8% Y-O-Y GENERAL OVERVIEW

More information

UK Commercial Property Market Overview

UK Commercial Property Market Overview UK Commercial Property Market Overview MARCH 2008 2 UK commercial property market overview March 2008 Key Highlights The decline in capital values in the UK commercial property market has begun to ease.

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

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

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

Russian Real Estate Investment Market

Russian Real Estate Investment Market Russian Real Estate Investment Market Russian real estate investment volumes Investment volume dynamics, USD mn* 8,000 Q1 Q2 Q3 Q4 7,000F 6,000 5,059 4,799 4,000 4,005 3,917 3,243 2,000 0 757 131 301 2003

More information

Poland s Industrial Market in H August 2016

Poland s Industrial Market in H August 2016 Poland s Industrial Market in H1 216 August 216 Summary of the industrial market in H1 216 Warsaw Inner City Warsaw Suburbs Upper Silesia Poznań Central Poland Wrocław Tri-City Kraków Szczecin Supply (m

More information

InvestIng In london commercial real estate

InvestIng In london commercial real estate InvestIng In london commercial real estate contacts gareth Williams Partner Property Department for Royds LLP Tel: +44 (0) 20 7583 2222 gwilliams@royds.com andrew cruickshank Tel: +44 (0) 020 7338 4434

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

Good opening quarter. DTZ Research PROPERTY TIMES. Europe Industrial Q1 2015. Contents. Contact

Good opening quarter. DTZ Research PROPERTY TIMES. Europe Industrial Q1 2015. Contents. Contact DTZ Research PROPERTY TIMES Good opening quarter Europe Industrial Q1 215 June 215 Contents Contents 1 Economic climate 2 Occupier market 3 Investment market 4 Yields 5 Definitions 6 The European economy

More information

Median and Average Sales Prices of New Homes Sold in United States

Median and Average Sales Prices of New Homes Sold in United States Jan 1963 $17,200 (NA) Feb 1963 $17,700 (NA) Mar 1963 $18,200 (NA) Apr 1963 $18,200 (NA) May 1963 $17,500 (NA) Jun 1963 $18,000 (NA) Jul 1963 $18,400 (NA) Aug 1963 $17,800 (NA) Sep 1963 $17,900 (NA) Oct

More information

Market Commentary Canberra Office

Market Commentary Canberra Office Market Commentary Canberra Office November 2015 Executive Summary A further strengthening in the Canberra office market has been recorded over 3Q15 with a total of 9,300 sqm of positive net absorption.

More information

REAL ESTATE INVESTOR INTENTIONS SURVEY

REAL ESTATE INVESTOR INTENTIONS SURVEY EMEA www.cbre.eu/research REAL ESTATE INVESTOR INTENTIONS SURVEY 213 By Dr Peter Damesick Chairman, EMEA Research INTRODUCTION Over 36 investors took part in the CBRE 213 online survey of European Investor

More information

Hamburg Warehouse and Logistics MarketView

Hamburg Warehouse and Logistics MarketView Warehouse and Logistics MarketView H2 212 GDP Q4 GER -.6% Q-o-Q GDP Q3 GER +.2% Q-o-Q IFO BUSINESS CLIMATE INDEX 15.2 Jan. 212 Global Research and Consulting GFK CONSUMER CLIMATE INDEX 5.7 Jan. 212 UR

More information

EXPERIAN FOOTFALL: FASHION CONVERSION BENCHMARKING REPORT: 2014

EXPERIAN FOOTFALL: FASHION CONVERSION BENCHMARKING REPORT: 2014 EXPERIAN FOOTFALL: FASHION CONVERSION BENCHMARKING REPORT: 2014 An overall look into fashion conversion performance across different countries, sectors and categories. OVERVIEW The fashion conversion benchmark

More information

March 2016 CAPITAL VIEWS EMEA RETAIL INVESTMENT TRENDS

March 2016 CAPITAL VIEWS EMEA RETAIL INVESTMENT TRENDS March 2016 CAPITAL VIEWS EMEA RETAIL INVESTMENT TRENDS MARCH 2016 CAPITAL VIEWS: RETAIL INVESTMENT TRENDS Buoyant year-end for retail driven by Germany and the Nordics Retail was the fastest growing sector

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

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

Warsaw Office MarketView

Warsaw Office MarketView Warsaw Office MarketView Q4 212 CBRE Global Research and Consulting OFFICE STOCK 3.9 M SQ M OFFICE VACANCY 8.8% OFFICE TAKE-UP 68,5 SQ M COMPLETION 268, SQ M UNDER CONSTRUCTION.2% Y-O-Y GENERAL OVERVIEW

More information

Investment Market Overview. Germany I 2 nd quarter of 2014 Published in July 2014

Investment Market Overview. Germany I 2 nd quarter of 2014 Published in July 2014 Investment Market Overview Germany I 2 nd quarter of 2014 Published in July 2014 JLL Investment Market Overview July 2014 2 Strong momentum on the German investment market The German investment market

More information

CENTRAL LONDON MARKET INSIGHT SERIES

CENTRAL LONDON MARKET INSIGHT SERIES CENTRAL LONDON MARKET INSIGHT SERIES Challenge 2025: The Growth Map for Central London 30 April 2014 WELCOME Adam Hetherington Managing Director, Central London AGENDA The Central London Market Kevin McCauley

More information

GHN MARKET REPORT European Hotel Market Outlook 2013

GHN MARKET REPORT European Hotel Market Outlook 2013 GHN MARKET REPORT European Hotel Market Outlook 2013 Heribert Gangl Director Hamilton Hotel Partners European Hotel Market Outlook 2013 - Is the old continent still attractive? Introduction We are currently

More information

The Impact of the Syrian Crisis on Lebanon s Economy

The Impact of the Syrian Crisis on Lebanon s Economy The Impact of the Syrian Crisis on Lebanon s Economy Wael Mansour, Ph.D July 4, 213 Crowne Plaza Hotel, Beirut. The Syrian Conflict - An Economic Challenge for Lebanon Negative net impact: key channels

More information

European and Global Real Estate Trends - Opportunities for 2012/2013

European and Global Real Estate Trends - Opportunities for 2012/2013 K&L Gates Real Estate Seminar: European and Global Real Estate Trends - Opportunities for 2012/2013 Steven Cox, Of Counsel, K&L Gates, London Peter Damesick, EMEA Chief Economist, CBRE Francesco Sanna,

More information

Hotel Investor Sentiment Survey. Hotels & Hospitality Group Q4 2016

Hotel Investor Sentiment Survey. Hotels & Hospitality Group Q4 2016 Hotel Investor Sentiment Survey Hotels & Hospitality Group Q4 2016 Contents Key themes: 1. Markets remain liquid despite softening in investor outlook page 3 2. Hotel operating performance outlook softens

More information

CZECH INVESTMENT MARKET

CZECH INVESTMENT MARKET RESEARCH CZECH INVESTMENT MARKET MARKET OVERVIEW 1 / Q3 MACROECONOMIC DATA... 3 GDP GROWTH RATE... 3 GDP PROGNOSIS... 3 INFLATION RATE... 3 UNEMPLOYMENT... CZK / USD, EUR... CONSTRUCTION OUTPUT INDEX...

More information

THE UNIVERSITY OF BOLTON

THE UNIVERSITY OF BOLTON JANUARY Jan 1 6.44 8.24 12.23 2.17 4.06 5.46 Jan 2 6.44 8.24 12.24 2.20 4.07 5.47 Jan 3 6.44 8.24 12.24 2.21 4.08 5.48 Jan 4 6.44 8.24 12.25 2.22 4.09 5.49 Jan 5 6.43 8.23 12.25 2.24 4.10 5.50 Jan 6 6.43

More information

SURVEY AMONG DEPARTING PASSENGERS AT THE PRAGUE AIRPORT

SURVEY AMONG DEPARTING PASSENGERS AT THE PRAGUE AIRPORT SURVEY AMONG DEPARTING PASSENGERS AT THE PRAGUE AIRPORT STANDARD REPORT: APRIL Number of passengers: / -, / -, / -, / -, / -, / -, / -, / -, / -, / -, / - / Total - / -, / -, / -, / -, / -, / -, / -, /

More information

Electricity Supply Board

Electricity Supply Board Electricity Supply Board Investor Presentation 2012 Interim Results December 2012 Disclaimer Forward looking statements: This presentation contains certain forward-looking statements with respect to ESB

More information

Prague Office Market Overview

Prague Office Market Overview Prague Office Market Overview 2015 Prague Office Stock Total Office Stock in Prague reached the milestone of 3 million m 2 in 2014 Currently it stands at 3.2 million m 2 Mil. m² 3.5 3.0 2.5 2.0 1.5 1.0

More information

Atradius Country Report

Atradius Country Report Atradius Country Report Poland January 2013 Gdansk Warsaw Lodz Krakow Overview General information Most important sectors (% of GDP, 2011) Capital: Warsaw Services: 63 % Government type: Parliamentary

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

UPSCALE HOTEL MARKET MILAN, ITALY. Liliana Ielacqua Associate. Sophie Perret Associate Director.

UPSCALE HOTEL MARKET MILAN, ITALY. Liliana Ielacqua Associate. Sophie Perret Associate Director. JUNE 2012 MILAN, ITALY UPSCALE HOTEL MARKET Liliana Ielacqua Associate Sophie Perret Associate Director www.hvs.com HVS London 7 10 Chandos Street, London W1G 9DQ, UK Summary Milan is one of the key hotel

More information

Q2 2015. Dubai Real Estate Market Overview

Q2 2015. Dubai Real Estate Market Overview Q2 2015 Dubai Real Estate Market Overview Dubai Market Summary Dubai s real estate market saw little change in the second quarter, with the slowdown in performance across all asset classes continuing,

More information

Lisbon Office Market Outlook. 1st Half

Lisbon Office Market Outlook. 1st Half 1st Half www.prea.pt Summary and Outlook In Spring the 3 year bailout plan was concluded with a clean exit and official registered success by major entities: EU, ECB and IMF. Major austerity measures are

More information

Eastern Europe Office Market Review

Eastern Europe Office Market Review RESEARCH & FORECAST SNAPSHOT 2013 EASTERN EUROPE OFFICE SUMMARY Eastern Europe Office Market Review CEE Markets: Warsaw, Prague, Bratislava, Budapest, Bucharest SEE Markets: Athens, Sofia, Belgrade, Zagreb

More information

Current developments and prospects of the Greek property market

Current developments and prospects of the Greek property market Current developments and prospects of the Greek property market Mitrakos T., Akantziliotou C. and Vlachostergiou V. Real Estate Market Analysis Section Bank of Greece 6-7 October 2014 Outline Characteristics

More information

GDP growth. annual % change. Source: European Commission. Total employment growth. annual % change. Source: European Commission.

GDP growth. annual % change. Source: European Commission. Total employment growth. annual % change. Source: European Commission. Economy Economy According to the latest European Commission (EC) forecasts for the Greek economy, economic activity is estimated to continue to grow at well above the Euro area average at around 3.% in

More information

ING OFFICE FUND Acquisition of Bastion Tower, Brussels and Institutional Placement of $70.0m

ING OFFICE FUND Acquisition of Bastion Tower, Brussels and Institutional Placement of $70.0m ING OFFICE FUND Acquisition of Bastion Tower, Brussels and Institutional Placement of $70.0m 1 November 2007 0 DISCLAIMER NOT FOR DISTRIBUTION OR RELEASE IN THE UNITES STATES OR TO U.S. PERSONS This presentation

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

Adelaide CBD Office Market

Adelaide CBD Office Market SPRING 2015 MARKET TRENDS Leasing demand strengthened in the year to July 2015, led by take up from the Government and regulatory authorities and Utilities, Mining and resources sectors. Supply additions

More information

POLAND - THE MOST ATTRACTIVE INVESTMENT MARKET IN THE CEE REGION

POLAND - THE MOST ATTRACTIVE INVESTMENT MARKET IN THE CEE REGION POLAND ON TOP 2016 POLAND - THE MOST ATTRACTIVE INVESTMENT IN THE CEE REGION A solid economic background and a stable political situation in Europe have boosted investments in the real estate markets.

More information

S&P Year Rolling Period Total Returns

S&P Year Rolling Period Total Returns S&P 500 10 Year Rolling Period Total Returns Summary: 1926 June 2013 700% 600% 500% 400% 300% 200% 100% 0% 100% Scatter chart of all 931 ten year periods. There were 931 ten year rolling periods from January

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

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

MBA Forecast Commentary Lynn Fisher, Mike Fratantoni, Joel Kan

MBA Forecast Commentary Lynn Fisher, Mike Fratantoni, Joel Kan MBA Forecast Commentary Lynn Fisher, Mike Fratantoni, Joel Kan Stronger Data Lead to Upward Revisions in Purchase Originations Forecast for 2015 and 2016 MBA Economic and Mortgage Finance Commentary: July

More information

Outlook for Australian Property Markets 2010-2012. Perth

Outlook for Australian Property Markets 2010-2012. Perth Outlook for Australian Property Markets 2010-2012 Perth Outlook for Australian Property Markets 2010-2012 Perth residential Population growth expected to remain at above average levels through to 2012

More information

Real estate market report

Real estate market report December, There continues to be domestic and global capital available for well-located, core real estate in Canada. CBRE Limited has revised their projections of cumulative investment volume for to $.

More information

Crude Oil Price Decline. January 2015

Crude Oil Price Decline. January 2015 Price Decline January 2015 Crude Oil Prices in the U.S. West Texas Intermediate Crude Oil Spot Price - 2014 $120 $110 $100 The price of WTI fell 49% in the second half of 2014 $90 $80 $70 $60 $50 $40 Dec-14

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

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

2006 Municipal Outlook

2006 Municipal Outlook 2006 Municipal Outlook Economics and Demographics and Municipal Yields May 11, 2006 This report has been prepared by UBS Financial Services Inc. Contents Economics: Transition to Slower Growth...3 Monetary

More information

Spain Economic Outlook. Rafael Doménech EUI-nomics 2015 Debating the Economic Conditions in the Euro Area and Beyond Firenze, 24th of April, 2015

Spain Economic Outlook. Rafael Doménech EUI-nomics 2015 Debating the Economic Conditions in the Euro Area and Beyond Firenze, 24th of April, 2015 Spain Economic Outlook Rafael Doménech EUI-nomics 2015 Debating the Economic Conditions in the Euro Area and Beyond Firenze, 24th of April, 2015 The outlook one year ago: the risks were to the upside for

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

Widen. your investment horizon. Real Estate Investments

Widen. your investment horizon. Real Estate Investments Widen your investment horizon Real Estate Investments Agenda Market update Commercial Real Estate Processes to be followed Q & A Real Estate Trends A Snapshot Office Market Trends INDIA 4 Asia Pacific

More information

Global Prospects and recovery of Trinidad and Tobago

Global Prospects and recovery of Trinidad and Tobago Global Prospects and recovery of Trinidad and Tobago Anthony Birchwood (PHD) Caribbean Centre for Money and Finance The University of the West Indies. Presented at AREA, May 16 th 2012 Global Prospects

More information

The Vietnamese Real Estate Market (in minutes)

The Vietnamese Real Estate Market (in minutes) The Vietnamese Real Estate Market (in minutes) What is really happening? Presented by: ADAM BURY Senior Manager, Research & Consulting CB Richard Ellis (Vietnam) Co., Ltd. Wednesday 21 st March, 2012 What

More information

2012 Year End Results Roadshow Presentation

2012 Year End Results Roadshow Presentation 2012 Year End Results Roadshow Presentation March 2013 Casino, Ile de France Overview SEGRO is a leading European Industrial REIT with AUM of 5.3bn (SEGRO share: 4.7bn) Portfolio concentrated in the most

More information

Direct and Indirect Investment for International Diversification. Matthew Ryall Zurich - 24 th March 2006

Direct and Indirect Investment for International Diversification. Matthew Ryall Zurich - 24 th March 2006 Direct and Indirect Investment for International Diversification Matthew Ryall Zurich - 24 th March 2006 Agenda The need for cross border diversification The diversification challenge How to diversify

More information

The Economic Pulse of the World

The Economic Pulse of the World Global @dvisor The Economic Pulse of the World Citizens in 25 Countries Assess the Current State of their Country s Economy for a Total Global Perspective 1 A Global @dvisory December 2016 G@89 The Economic

More information

Sparkassen Immobilien AG Report on the first half of 2004

Sparkassen Immobilien AG Report on the first half of 2004 Sparkassen Immobilien AG Report on the first half of 2004 Dear Ladies and Gentlemen, Shareholders and Investors, Will we have to work longer in the future? Are our pensions secure, and how long will they

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

Mark Baillie. Real Estate Group. Head of Real Estate (Europe and North America) European focus operational briefing and general update

Mark Baillie. Real Estate Group. Head of Real Estate (Europe and North America) European focus operational briefing and general update Mark Baillie Head of Real Estate (Europe and North America) Real Estate Group European focus operational briefing and general update Presentation to investors and analysts 14 September 2007 56 Real Estate

More information

Contents. Economy Investment Office...5. Industrial Summary Q Summary Q Prognosis... 4

Contents. Economy Investment Office...5. Industrial Summary Q Summary Q Prognosis... 4 Czech Republic MARKET OVERVIEW Q1 2016 Contents Economy... 3 Summary Q1 2016... 3 Investment... 4 Summary Q1 2016... 4 Prognosis... 4 Office...5 Summary Q1 2016... 5 Prognosis... 6 Industrial... 7 Summary

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

First Property Group plc. Commercial Investment Real Estate Investing through the cycles

First Property Group plc. Commercial Investment Real Estate Investing through the cycles First Property Group plc Commercial Investment Real Estate Investing through the cycles Table of Contents Liquidity: Property vs. Equities vs. Bonds Costs of Buying Commercial Property The Need for Yield

More information

Analysis One Code Desc. Transaction Amount. Fiscal Period

Analysis One Code Desc. Transaction Amount. Fiscal Period Analysis One Code Desc Transaction Amount Fiscal Period 57.63 Oct-12 12.13 Oct-12-38.90 Oct-12-773.00 Oct-12-800.00 Oct-12-187.00 Oct-12-82.00 Oct-12-82.00 Oct-12-110.00 Oct-12-1115.25 Oct-12-71.00 Oct-12-41.00

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

Berlin Office MarketView

Berlin Office MarketView Berlin Office MarketView Q2 213 GDP Q1 GER +.1% Q-o-Q GDP Q4 GER -.6% Q-o-Q IFO BUSINESS CLIMATE INDEX 1.9 June 213 CBRE Global Research and Consulting GFK CONSUMER CLIMATE INDEX 6. June 213 UR BER 11.6%

More information

A March 2016 The Economic Pulse

A March 2016 The Economic Pulse Global @dvisor The Economic Pulse of the World Citizens in 25 Countries Assess the Current State of their Country s Economy for a Total Global Perspective The Economic Pulse These are the findings of the

More information

Trends in real estate investment flows

Trends in real estate investment flows Capital Flows May 211 Trends in real estate investment flows In 21, AUD 12.7 billion of transactions (> AUD 5 million) were recorded in Australia s commercial property market, the 4 th highest on record.

More information

Restructuring of Sistema s Portfolio in the Current Market Conditions

Restructuring of Sistema s Portfolio in the Current Market Conditions Restructuring of Sistema s Portfolio in the Current Market Conditions Leonid Melamed President, Chief Executive Officer Alexey Buyanov Senior Vice President, Head of Finance and Investment Anton Abugov

More information

Real estate market outlook Asia Pacific

Real estate market outlook Asia Pacific July 1 Real estate market outlook Asia Pacific Part of the M&G Group Executive summary Economic recovery continues to strengthen across the region, with export-led economies set to benefit the most Office

More information