DTZ Research. Investment Market Update Poland Q The largest investment volume since January Contents. Author.

Size: px
Start display at page:

Download "DTZ Research. Investment Market Update Poland Q4 2013 The largest investment volume since 2006. 29 January 2014. Contents. Author."

Transcription

1 Investment Market Update Poland Q4 213 The largest investment volume since January 214 Contents Macroeconomic background 2 Occupational markets 2 Investment activity 3 Source of capital 5 Preferred locations 6 Yields 6 Definitions 7 Author Katarzyna Lipka Consulting & Research katarzyna.lipka@dtz.com The investment activity on the commercial real estate market in Poland was strong in 213 with the total volume of transactions exceeding 3.15bn, its best result since the record-breaking year of 26 ( 4.5bn). This is in line with the situation in other European countries and it is a consequence of the improved investors sentiment reflecting gradual economic recovery in Europe and the improving outlook for 214. The retail sector dominated the investment market, accounting for 4% of the total volume of transactions. It was followed by the office sector with a 36% market share and the industrial sector (19%). Out of 1.25bn invested in retail schemes, as much as 9% accounted for the five largest transactions, which were shopping centres with established positions on the market, located in the largest Polish agglomerations. In terms of the office market, prime buildings located in the Warsaw city centre were still in the investors spotlight. However, at the same time they increased their interest in the best class schemes situated in other major cities in Poland, such as Wrocław, Kraków, Tricity and Poznao. In 213 German investors dominated the Polish market and were involved in 24% of the total transaction volume. In 213 prime yields in all sectors decreased by approx..25 pp and at the end of the year were at a level of 5.75% for retail, 6% for office and 7.75% for industrial. Contacts Kamila Wykrota Head of Consulting and Research kamila.wykrota@dtz.com Magali Marton Head of EMEA Research magali.marton@dtz.com Hans Vrensen Global Head of Research +44 () hans.vrensen@dtz.com Figure 1 Annual investment volumes, million DTZ Research

2 Macroeconomic background According to the latest forecasts of the National Bank of Poland the Polish economy expanded by 1.4% in 213. This represents a decrease in comparison to 212 (2.2%), however is still higher than the values recorded in the majority of European countries. The GDP growth in Poland followed an upward path in 213, beginning from.5% in Q1 and reaching approx. 2.4% Q4. This positive trend was driven mainly by domestic demand (increase in retail sales dynamics) and net exports. The Polish economy is expected to increase further (the GDP growth in 214 is forecast at 2.8% and in 215 at 3.1%), which will be supported by the anticipated gradual improvement in the economic situation within the euro zone. The increasing consumer demand was largely driven by low interest rates in July 213 the reference rate was once again reduced by the Monetary Policy Council to a record low level of 2.5%. The reference rate is expected to remain unchanged during the whole 214 or it may grow slightly (by.25 pp.) in Q4. In 213 the situation on the labour market in Poland remained relatively stable with the unemployment rate at 13.6% at the end of the year (up by.2 pp from 212) and the average monthly salary at PLN 3,781 in November 213 (growth by 2.9% y-o-y). The drop of unemployment and a further increase of salaries are expected in 214, which together with continued low interest rates will positively influence consumer demand. Occupational markets In 213 all sectors of the commercial market in Poland recorded strong activity, both from the supply as well as the demand side. The volume of new deliveries on the Warsaw office market was close to 3, sq m, which is the highest level observed since 2 and the total take-up (sum of all lease transactions reached a record-breaking value of 63, sq m. It should be mentioned that the strong leasing activity was more the result of tenants taking advantage of lower rents and improving their negotiating position, than of expansion-driven space extensions. This is reflected both in the volume of net absorption - which in 213 was much lower than recorded in the pre-crisis years (26-28) - as well as growing vacancy rates. Along with the expected improvement of the economic situation, the leasing activity should remain strong and the net absorption will be gradually increasing. However, the strong pipeline supply expected in the next 2-3 years will maintain the strong competition among landlords, which in some locations is likely to exert a downward pressure on rents. Figure 2 GDP growth and inflation in Poland 8% 7% 6% 5% 4% 3% 2% 1% % Source: Central Statistical Office, Oxford Economics Figure 3 Reference rate in Poland 8% 6% 4% 2% % Source: National Bank of Poland GDP growth Inflation rate Investment Market Update 2

3 The retail market has been developing steadily, both in the largest agglomerations as well medium-sized and small cities. The demand for retail space is stable; this reflects in a high number of new brands opening their stores in Poland as well as low vacancy rates, standing below 3% in the majority of large agglomerations. Given the improving macroeconomic forecasts, increasing propensity of Polish people to consume and also the expansion plans of many retail chains, it can be expected that the demand for retail space will remain strong over the next 2-3 years. Under pressure from growing competition, many older schemes underwent or will undergo renovations and repositioning in order to keep up with the changing market trends and consumer requirements. Figure 4 Investment volumes ( million) and number of transactions (RHS) f The industrial market in Poland, similarly to other European countries was largely driven by the development of the e- commerce sector. The total value of lease transactions in 213 reached 2.91 m sq m and was 3% higher than recorded in the previous year. Given the further growth of online retail, the take-up level is likely to be high and vacancy rates may further decrease throughout 214. Investment activity The largest investment volume since 26 Investment volume on the commercial real estate market in Poland reached over 3.15bn in 213, which is the best result since the record-breaking year of 26 ( 4.5bn) and represents a growth of 27% in comparison to 212. Figure 5 Investment volume [EUR m] Investment volume by sector, 213 Industrial 19% Mixed Use 5% Retail 4% Office 36% No. of transactions The strong market activity is in line with the situation in other European countries and directly reflects the improving opinion that investors have of the gradual economic recovery in Europe and the improving outlook for 214. Moreover, purchasers have became less risk averse and have started to turn more towards markets where they stand to achieve higher yields (including Poland). The retail sector dominated the market in 213 As opposed to 212, the retail sector dominated the investment market in Poland in 213 constituting 4% of the total transactions value. It was followed by the office sector with a 36% market share. Figure 6 Investment volume by sector, million Out of 1.25bn invested in retail schemes, as much as 9% accounted for the five largest transactions. The following schemes were subject of these deals: Silesia City Centre in Katowice, Wola Park in Warsaw, Galeria Kazimierz in Kraków, Galeria Dominikaoska in Wrocław and Charter Hall portfolio. Office Retail Industrial Mixed Use Investment Market Update 3

4 Poland Q4 213 The vast majority of capital was invested in retail schemes with established positions on the market, located in the largest Polish agglomerations (above 4, inhabitants). This suggests that prime shopping centres are still the most sought after asset class. Additionally, a few smaller projects (including shopping centres, supermarkets and a high street portfolio) changed owners in 213. However, the volume of these transactions accounted only for 1% of the total value of the capital invested in retail properties during the year. Figure 7 Investment volume in the retail sector by location, % agglomerations > 4, inh. 14% Warsaw agglomeration multi-city/portfolio transactions 15% 6% other cities < 4, inh. Offices in regional cities gain on importance The total value of transactions in the office sector in 213 amounted to 1.15bn, which constitutes 36% of the total investment volume in Poland. Whereas the retail market was dominated by a few large acquisitions, the capital invested in office properties was divided more evenly among the various schemes (27 transactions in the office sector vs. 18 related to retail properties). As in previous years, in 213 office buildings located in Warsaw continued to be the most frequently bought by investors (approx. 82% of transaction volume in this sector). However, last year the interest level of property buyers in best class schemes situated in other major cities in Poland increased. This interest extended to cities such as Wrocław, Kraków, Tricity and Poznao. This trend reflects a reducing risk aversion of investors connected with the overall positive market outlook as well as the growing maturity of the regional office markets in Poland. The majority of transactions carried out in 213 in Warsaw dealt with office buildings located in the city centre (approx. 6% of the total volume) and Mokotów the largest non central business district. Apart from prime properties, there were also some opportunistic acquisitions, both in Warsaw and regional cities. This shows that overall sentiment is improving and investors are seeing opportunities of higher returns. Industrial properties are a more sought after asset class Investment activity in the industrial sector in 213 was strong (with a volume of nearly 6m, constituting 19% of the total transaction value), mainly due to two large portfolio transactions concluded on the market. Following the positive development of the industrial market, to a large extent resulting from the growth of online retail, industrial properties are becoming a sought after asset class. Figure 8 Annual investment volume in the office sector by location, million Table 1 Major investment transactions in Poland in 213 Sector Property / Location Retail Silesia City Centre / Katowice Wola Park / Warsaw Galeria Kazimierz (shares) / Kraków Galeria Dominikaoska / Wrocław Office Mokotów Nova / Warsaw Senator / Warsaw New City / Warsaw Green Corner / Wrocław Industrial Segro portfolio / different locations Prologis portfolio / different locations H&M Logistic centre / Gądki (Poznao) DBP Piaseczno / Piaseczno Warsaw Other cities Investment Market Update 4

5 Source of capital German investors still the most active Figure 9 Investment volume by nationality of investors Throughout the whole of 213 international investors were responsible for approx. 92% of all acquisitions in Poland. Polish companies purchased properties with a total value of ca. 25m, with the most active domestic players being PZU Asset Management and Kulczyk Silverstein Properties. Similarly to the last few years, German investors dominated the Polish market in 213 and accounted for 24% of the total transaction volume. The most active players last year were IVG, UNION INVESTMENT and RREEF. At the same time we could observe reduced activity from German openended funds, a large part of which are currently in liquidation and in the process of selling their assets. Companies from the UK and Ireland increased their activity on the Polish investment market in 213 and were responsible for transactions with a total value of approx. 315m. This was mainly due to the acquisitions of retail properties by LCP and TRISTIAN CAPITAL PARTNERS as well as SEGRO s purchase of Żerao Park II. French investors decreased their investment activity in Poland and their market share dropped from 19% recorded in 212 to 4% in 213. The non European companies were mainly American including GRIFFIN GROUP and HINES. Private property vehicles maintained their dominant market position Over the last 1 years (24-213) private property vehicles were the most important players on the Polish investment market and the volume of their acquisitions accounted for more than 55% of the total transaction value in this period. The listed sector (quoted property companies and vehicles) were in second place with a market share of 21%. 1% 8% 6% 4% 2% % Figure 1 Investment activity by type of investor 1% 8% 6% 4% 2% % Germany International / Other UK & Ireland Rest of Europe France Austria Americas Poland Australia Private Property Vehicle Listed sector Institution Other/Unknown Private Property Company Public Sector/Government In 213 private property vehicles maintained their strong position with a total volume of transactions at almost 1.7bn i.e. 53% market share. Quoted companies and vehicles were also relatively active and acquired properties with a total value of ca. 52m, mainly due to a few large transactions (e.g. acquisition of Złote Tarasy shares by UNIBAIL RODAMCO and the purchase of Galeria Dominikaoska by ATRIUM REAL ESTATE). Institutional investors increased their market share in comparison with 212, with the most active players being PZU AM and COMPENSA. Investment Market Update 5

6 Preferred locations Increasing interest in regional markets Last year Warsaw was still the most preferred location for investors acquiring properties in Poland; however its share decreased in comparison to the previous years. A large part of investment transactions concluded in 213 in Poland related to properties located in major agglomerations. Figure 11 Total investment volume by location 1% 8% 6% 4% Warsaw agglomeration agglomerations > 4, inh. multi-city/portfolio transactions other cities < 4, inh. Taking into consideration deals concluded over the last four years (21-213) in the six most mature regional markets in Poland, Wrocław has the largest share, followed by Katowice and Łódź. 2% % Yields Prime yields compression in all sectors At the end of 213 prime yields for retail properties were at a level of 5.75%, down by.25 pp from 212 and coming back to the 26 values. Such a low level is a result of strong demand for prime retail assets. Prime office yields (for top quality projects in Warsaw city centre) decreased slightly throughout 213 and levelled out at ca. 6%. This downward trend is mainly the result of the limited availability of such investment products. Yields for secondary assets (buildings located out of the Warsaw city centre as well as projects in regional cities) remained stable or increased. This is due to a strong pipeline supply and downward pressure on rents expected for some non central business districts. Prime yields for industrial properties dropped to 7.75% at the end of 213, down from 8% recorded in 212. This is due to the increasing attractiveness of the industrial sector among investors as new buildings development has been strong in 213 with a positive outlook for the coming years. Figure 12 Total investment volume by the largest regional cities, Figure 13 Prime yields in Poland 1% 9% 12% 2% 1% 4% 23% 31% Wroclaw Katowice Lodz Krakow Poznan Tricity 8% 7% 6% 5% Office Retail Industrial Investment Market Update 6

7 Definitions Investment transaction / Subject of the report Inclusion in the statistics Property type Volume of transactions Yield Purchaser (vendor) type Refers to the purchase of commercial real estate for the purpose of receiving an income or rent. Covers purchases of properties with commercial use including sites on which a property for commercial use will be built. Comprises deals in excess of EUR 1 million. Determined by the date of signature of contract. DTZ tracks commercial property transactions made primarily in the office, retail, industrial and mixed use sectors. Land sales are not recorded unless the land is purchased in the development phase or is acquired specifically to construct a building or complex of buildings. Aggregate of total purchase prices agreed for the registered purchases. The attainable prime yield for top of the range properties is given. This is based on the annual rental income and the purchase price. Classification of purchasers and vendors by type enables us to track trends in transactions and also to assess the type of capital committed to property investments. Purchaser/Vendor Type and subtype definitions are as follows: - Institution: financial institutions/banks, pension funds and insurance companies. - Private Property Company: companies and developers, whose principal activities involve the development, buying and selling of commercial real estate but which do not have a stock exchange listing. - Private Property Vehicle: non-listed investment vehicles whose principal activities involve the development, buying and selling of commercial real estate. - Private investor: private individuals. - Quoted property company: companies and developers, whose main activities involve the development, buying and selling of commercial real estate that is listed under Real Estate on a stock exchange. - Quoted property vehicle: listed real estate vehicles i.e. funds and tax efficient structured vehicles, whose main activities involve the development, buying and selling of commercial real estate - Corporate: companies whose main activities do not involve development or investment in real estate. Investment Market Update 7

8 Other DTZ Research Reports Other research reports can be downloaded from These include: Occupier Perspective Updates on occupational markets from an occupier perspective, with commentary, analysis, charts and data. Global Occupancy Costs Offices Global Occupancy Costs Logistics Obligations of Occupation Americas Obligations of Occupation Asia Pacific Obligations of Occupation EMEA Global Office Review Regional Headquarters Asia Pacific- November 213 Sweden - Computer Games developers November 213 India Office Demand and Trends Survey Poland Banking Sector - January 213 Property Times Regular updates on occupational markets from a landlord perspective, with commentary, charts, data and forecasts. Coverage includes Asia Pacific, Bangkok, Beijing, Berlin, Brisbane, Bristol, Brussels, Budapest, Central London, Chengdu, Chongqing, Dalian, Edinburgh, Europe, Frankfurt, Glasgow, Guangzhou, Hangzhou, Ho Chi Minh City, Hong Kong, India, Jakarta, Japan, Kuala Lumpur, Luxembourg, Madrid, Manchester, Melbourne, Milan, Nanjing, Newcastle, Paris, Poland, Prague, Qingdao, Rome, Seoul, Shanghai, Shenyang, Shenzhen, Singapore, Stockholm, Sydney, Taipei, Tianjin, Ukraine, Warsaw, Wuhan, Xian. Investment Market Update Regular updates on investment market activity, with commentary, significant deals, charts, data and forecasts. Coverage includes Asia Pacific, Australia, Belgium, Czech Republic, Europe, France, Germany, Italy, Japan, Mainland China, South East Asia, Spain, Sweden, UK. Money into Property For more than 35 years, this has been DTZ's flagship research report, analysing invested stock and capital flows into real estate markets across the world. It measures the development and structure of the global investment market. Available for Global, Asia Pacific, Europe, North America and UK. Foresight Quarterly commentary, analysis and insight into our inhouse data forecasts, including the DTZ Fair Value Index. Available for Global, Asia Pacific, Europe, UK and China. In addition we publish an annual outlook report. Insight Thematic, ad hoc, topical and thought leading reports on areas and issues of specific interest and relevance to real estate markets. Net Debt Funding Gap - November 213 UK secondary market pricing - October 213 German Open Ended Funds - October 213 Great Wall of Money - October 213 Quantitative Easing - UK Regions - September 213 Singapore Government Land Sales - September 213 UK lending market -September 213 Quantitative Easing - August 213 Property Investment Guide Asia Pacific Singapore Insight Residential July 213 China Insight - The Healthcare Sector - April 213 City of London occupier demand - April 213 DTZ Research Data Services For more detailed data and information, the following are available for subscription. Please contact graham.bruty@dtz.com for more information. Property Market Indicators Time series of commercial and industrial market data in Asia Pacific and Europe. Real Estate Forecasts, including the DTZ Fair Value Index TM Five-year rolling forecasts of commercial and industrial markets in Asia Pacific, Europe and the USA. Investment Transaction Database Aggregated overview of investment activity in Asia Pacific and Europe. Money into Property DTZ s flagship research product for over 35 years providing capital markets data covering capital flows, size, structure, ownership, developments and trends, and findings of annual investor and lender intention surveys. Investment Market Update 8

9 DTZ Research DTZ Research Contacts Global Head of Research Hans Vrensen Phone: +44 () Global Head of Forecasting Fergus Hicks Phone: +44 () Head of EMEA Research Magali Marton Phone: magali.marton@dtz.com Head of Strategy Research Nigel Almond Phone: +44 () nigel.almond@dtz.com Head of Consulting & Research, Poland Kamila Wykrota Phone: kamila.wykrota@dtz.com DTZ Business Contacts Chief Executive, EMEA John Forrester Phone: +44 () john.forrester@dtz.com Head of DTZ Poland Alan Colquhoun alan.conlquhoun@dtz.com Office Agency Barbara Przesmycka barbara.przesmycka@dtz.com Retail Agency Renata Kusznierska renata.kusznierska@dtz.com Industrial and Logistics Agency Marzena Pobojewska marzena.pobojewska@dtz.com Capital Markets Craig Maguire craig.maguire@dtz.com Valuation Arkadiusz Bielecki arek.bielecki@dtz.com Corporate Real Estate Services (CREM) Ian Scattergood ian.scattergood@dtz.com Property Management Christopher Rasiewicz christopher.rasiewicz@dtz.com Project and Building Consultancy Andrew Frizell andrew.frizell@dtz.com DISCLAIMER This report should not be relied upon as a basis for entering into transactions without seeking specific, qualified, professional advice. Whilst facts have been rigorously checked, DTZ can take no responsibility for any damage or loss suffered as a result of any inadvertent inaccuracy within this report. Information contained herein should not, in whole or part, be published, reproduced or referred to without prior approval. Any such reproduction should be credited to DTZ. DTZ January Investment Market Update 9

DTZ Insight German Open Ended Funds - March 2013 More sales in 2013 in Germany and Netherlands hh

DTZ Insight German Open Ended Funds - March 2013 More sales in 2013 in Germany and Netherlands hh DTZ Insight German Open Ended Funds - March 2013 More sales in 2013 in and Netherlands hh 11 March 2013 Contents Current status of GOE funds 2 GOE funds buy-side activity 3 Next steps of liquidation process

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

Investment Market Update CEE Q2 2012

Investment Market Update CEE Q2 2012 CEE Q2 212 Downturn except in CZR and Poland 25 July 212 Contents Executive summary 1 Economic context 2 CEE overview 3-6 Czech Republic 7 Hungary 8 Poland 9 Romania 1 Other DTZ Research reports 11 Authors

More information

DTZ Research. Property Times Stockholm Offices Q3 2012 Weak fundamentals cast a shadow on outlook. 8 November 2012. Contents. Author.

DTZ Research. Property Times Stockholm Offices Q3 2012 Weak fundamentals cast a shadow on outlook. 8 November 2012. Contents. Author. 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 Property Times Weak fundamentals cast a shadow on outlook 8 November 2012 Contents Economic Overview 2 Demand 3 Supply 4 Outlook 5 Definitions 6 Author

More information

DTZ Research. Property Times Stockholm Offices Q4 2012 Prime rents holding up thanks to low supply. 30 January 2013. Contents. Author.

DTZ Research. Property Times Stockholm Offices Q4 2012 Prime rents holding up thanks to low supply. 30 January 2013. Contents. Author. Property Times Prime rents holding up thanks to low supply 30 January 2013 Contents Economic Overview 2 Demand 3 Supply 4 Outlook 5 Definitions 6 Author Karin Witalis Head of Research + 46 (0)8 671 34

More information

DTZ Research. Investment Market Update Finland Q3 2014 Increasing Transaction Volume. 10 November 2014. Contents. Author. Contacts

DTZ Research. Investment Market Update Finland Q3 2014 Increasing Transaction Volume. 10 November 2014. Contents. Author. Contacts Investment Market Update Finland Q3 2014 Increasing Transaction Volume 10 November 2014 Contents Economic Overview 2 Investment market 3 Major Transactions 5 Author Ville Suominen Analyst + 358 (0)10 836

More information

DTZ Research. Property Times Helsinki Q3 2014 Demand for New Space Remains Low. 10 November 2014. Contents. Author. Contacts

DTZ Research. Property Times Helsinki Q3 2014 Demand for New Space Remains Low. 10 November 2014. Contents. Author. Contacts Property Times Helsinki Q3 2014 Demand for New Space Remains Low 10 November 2014 Contents Economic Overview 2 Office Market 3 Retail Market 6 Logistics market 8 Major Construction Projects 10 Author Ville

More information

Macroeconomic background

Macroeconomic background INVESTMENT MARKET UPDATE Polish assets draw investors attention Poland, 215 March 216 Contents Macroeconomic background 2 Investment volume 3 Preferred locations 5 Source of capital 5 Yields 6 Outlook

More information

DTZ Research. Property Times Stockholm Offices Q3 2013 Demand is beginning to return. 14 November 2013. Contents. Author. Contacts

DTZ Research. Property Times Stockholm Offices Q3 2013 Demand is beginning to return. 14 November 2013. Contents. Author. Contacts 1990 1992 1994 1996 1998 2002 2004 2006 2008 2010 2012 Property Times Demand is beginning to return 14 November 2013 Contents Economic Overview 2 Demand 3 Supply 4 Outlook 5 Author Karin Witalis Head 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

DTZ Research. Property Times Shanghai Q4 2012 Office occupancy remains stable hh. 15 January 2013. Contents. Authors. Contacts

DTZ Research. Property Times Shanghai Q4 2012 Office occupancy remains stable hh. 15 January 2013. Contents. Authors. Contacts 2005 2006 2007 2008 2009 2010 2011 2012 2013F 2017F Property Times Shanghai Q4 2012 Office occupancy remains stable hh 15 January 2013 Contents Economic Overview 2 Office 3 Retail 4 Industrial & logistics

More information

Fact sheet DTZ Fair Value Index TM methodology

Fact sheet DTZ Fair Value Index TM methodology Fact sheet DTZ Fair Value Index TM methodology DTZ Fair Value Index TM launched to measure investor opportunity in world s commercial property markets First ever forward-looking commercial property value

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

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

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

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

DTZ Research. DTZ Insight Net Debt Funding Gap Shrinking gap means safe to lend against grade C. 25 November 2013. Contents.

DTZ Research. DTZ Insight Net Debt Funding Gap Shrinking gap means safe to lend against grade C. 25 November 2013. Contents. DTZ Insight Net Debt Funding Gap Shrinking gap means safe to lend against grade C 25 November 213 Contents Introduction 2 Gross debt funding gap 3 Bridging the gap 5 Net debt funding gap 7 Based on repeated

More information

EUR472bn assets held longer than average

EUR472bn assets held longer than average DTZ Research DTZ INSIGHT EUR472bn assets held longer than average European Hold Periods 1 March 215 Contents Historical trends 2 Future trading potential 4 DTZ has analysed the hold periods of European

More information

Occupier perspective Workplace strategies Focus on people March 2014

Occupier perspective Workplace strategies Focus on people March 2014 Occupier perspective Workplace strategies Focus on people March 2014 Creating a workplace strategy is one of the first and most important elements of portfolio / real estate strategy, which allows organisations

More information

The annual transaction volume increased by 70%

The annual transaction volume increased by 70% DTZ Research INVESTMENT MARKET UPDATE The annual transaction volume increased by 7 Finland 5 February 2015 Contents Economic Overview 2 Investment Market 3 Major Transactions 5 The transaction volume of

More information

P R E S S R E L E A S E

P R E S S R E L E A S E P R E S S R E L E A S E Contact: Robert McGrath 212.984.8267 robert.mcgrath@cbre.com Corey Mirman 212.984.6542 corey.mirman@cbre.com LONDON IS WORLD S MOST EXPENSIVE OFFICE MARKET FOR SECOND STRAIGHT YEAR

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

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

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

DTZ Research. Property Times Helsinki Q4 2013 Investment activity rose in Q4. 27 January 2014. Contents. Author. Contacts

DTZ Research. Property Times Helsinki Q4 2013 Investment activity rose in Q4. 27 January 2014. Contents. Author. Contacts Property Times Helsinki Q4 2013 Investment activity rose in Q4 27 January 2014 Contents Economic Overview 2 Investment market 3 Office market 5 Retail Market 8 Logistics Market 10 Major Transactions 12

More information

DTZ Research. Occupier Perspective Global Occupancy Costs Logistics 2014 SwareQ Asian cost advantages to reduce further. 22 October 2014.

DTZ Research. Occupier Perspective Global Occupancy Costs Logistics 2014 SwareQ Asian cost advantages to reduce further. 22 October 2014. Occupier Perspective Global Occupancy Costs Logistics 2014 SwareQ Asian cost advantages to reduce further 22 October 2014 Contents Section 1 Global ranking 2 Section 2 Fundamental demand drivers 4 Section

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

Occupier Perspective Global Occupancy Costs - Offices 2013 Cost saving opportunities in weak markets

Occupier Perspective Global Occupancy Costs - Offices 2013 Cost saving opportunities in weak markets Occupier Perspective Global Occupancy Costs - Offices 2013 Cost saving opportunities in weak markets 29 January 2013 Contents Introduction 2 Section 1 - Global ranking 3 Section 2 - Scenarios 6 Section

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

Global Office Thermometer

Global Office Thermometer Global Office Thermometer Lower costs driven by appreciating US dollar, weaker economic growth in Europe and increased supply in emerging markets May 2015 This is the 18th edition of our annual report

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

We estimate that the value of all world real estate totals around US$180 trillion.

We estimate that the value of all world real estate totals around US$180 trillion. We estimate that the value of all world real estate totals around US$180 trillion. Most of this is directly owned residential property and most of that (72%) is owner occupied. About 17% of it is commercial

More information

DTZ Insight Public administration employment Major office markets weather the storm

DTZ Insight Public administration employment Major office markets weather the storm DTZ Insight Public administration employment Major office markets weather the storm 27 October 2010 Contents Introduction 2 Trends in office based employment 3 Impact on office markets 8 Appendix 1: Methodology

More information

DTZ Occupier Perspective The TMT Sector The new growth engine in search for space. The new growth engine wants space. Figure 1 1,000.

DTZ Occupier Perspective The TMT Sector The new growth engine in search for space. The new growth engine wants space. Figure 1 1,000. DTZ Occupier Perspective The TMT Sector The new growth engine in search for space The new growth engine wants space 30 June 2014 Contents Sector overview 2 Property markets trends 3 Sector outlook 6 In

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

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

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

Global. 2011 Outlook for Office Real Estate 1. Figure 1: Regional Growth is Disparite. Figure 2: Global Office Rents Stabilizing

Global. 2011 Outlook for Office Real Estate 1. Figure 1: Regional Growth is Disparite. Figure 2: Global Office Rents Stabilizing cb richard ellis Global Research and Consulting Global www.cbre.com/research December 21 211 Outlook for Office Real Estate 1 By Nick Axford, Peter Damesick, Richard Holberton, Andrew Ness, Kevin Stanley,

More information

Occupier Perspective Global Occupancy Costs - Offices 2014 Most efficient markets challenged by cost increases. London City.

Occupier Perspective Global Occupancy Costs - Offices 2014 Most efficient markets challenged by cost increases. London City. Occupier Perspective Global Occupancy Costs - Offices 214 Most efficient markets challenged by cost increases 25 February 214 Contents Introduction 2 Section 1 Global ranking 3 Section 2 Global review

More information

2 DTZ Debt Solutions

2 DTZ Debt Solutions Debt solutions 2 DTZ Debt Solutions Debt solutions group overview The current economic climate and property market presents both challenges and opportunities to existing lenders, loan servicers and debt

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

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

2011 Investor Days Unibail-Rodamco in Central Europe

2011 Investor Days Unibail-Rodamco in Central Europe 2011 Investor Days Unibail-Rodamco in Central Europe DISCLAIMER Unibail-Rodamco S.E., a Société Européenne à Directoire et Conseil de Surveillance incorporated under French law, is a listed closed end

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

Servcorp Limited Analyst Presentation

Servcorp Limited Analyst Presentation Servcorp Limited Analyst Presentation Alf Moufarrige, CEO Thomas Wallace, CFO Thursday 25 February, 2010 Six Months ended 31 December 2009 1 Operational Highlights H1 2010 Mature floor NPBT of $12.05 million

More information

NORGES BANK INVESTMENT MANAGEMENT NIRI SAN FRANCISCO CHAPTER PRESENTATION TUESDAY 13TH MAY 2014 SPEAKER: HUGO SANDERS- HEAD OF CORPORATE ACCESS

NORGES BANK INVESTMENT MANAGEMENT NIRI SAN FRANCISCO CHAPTER PRESENTATION TUESDAY 13TH MAY 2014 SPEAKER: HUGO SANDERS- HEAD OF CORPORATE ACCESS NORGES BANK INVESTMENT MANAGEMENT NIRI SAN FRANCISCO CHAPTER PRESENTATION TUESDAY 13TH MAY 2014 SPEAKER: HUGO SANDERS- HEAD OF CORPORATE ACCESS Safeguarding financial wealth From natural resource to financial

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

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

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

Spain s Real Estate and Construction Markets. Think Tank of Deutsche Bank Group

Spain s Real Estate and Construction Markets. Think Tank of Deutsche Bank Group Spain s Real Estate and Construction Markets Think Tank of Deutsche Bank Group 1 2 3 4 Overall Macroeconomic Environment Real Estate Markets Construction Activity Concluding Remarks 1 Overall Macroeconomic

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

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

AUTUMN 2014. Property Investor Confidence Index Nordic Region

AUTUMN 2014. Property Investor Confidence Index Nordic Region AUTUMN 2014 Property Investor Confidence Index Nordic Region Summary 2 DECEMBER 2014 CONTENTS Introduction 4 Demand for Space 5-7 Yield Outlook Financing Possibilities 10 Acquisition/Disposal Plans 11

More information

European Portfolio Advisory Group Market update

European Portfolio Advisory Group Market update European Portfolio Advisory Group Market update October 2013 Click to launch 2 Publication Issue European NPL outlook and transactions in key markets Richard Thompson Chairman, European Portfolio Advisory

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

How does a venture capitalist appraise investment opportunities?

How does a venture capitalist appraise investment opportunities? 1 How does a venture capitalist appraise investment opportunities? Michael Queen - Finance Director, 3i Group plc A presentation to: 23 Pensions Convention 2 June 23 A How presentation does a venture to:

More information

Rents continue to recover. Global Office Index Q2 2014

Rents continue to recover. Global Office Index Q2 2014 Rents continue to recover Global Office Index Q2 2014 2 Global Office Index, Q2 2014 JLL Global Office Index Q2 2014 Rents continue to recover Steady improvement in both leasing activity and corporate

More information

INTERNATIONAL INDUSTRIAL PARKS

INTERNATIONAL INDUSTRIAL PARKS INTERNATIONAL INDUSTRIAL PARKS AND SUPPLY CHAIN MANAGEMENT with Asia-Pacific Region Taking Center Stage... trend toward fewer but extremely efficient retailers... by Angus McIntosh Partner & Head of Research

More information

Passive infrastructure sharing

Passive infrastructure sharing Passive infrastructure sharing 2 Why sharing? Passive infrastructure sharing started with mobile phone towers. Mobile network operators allowed each other to hang antennas on their mast sites, resulting

More information

Annual Report 2007 COMMERCIAL FINANCE WWW.INGCOMFIN.PL

Annual Report 2007 COMMERCIAL FINANCE WWW.INGCOMFIN.PL 2007 Annual Report 2007 COMMERCIAL FINANCE WWW.INGCOMFIN.PL It is with pleasure that I present to you the Annual Report of 2007 which describes the activity of ING Commercial Finance Polska S.A. Last year

More information

The World's Best-Selling Stock Market

The World's Best-Selling Stock Market Economics Q1 2015: Global Commercial Property Monitor Easier credit drives positive real estate sentiment Increasing number of respondents view real estate as expensive But easier credit still expected

More information

WELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc.

WELCOME! Introduction. Celebrating. &PrimeRevenue. PrimeRevenue Hong Kong. 2012 PrimeRevenue, Inc. WELCOME! Introduction Celebrating Ethe Factor Network establishment of &PrimeRevenue PrimeRevenue Hong Kong 2012 PrimeRevenue, Inc. Global Reach Today, we transact business in 50 countries Our platform

More information

Seamless Corporate & Trust Services in China

Seamless Corporate & Trust Services in China Seamless Corporate & Trust in China About Vistra Group Ranked among the top four corporate service providers globally, Vistra Group is a versatile group of professionals, providing a uniquely broad range

More information

Cargo Sales & Service Presentation

Cargo Sales & Service Presentation Cargo Sales & Service Presentation Who is Air Logistics Group? Established in 1994 One of the world s leading cargo sales and service companies 55 offices spanning 32 countries and over 200 employees worldwide

More information

THE NETHERLANDS CAPITAL MARKETS OUTLOOK 2015

THE NETHERLANDS CAPITAL MARKETS OUTLOOK 2015 THE NETHERLANDS CAPITAL MARKETS OUTLOOK 2015 CONTENTS CAPITAL MARKETS OUTLOOK 2015 CONTENTS CAPITAL MARKETS OUTLOOK 2015 INTRODUCTION CAPITAL MARKETS OUTLOOK 2015 6 THE NETHERLANDS ECONOMY 8 CAPITAL FLOWS

More information

2012 HAYS SALARY GUIDE SHARING OUR EXPERTISE. Salary and recruiting trends across Asia

2012 HAYS SALARY GUIDE SHARING OUR EXPERTISE. Salary and recruiting trends across Asia 2012 HAYS SALARY GUIDE SHARING OUR EXPERTISE Salary and recruiting trends across Asia SECTOR OVERVIEW CHINA Given the continued success of a variety of industries in China, and the overwhelming prosperity

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

Our Financial Services Regulatory practice

Our Financial Services Regulatory practice Our Financial Services Regulatory practice 2015 2 Our Financial Services Regulatory practice 2015 Allen & Overy LLP 2015 3 How we can assist you Ranked Tier 1 for Financial Services Regulatory: Non-contentious

More information

Hong Kong Prime Office Monthly Report. June 2011 RESEARCH OFFICE MARKET RALLY SUSTAINS

Hong Kong Prime Office Monthly Report. June 2011 RESEARCH OFFICE MARKET RALLY SUSTAINS RESEARCH June 2011 Hong Kong Prime Office Monthly Report OFFICE MARKET RALLY SUSTAINS Hong Kong's office sales market continued to be robust this past month. About 350 sales transactions were recorded

More information

Global property update

Global property update Standard Life Investments Global property update Q2 2010 This information is for institutional investors only and must not be relied on by anyone else. Anne Breen Head of Property Research, Standard Life

More information

How To Get Through The Month Of August

How To Get Through The Month Of August 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

Aberdeen University: Back on campus event

Aberdeen University: Back on campus event Asset Management: a rewarding and exciting career choice 5 November 2014 Alex Barr (MA, Economics and Accountancy, 1992) For investment professional use only Not for public distribution Agenda Asset Management

More information

EASTSPRING INVESTMENTS ASIA INVESTOR BEHAVIOUR STUDY 2015 INDONESIA. October 2015. eastspring.co.id

EASTSPRING INVESTMENTS ASIA INVESTOR BEHAVIOUR STUDY 2015 INDONESIA. October 2015. eastspring.co.id EASTSPRING INVESTMENTS ASIA INVESTOR BEHAVIOUR STUDY 2015 INDONESIA October 2015 eastspring.co.id 2 Asia Investor Behaviour Study 2015 - Indonesia Asia Investor Behaviour Study 2015 - Indonesia CONTENTS

More information

MAKING YOUR PROJECTS REAL SOCIETE GENERALE EQUIPMENT FINANCE AT A GLANCE

MAKING YOUR PROJECTS REAL SOCIETE GENERALE EQUIPMENT FINANCE AT A GLANCE 2013 MAKING YOUR PROJECTS REAL SOCIETE GENERALE EQUIPMENT FINANCE AT A GLANCE Our profile We, Societe Generale Equipment Finance, are part of the French banking group Societe Generale and are a leading

More information

Global coverage COUNTRY COVERAGE

Global coverage COUNTRY COVERAGE Our capabilities Global coverage DTZ, a UGL company, is one of the world s largest property services firms, encompassing industry leading advisory, brokerage and management solutions to occupiers and investors

More information

WARSAW OFFICE MARKETVIEW Q3 2014

WARSAW OFFICE MARKETVIEW Q3 2014 WARSAW OFFICE MARKETVIEW Q3 2014 2 ECONOMY Population 38.5 m GDP growth (2015 forecast) 3.2% CPI (Y-o-Y, September 2014) -0.3% Reference interest rate 2.0% Unemployment rate (September 2014) 11.5% Source:

More information

INDEX SERIES FTSE PUBLICATIONS. FTSE ETF Issuer Services.

INDEX SERIES FTSE PUBLICATIONS. FTSE ETF Issuer Services. INDEX SERIES FTSE PUBLICATIONS FTSE ETF Issuer Services. BEIJING BOSTON DUBAI HONG KONG LONDON MILAN MUMBAI NEW YORK PARIS SAN FRANCISCO SHANGHAI SYDNEY TOKYO FTSE FTSE Group ( FTSE ) is a world-leader

More information

GLOBAL RETAIL TRENDS IMPLICATIONS FOR COMMERCIAL REAL ESTATE

GLOBAL RETAIL TRENDS IMPLICATIONS FOR COMMERCIAL REAL ESTATE GLOBAL RETAIL TRENDS IMPLICATIONS FOR COMMERCIAL REAL ESTATE Q2 2013 GLOBAL ECONOMY 2013: Steady Relative to 2012 1.7% CANADA 1.6% U.S. 2.9% MEXICO 1.1% UK -0.5% FRANCE -1.8% SPAIN 0.5% GERMANY -2.0% ITALY

More information

Quarterly Update January 2014. Lothbury. Review of 2013. Investment Management

Quarterly Update January 2014. Lothbury. Review of 2013. Investment Management Q4 Quarterly Update January 2014 Lothbury Property Trust Review of 2013 Investment Management Overview Lothbury Property Trust Fund Description Lothbury is an offshore Trust investing in UK real estate.

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

UGL DTZ - A Leading Global Address

UGL DTZ - A Leading Global Address Our capabilities Global coverage DTZ, a UGL company, is one of the world s largest property services firms, encompassing industry leading advisory, brokerage and management solutions to occupiers and investors

More information

Seamless Corporate & Trust Services in China

Seamless Corporate & Trust Services in China Seamless Corporate & Trust Services in China About Vistra Group Ranked among the top four corporate service providers globally, Vistra Group is a versatile group of professionals, providing a uniquely

More information

FTSE Global Bond Index Series

FTSE Global Bond Index Series FTSE Global Bond Index Series FTSE GLOBAL BOND INDEX SERIES The FTSE Global Bond Index Series is a series of fixed income indices covering the principal government bond markets and selected corporate markets.

More information

Money into Property Europe 2012 Forced deleveraging next

Money into Property Europe 2012 Forced deleveraging next Forced deleveraging next 25 April 2012 Contents Introduction 2 Section 1 Sizing of the market 3 Section 2 Current sentiment 10 Section 3 Our key views 14 Appendix 18 Despite ongoing economic and political

More information

EXECUTIVE SUMMARY CONTACTS

EXECUTIVE SUMMARY CONTACTS EUROPEAN LOGISTICS MARKET Property report Q2 213 CONTACTS PROPERTY REPORT - EUROPEAN LOGISTICS MARKET - SEPTEMBER 213 EUROPEAN LOGISTICS COVERAGE FRANCE Christophe Prioux christophe.prioux@bnpparibas.com

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

World City Millionaire Rankings. May 2013

World City Millionaire Rankings. May 2013 World City Millionaire Rankings May 2013 WealthInsight Publication date: May, 2013 About WealthInsight The WealthInsight Intelligence Center Database is an unparalleled resource and the leading resource

More information

A Global Rating Agency >

A Global Rating Agency > A Global Rating Agency > Who We Are > Fitch Ratings is committed to providing the world s credit markets with reliable, timely and prospective credit opinions. Built on a foundation of organic growth and

More information

Commercial Development USA

Commercial Development USA Commercial Development USA Mats Johansson Business Unit President Stockholm New, Sweden 1 Skanska USA Commercial Development Began operating in the US in 2009 Acquires, develops, leases and divests office

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

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

Fully invested in your future. Graduate Opportunities at LaSalle

Fully invested in your future. Graduate Opportunities at LaSalle Fully invested in your future Graduate Opportunities at LaSalle 2016 At LaSalle, we believe our people are our biggest asset. The continued development and career progression of our employees is of the

More information

CB RICHARD ELLIS GLOBAL RESEARCH & CONSULTING EXECUTIVE SUMMARY

CB RICHARD ELLIS GLOBAL RESEARCH & CONSULTING EXECUTIVE SUMMARY BUSINESS FOOTPRINTS GLOBAL OFFICE LOCATIONS 2011 CB RICHARD ELLIS GLOBAL RESEARCH & CONSULTING EXECUTIVE SUMMARY INTRODUCTION The liberalisation and globalisation of trade have resulted in significant

More information

Savills plc. Results for the year ended 31 December 2015

Savills plc. Results for the year ended 31 December 2015 Savills plc Results for the year ended 31 December 215 1 March 216 1 Disclaimer: Forward-looking statements These slides contain certain forward-looking statements including the Group s financial condition,

More information

The rise of the cross-border transaction. Grant Thornton International Business Report 2013

The rise of the cross-border transaction. Grant Thornton International Business Report 2013 The rise of the cross-border transaction Grant Thornton International Business Report 2013 Foreword MIKE HUGHES GLOBAL SERVICE LINE LEADER MERGERS & ACQUISITIONS GRANT THORNTON INTERNATIONAL LTD When reflecting

More information

Norton Rose Group expands across Canada, Latin America and Kazakhstan. Creating one of the world s leading energy and mining practices

Norton Rose Group expands across Canada, Latin America and Kazakhstan. Creating one of the world s leading energy and mining practices Norton Rose Group expands across Canada, Latin America and Kazakhstan Creating one of the world s leading energy and mining practices Norton Rose Group expands across Canada, Latin America and Kazakhstan

More information

Kazakhstan Azerbaijan. 12 April 2016 14 April 2016

Kazakhstan Azerbaijan. 12 April 2016 14 April 2016 Kazakhstan Azerbaijan 12 April 2016 14 April 2016 B2B Luxury & MICE Workshop WHAT IS IT? B2B Luxury & MICE workshop provides you a unique opportunity to meet with the top-tier local buyers from Azerbaijan

More information

Conference Call HOCHTIEF acquires 50% in aurelis Real Estate 06 September 2007

Conference Call HOCHTIEF acquires 50% in aurelis Real Estate 06 September 2007 Conference Call HOCHTIEF acquires 50% in aurelis Real Estate 06 September 2007 Dr. Peter Noé, CFO HOCHTIEF Aktiengesellschaft Dr. Joachim Wieland, Managing Director HOCHTIEF Projektentwicklung TURNING

More information