Office market report Luxembourg
|
|
- Amie McKenzie
- 8 years ago
- Views:
Transcription
1 Office market report Luxembourg On Point 4 th quarter 2015 The year of the mega deals Take-up in Q4 surged to 87,000 sqm., up vs. 58,000 sq.m. in Q3. Over the full year, take-up amounted to 231,000 sq.m, up 15% y- o-y and the second highest level ever recorded in Luxembourg was clearly the year of mega deals, with 7 transactions above 10,000 sq.m. recorded. Vacancy rate stabilised at 4.15%, vs. 4.2% in Q3 and 50 bps lower than a year ago. As a few speculative completions are awaited in 2016, we expect higher vacancy in the near term. Prime rents increased in 2015 in most districts due to lack of vacancy. In the CBD, they reach 45 / sq. m. / month (+ vat), up vs. 42 / sq.m. / month (+vat) a year ago. Another increase is expected in 2016 in the best buildings under construction Boulevard Royal. The investment market jumped to a 8 year high of 979 Mln, 10% above Prime yields compressed further to 5%.
2 2 On Point Luxembourg Office market report Q Foreword 2015 was the second best year ever in terms of the take-up in Luxembourg. It was also the year of mega deals with 7 transactions above 10,000 sq.m. being recorded. As a result, rents increased in many locations and prime rents may rise above 45 / sq.m. / month (+vat in 2016). This should not slow down take-up as we already see the beginning of 2016 booming. Angélique Sabron Head of Agency Luxembourg Key figures Letting Market Take-up (cumulative) in 000 sq. m * 231 Stock in Mio. sq. m Completions (cumulative) in 000 sq. m Vacancy in 000 sq. m Vacancy Rate in % Prime Rent in /sq. m. /month Capital Market Investment volume total in Mio (**) Prime Yield Band in % (typical 3/6/9) e 2017e 2018e Future Supply, Speculative ( 000 sq. m. ) Future Supply, Non Speculative ( 000 sq. m. ) Total ( 000 sq. m. ) (*) Restated (**) Incl. owner occupation, development, and land sales
3 3 On Point Luxembourg Office market report Q Letting market The year of mega deals 2015 was the second best year ever in terms of take-up in Luxembourg: we recorded 231,000 sq.m. of transactions, 15% higher than in 2014 and 40% higher than the average of the last 10 years. In Q4, take-up amounted to 87,000 sqm., up vs. 58,000 sq.m. in Q3. This excellent performance is partly explained by a high number of transactions of more than 10,000 sq.m.: in 2015, we registered 7 of those, vs. 3 in 2014 and 1 in Among those, European institutions realised 4 transactions: the European Investment Bank signed for two major deals: the preletting of the IAK building (21,400 sq.m.) in Kirchberg, as well as the letting of 10,750 sq.m. in the Monnet 3 building, also in the Kirchberg. Over the last two years, the EIB therefore closed for c. 50,000 sq.m. of take-up. The contribution of European institutions to total take-up sharply rose to 27%, vs. 7% in 2014 and 11% on average over the last 5 years. Corporates also realised mid to large size transactions over the last 3 months, EY moved to its new HQ in the Kirchberg (15,262 sq.m.) and BGL BNP Paribas started to occupy its new building also in Kirchberg (5,200 sq.m. so far). In 2015, corporates represented 65% of total take-up, vs. 90% in 2014 and vs. 79% on average the last 5 years. Local administrations actively contributed to the year of mega deals: the CSSF joined its news building Route d Arlon (CBD) which totals 14,000 sq.m. Their relative proportion was 8%, vs. 3% a year ago and 11% on average the last 5 years. Take-up by sector 250,000 ago), and the CBD with 21% (vs. 16%). There were less transactions in the Periphery (9%, vs. 15%). Take-up by size category 250, , , ,000 50, < ,000-2,499 2,500-4,999 5,000-9,999 >=10,000 Risk of vacancy dry-up eased Early 2015, there was a real threat of a drying of the vacancy due to the European Commission s demand for 50,000 sq.m., representing c. 35% of total vacancy in Luxembourg, periphery included. Finally, after a decline to 3.8% in Q2, vacancy eased a bit to 4.2% in Q3 thanks to a few speculative completions and second hand properties being vacated. In Q4 vacancy stabilised at 4.15%, vs. 4.7% a year ago. From a European perspective, vacancy in Luxembourg remains one of the lowest, only London having lower vacancy rate. Representative recent speculative completions were the KPC (5,200 sq.m., part of EY s new building in Kirchberg), and the White Pearl (c. 8,400 sq.m. in the CBD, completed in Q3). Vacancy rate by district (%) 200, , ,000 50, % 14% 12% 10% 8% 6% 4% 2% 0% Corporates Local Admin. EU Intl. Admin. Source : JLL Research CBD Kirchberg Station Dece Peri Esch Q Q Q Q Q4 15 Over the full year 2015, the Kirchberg district represented 41%, vs. 22% a year ago, followed by the decentralised (primarily Cloche d Or, Bertrange and Strassen) with 23% (vs. 26% a year
4 '000 sq.m. 4 On Point Luxembourg Office market report Q By district, the vacancy rate in Q was 4.6% in the CBD (vs. 3.8% a year ago), 1.4% in Kirchberg (vs. 1%), 2.9% in the Station (vs. 1.2%), 5.9% in the Decentralised (vs. 8.7%) and 9.4% in the Periphery (vs. 11.6%). LARGEST SPECULATIVE PROJECTS DISTRICT BUILDING AREA PLANNING KIRCHBERG LIGHTHOUSE ONE 14,500 Q CBD CARREFOUR 13,000 Q LEUDELANGE L2 11,000 Q CLOCHE D OR DYAPASON 13,000 Q Completions, Pipeline and Vacancy % 7% 6% 5% 4% 3% 2% 1% 0% LEUDELANGE TRIOLOGIE 5,000 Q STATION FORT WALLIS 4,100 Q CBD ONE on ONE 3,100 Q CBD ROYAL20 2,600 Q CBD ROYAL GRACE 1,600 Q ,000 sq.m. will be delivered in 2016 A total of 132,000 sq.m. will be delivered in 2016, of which 62,000 sq.m. is speculative. A few projects will be delivered in central districts: the refurbished Carrefour (13,000 sq.m.), the Royal20 (2,600 sq.m. vacant), the One on One (3,100 sq.m.) and the Royal Grace (1,600 sq.m.) in the CBD, the Kons (2,500 sq.m. next to ING Luxembourg s new HQ) and the Fort Wallis (4,100 sq.m.) in the Station, and the Lighthouse One (14,500 sq.m., next to RTL Tower) in the Kirchberg. We therefore believe that vacancy will increase in Some of the properties vacated by their occupier moving to a new headquarters currently under construction (example: ING, EY) will be refurbished before being again available on the market, so the impact on vacancy will be delayed. Completions F C Spec. F C Non Spec. Vacancy Rate Source : JLL Research Hot market in Luxembourg: rental values go further up In view of the low vacancy and the slow flow of speculative completions, prime rents continued to increase in most districts in In the CBD, they increased from 42 / sq.m. / month (+vat) to 45 / sq.m. / month (+vat) as from Q In the Kirchberg, prime rents are now at 34 / sq.m. / month (+vat) vs. 31 / sq.m. / month a year ago, while in the Station district prime rents increased by 3% to 35 / sq.m. / month. The drop of vacancy in La Cloche d Or pushed asking rents higher: the best products now trade at 29.5 / sq.m. / month (+vat) vs. 28 previously. Finally prime rents in the Periphery, and more specifically the Airport, are unchanged at 25 / sq.m. / year. In Leudelange, new projects trade at / sq.m. / year, a 24% increase year-onyear. Prime rents evolution ( / sq.m. / month) CBD Station Kirchberg Decentralised Periphery Esch Source : JLL Research One on One by IKOGEST (CBD): 3,100 sq.m.
5 5 On Point Luxembourg Office market report Q Investment market Nearly 1 bn investment volume The property investment market in Luxembourg jumped to an 8 year high volume of 979 Mln (land sales included), 10% above 2014 and the highest since % of the volume was offices, once again large volumes were traded such as the Vertigo in la Cloche d Or sold to Starwood and Rynda for 120 Mln and the HQ of Deutsche Bank in the Kirchberg acquired by Moor Park Capital for 72 Mln. The emblematic Royal20 project, developed by Leasinvest Real Estate which will be partly occupied by a Chinese bank, was also sold to a group of private investors for 62.5 Mln. The biggest deal of the year was the Royal Hamilius transaction with Abu Dhabi Investment Authority (ADIA). The land sales were particularly high at 56 Mln with as main players CLE and Immobel. The breakdown of investors origin was again very international, with the Middle East representing 28%, the USA 20% and France 6%. The traditional investors from Belgium contributed to 19%, and Germany which generally takes 15-20% or more of the volume represented only 5%. Investors from Luxembourg took 20% of the total volume. With the heavyweight of the Middle Eastern sovereign wealth fund, the share of institutions was 41% compared to 33% a year ago. Pooled funds followed with 19%, down from 47% in 2014, and private investors ranked third with 17%, vs. 15% a year ago. The high land sales volume and some development deals lifted the share of developers to 14%. There was no such deals in Yields compressed further Investment Volume by ( Mio) Investment Volume by origin of money (%) 100% 80% 60% 40% 20% 0% Middle East USA France UK Germany Belgium Luxembourg For prime office buildings in the CBD and with standard leases, yields went down by 50 bps vs and now range between 5.0% and 6.0%. Prime High street shops yields are 4.0%, vs. 4.25% a year ago while prime shopping centers and retail warehousing yields are respectively 5.25% and 6.0%, though such transactions are very rare and effective yields of recent transactions are lower. Logistics and semi-industrial prime yields are at respectively 6.5% and 7.5%, though there is no recent representative transaction in these segments. Prime Yield evolution (6/9yr lease) 6.20% 6.00% 5.80% 5.60% 5.40% 5.20% 5.00% 4.80% 4.60% 4.40%
6 6 On Point Luxembourg Office market report Q JLL Research Advisory Services JLL time series for quarterly and submarket data are available on request, as well as rental analysis (top quartile and weighted average rents). This is a fee-based service. Our Research & Advisory service also prepares micro-location studies for landlords and investors with a focus on rental analysis, existing and future competition analysis with GIS mapping, transaction analysis and SWOT. Contact: Pierre-Paul Verelst Head of Research BeLux pierre-paul.verelst@eu.jll.com Largest Letting Transactions in Luxembourg 2015 YEAR QTR SUBDISTRICT OPERATION BUILDING AGE AREA (sq.m) TENANT KIRCHBERG Letting IAK UC 21,400 EUROPEAN INVESTMENT BANK KIRCHBERG Owner occupier ARENDT HOUSE New 15,400 ARENDT & MEDERNACH KIRCHBERG Owner occupier KPC New 15,262 EY CLOCHE D OR Letting ARIANE Modern 13,624 EUROPEAN COMMISSION CBD Owner occupier ARLON-AUBEPINES New 14,000 CSSF CLOCHE D OR Letting LACCOLITH Modern 11,291 EUROPEAN COMMISSION KIRCHBERG Letting MONNET, 3 Modern 10,750 EUROPEAN INVESTMENT BANK KIRCHBERG Owner occupier KENNEDY, 50 New 5,200 BGL BNP PARIBAS CBD Letting AIRE New 4,906 BBH BERTRANGE Letting ABP VITRUM New 3,750 KNEIP COMMUNICATION Top 10 Office Investment Transactions in Luxembourg 2015 YEAR QTR DISTRICT BUILDING SURFACE PRICE ( Mio) SELLER BUYER Sovereign Wealth Fund Middle CBD Royal Hamilius 35,000 Conf. Codic East Cloche d Or Vertigo 24,000 Conf. Irish Life Starwood / Rynda Kirchberg Deutsche Bank 11, IVG Moor Park Capital CBD Royal20 4, Leasinvest Private Kirchberg LB LUX 10, LB Lux AG Real Estate CBD White Pearl 8, Sogimme French investor Periphery Airport Center 17, AIG Giorgetti Station M2 6, Mavin Project IVG CBD Royal 30 4, Landesbank Berlin Private Periphery E-Building Munsbach 10, Rynda Tristan Capital, based on publicly available data
7 7 On Point Luxembourg Office market report Q Map of the Luxembourg Office Market
8 8 On Point Luxembourg Office market report Q Definitions Take-up Take-Up New: Represents take-up of floorspace in new or substantially refurbished buildings of less than five years since completion. Take-Up Modern: Represents take-up of floorspace built or renovated between 5-15 years ago. Take-up Old: Represents take-up of floorspace built more than 15 years ago and not renovated. Rent Prime Office Rent represents the top open-market rent that could be expected for a notional office unit of the highest quality and specification in the best location in a market, as at the survey date (normally at the end of each quarter period). The rent quoted normally reflects prime units of over 500 sq. m. of lettable floorspace, which excludes rents that represent a premium level paid for a small quantity of space. Top Quartile Office Rent represents the average mean value of the top (25 %) quartile of all known face rents achieved on leasing transactions completed within a market during the survey period (normally calculated annually, or quarterly on a 12 monthly rolling basis). It excludes any unrepresentative deals. Weighted Average Rent represents the average mean value of all known face rents achieved on leasing transactions completed within a market during the survey period weighted with the floorspace (normally calculated annually, or quarterly on a 12 month rolling basis). It excludes any unrepresentative deals. Prime Yield Represents the best (i.e. lowest) rack-rented yield estimated to be achievable for a notional office property of the highest quality and specification in the best location in a market, as at the survey date (normally at the end of each quarter period). The property should be let at the prevailing market rent to a first class tenant with an occupational lease that is standard for the local market. The prime initial net yield is quoted, i.e., the initial net income at the date of purchase, expressed as a percentage of the total purchase price, which includes acquisition costs and transfer taxes. Vacancy Vacancy represents completed floorspace offered on the open market for leasing or sale, vacant for immediate occupation on the survey date (normally at the end of each quarter period), within a market. It includes all vacant accommodation irrespective of the quality of office space or the terms on which it is offered. Vacancy excludes obsolete or mothballed office property, i.e. floorspace held vacant and not being offered for letting, usually pending redevelopment or major refurbishment. Vacancy Rate The Vacancy Rate represents immediately vacant office floorspace in all completed buildings within a market as at the survey date (normally at the end of each quarter period), expressed as a percentage of the total stock. Stock Stock represents the total amount of completed office space in buildings mainly used for office purposes within a market that is capable of occupation regardless of the type of ownership or type of building quality, as at the survey (normally at the end of each quarter period). Completions Completions represent floor-space completed during the survey period (normally annually). Completions include new development and refurbished accommodation, speculative developments, pre-let floor space and space for owner-occupation..
9 JLL Office - Luxembourg Atrium Business Park 41 rue du Puits Romain L-8070 Bertrange LUXEMBOURG Tel : Contact Romain Muller Angélique Sabron Jean-Philip Vroninks (*) Pierre-Paul Verelst Managing Director Luxembourg Head of Agency Luxembourg Head of Capital Markets BeLux Head of Research BeLux (0) (0) Romain.Muller@eu.jll.com Angelique.Sabron@eu.jll.com Jean-Philip.Vroninks@eu.jll.com Pierre-Paul.Verelst@eu.jll.com (*) Revron gcv 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.
Office market report Luxembourg
Office market report Luxembourg On Point st quarter 0 Stabilisation Take-up in Q 0 was,8 sq.m., up 0% year-on-year. Excluding a large deal outside the traditional districts, the takeup was unchanged. Vacancy
More informationOffice market report Brussels
Office market report Brussels Pulse Spring 2014 The Belgian Logistics Market - Quarterly Update On Point 2nd quarter 2014 Take-up in Q2 2014 increased by 35% y-o-y to 137,800 sq.m. Year-to-date take-up
More informationEuropean 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 informationEuropean 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 informationEuropean 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 informationEuropean 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 informationRussian 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 informationWarsaw 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 informationSofia 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 informationInvestment 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 informationBriefing Office sector November 2014
Savills World Research Beijing Briefing Office sector November 2014 SUMMARY Image: CBD area, Chaoyang district City-wide vacancy rates hovered at the lowest level in China despite the market receiving
More informationInterim statement of the Board of Directors for the period from 1 January 2015 to 31 March 2015
Press release Regulated information Embargo 13 May 2015 5.40 PM CREATING VALUE IN REAL ESTATE Interim statement of the Board of Directors for the period from 1 January 2015 to 31 March 2015 Acquisition
More informationQ3 2014. Dubai Real Estate Market Overview
Q3 2014 Dubai Real Estate Market Overview Dubai Market Summary The Dubai real estate market saw a welcome levelling-off during the summer months. The broad based recovery witnessed in the residential sector
More informationQ3 2014. Cairo Real Estate Market Overview
Cairo Real Estate Market Overview Cairo Market Summary The third quarter of 2014 saw further political stability as the regime proceeded with implementing its roadmap. Following the reduction of energy
More informationQ2 2014. Cairo Real Estate Market Overview
Cairo Real Estate Market Overview Cairo Market Summary The election of President El-Sisi with a huge majority and relatively little active opposition marks the next stage towards a return of political
More informationQ2 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 informationGlobal 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 informationING 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 informationMarket 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 informationBerlin 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 informationNational Offices & Business Parks Survey
National Offices & Business Parks Survey Winter 28/29 THAMES VALLEY M25 GREATER LONDON Quarterly Take-Up Take-Up Trends Take-up for 28 was relatively evenly distributed throughout the year. Total take-up
More informationCommercial 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 informationQ3 2015. Cairo Real Estate Market Overview
Cairo Real Estate Market Overview Cairo Market Summary All sectors of the Cairo real estate market exhibited positive performance and improved sentiment during, with the office market signaling the most
More informationRebound 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 informationHow 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 informationLARGE 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 informationCB RICHARD ELLIS RESEARCH AND CONSULTING. Special Report DUBLIN - A COMPARATIVE ANALYSIS OF COMPETING OFFICE MARKETS
CB RICHARD ELLIS RESEARCH AND CONSULTING Special Report DUBLIN - A COMPARATIVE ANALYSIS OF COMPETING OFFICE MARKETS August 2010 TABLE OF CONTENTS Foreword 4 Introduction 5 Corporate Tax Rates 6 Rents
More informationInvestIng 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 informationWest 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 informationTrends 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 informationCLO. Central London Office Overview. Real Estate Q3 2014
CLO Central London Office Overview Real Estate Q3 2014 2 Central London Office Overview Midtown, Southbank and City Fringe yields harden in Q3 with further yield compression predicted Economic Data to
More informationUK Property Market London & South East March 2011
UK Property Market London & South East March 2011 Economic Background In January we reported that property yields had hardened substantially over the calendar year 2009 and that the UK stock market had
More informationCITY FLOOR REVIEW. A floor-by-floor analysis of the City office market Q1 2015
CITY FLOOR REVIEW A floor-by-floor analysis of the City office market Q1 215 FIRST QUARTER REVIEW THE QUARTER IN NUMBERS Q ON Q Y ON Y Comment 374 floors available, totalling 2.9m sq ft 24 floors taken-up
More informationOffice Market Conditions Across the UK
UK National Voice - Q4 21 Office Market Conditions Across the UK Signs of recovery in the UK office leasing market appeared during the second half of 21 with take-up activity up 75 in comparison with the
More informationWarsaw 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 informationCurrent 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 informationProperty 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 informationRecovery 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 informationPress Release. German commercial property investment market makes a strong start to 2015
Press Release German commercial property investment market makes a strong start to 2015 FRANKFURT, 2nd April 2015 It s so good, it s bad is how the English-speaking world describes the current situation
More informationStrata Office Space An Expanding Asset Class. January 2015
Strata Office Space An Expanding Asset Class January 2015 CBD Strata Office Space Takes Centre Stage Demand for quality pipeline strata office space supply will remain resilient on the back of limited
More informationUK commercial property prime rental values continue to increase.
MARKETVIEW UK Prime Rent and Yield, UK commercial property prime rental values continue to increase. 164 3 23 6 *Arrows indicate change from previous quarter. Prime rental values increased by 1.3% in,
More informationSchroder Property Multi-let industrial estates: more than just your average manufacturer
Schroder Property Multi-let industrial estates: more than just your average manufacturer July 201 For professional investors and advisers only Introduction Eleanor Jukes, Senior Property Research Analyst
More informationMENA Office Markets. and their impact on CRE function. Craig Plumb Head of Research, MENA April 2013
MENA Office Markets and their impact on CRE function Craig Plumb Head of Research, MENA April 2013 Agenda 01 02 03 04 05 06 Regional Office Markets Dubai Market Update Summary of other MENA Markets Importance
More informationMarket Sentiment Survey
Market Sentiment Survey H1 2014 Portfolio.hu RICS ELTINGA Market Sentiment Survey H1 2014 01 Highlights 02 Explanation 03 Index 05 Office sector 09 Retail sector 13 Industrial sector 16 General sentiment
More informationQ3 2013 MAIN INVESTMENT MARKETS IN WESTERN EUROPE. At a glance MAIN INVESTMENT MARKETS EXCITE INVESTORS INTEREST
At a glance MAIN INVESTMENT MARKETS IN WESTERN EUROPE ESTATE P PARIB IBAS REAL ESTATE TE AS R Real estate investment volume - rolling year billion 9 8 7 6 5 4 3 2 1 25 26 27 28 29 21 211 212 213 Real estate
More informationPROGRESS UPDATE. January 2015
PROGRESS UPDATE January 2015 DISCLAIMER This presentation document (hereinafter "this document") has been prepared by Green REIT plc (the Company ) and Green Property REIT Ventures Limited ( Green ), the
More informationSpotlight Key Themes for UK Real Estate in 2015
Savills World Research Commercial, Residential & Rural Spotlight Key Themes for UK Real Estate in 2015 savills.co.uk/research Spotlight Key Themes for UK Real Estate 2015 THE UK REAL ESTATE MARKET IN 2015
More informationUK Prime Rents and Yields MarketView
Q 2 Q1 2 Q1 2 Q 2 Q2 2 Q1 2 Q 2 Q 2 Q2 2 Q 2 Q2 211 Q 212 UK Prime Rents and Yields MarketView CBRE Global Research and Consulting RENTS - RISERS 2 YIELDS - FALLERS RENTS - FALLERS YIELDS - RISERS ACCELERATING
More informationOffice Leasing and Investment
MarkEt REPORT Berlin 214/215 Office Leasing and Investment Accelerating success, Office leasing Berlin STATISTICS Population 3,422, Unemployment rate 11.1 % Employees paying social security contributions
More informationEMEA 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 informationThe resilience of the London property market Why London provides attractive opportunities for Commercial Property Investment
The resilience of the London property market Why London provides attractive opportunities for Commercial Property Investment Anthony Epenetos The Lorenz Consultancy The Lorenz Consultancy Commercial property
More informationOffice 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 informationCLO CLO Q4 2014. thinkcapitarealestate.uk. Central London Office Overview
CLO Central London Office Overview CLO Q4 2014 2 Central London Office Overview Central London Office Overview 3 At a glance 4 Central London Office Overview West End At a glance 111 Buckingham Palace
More informationBUSINESS BRIEFING SELF STORAGE
BUSINESS BRIEFING VALUATION & ADVISORY A Cushman & Wakefield Valuation & Advisory Publication JANUARY 2015 SOLID YEAR AHEAD IN As we enter 2015, investors always ask about market expectations for the New
More informationHelsinki Metropolitan Area (HMA) Office MarketView
Helsinki Metropolitan Area (HMA) Office MarketView Q3 2014 CBRE Global Research and Consulting GDP -0.6% (Y-o-Y) CPI 1,3% (Y-o-Y) UNEMPLOYMENT RATE 8,2% (Sep) HELSINKI OFFICE MARKET - SALES VOLUME IS IMPROVING
More informationFINANCE AVENUE 14.11.2015. Aspria Uhlenhorst Hamburg (DE)
FINANCE AVENUE 14.11.2015 Aspria Uhlenhorst Hamburg (DE) TABLE OF CONTENTS - Company Profile & Strategy - Healthcare Real Estate - Offices - Outlook 2 COMPANY PROFILE & STRATEGY Nursing Home Orchidée Ittre
More informationTaylor Wessing Real Estate News
Taylor Wessing Real Estate News Taylor Wessing Real Estate News Commercial real estate remains an attractive investment. Today, more than ever, investors are seeking to take advantage of opportunities
More informationAA TOWER. Technology Park Zwijnaarde INVESTMENT OPPORTUNITY
AA TOWER Technology Park Zwijnaarde INVESTMENT OPPORTUNITY AA TOWER Technology Park Zwijnaarde INVESTMENT OPPORTUNITY TABLE OF CONTENTS INVESTMENT SUMMARY LOCATION & ACCESSIBILITY SETTING: Technology
More informationRecord office take-up Investment market remains dynamic
Berlin Market Report OFFICE LEASING AND INVESTMENT Q1 2016 Record office take-up Investment market remains dynamic Margit Lippold Director Research Office leasing Office take-up (in 1,000 sqm) including
More informationDerwent London plc ( Derwent London / the Group )
17 November 2011 Derwent London plc ( Derwent London / the Group ) INTERIM MANAGEMENT STATEMENT FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2011 Continued strong letting progress and further rental growth during
More informationSpain 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 informationCITY FLOOR REVIEW. A floor-by-floor analysis of the City office market Q2 2015
CITY FLOOR REVIEW A floor-by-floor analysis of the City office market Q2 215 SECOND QUARTER REVIEW THE QUARTER IN NUMBERS Q ON Q Y ON Y Comment 377 floors available, totalling 2.85m sq ft 1% by floors
More informationUK Office Market Outlook H2 2014
UK Office Market Outlook H2 Regional revival The investment market led the charge in but by year-end the occupational market had matched the pace with all major markets outside London (asides from the
More informationEMEA 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 informationHalf-Yearly Financial Report 2015
Half-Yearly Financial Report 2015 Key events Strategic acquisition of the Gateway building (Brussels airport) Stable fair value of portfolio at constant perimeter Net asset value of 55.61 per share EPRA
More informationVacancy Rate Increases Above 20% As Space Givebacks Continue
OFFICE LOS ANGELES MARKET REPORT Rate Increases Above 20% As Space Givebacks Continue MARKET OVERVIEW MARKET INDICATORS - VACANCY 20.1% NET ABSORPTION -137,400 CONSTRUCTION 508,200 RENTAL RATE $34.56 P
More informationUBS Global Real Estate Conference. Offices: Bullish Times Ahead?
UBS Global Real Estate Conference Stephen Hester, Chief Executive We are real estate investors and create value by actively managing, financing and developing prime commercial property to provide the environment
More information28 St Thomas Court, Bristol, BS1 6JG
28 St Thomas Court, Bristol, BS1 6JG Bristol City Centre Office Investment Long Leasehold Located in the heart of Bristol City Centre. Modern office accommodation recently fully refurbished. Let to Potato
More informationPRESS RELEASE EUROCOMMERCIAL PROPERTIES N.V. NINE MONTHS RESULTS 2015/2016
Date: 13 May 2016 Release: Before opening of Euronext Amsterdam PRESS RELEASE EUROCOMMERCIAL PROPERTIES N.V. NINE MONTHS RESULTS 2015/2016 Direct investment result and overall annual retail sales turnover
More informationIssue 2 Are the charging rates informed by and consistent with the evidence?
LONDON BOROUGH OF ISLINGTON COMMUNITY INFRASTRUCTURE LEVY [CIL] CHARGING SCHEDULE EXAMINATION EXAMINER S ISSUES & QUESTIONS London Borough of Islington Response to Examiner s Issues & Comments Issue 2
More informationDTZ 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 informationWe 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 informationOutlook 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 informationLife Sciences Outlook. San Diego 2015
Life Sciences Outlook San Diego 2015 San Diego San Diego saw $43.8 billion in M&A transactions from 2011 through 2014. Large pharmaceutical companies are purchasing biotech firms to fill their R&D pipelines,
More informationRenewals Dominate Downtown Los Angeles Activity as Vacancy Decreases
office downtown LOS ANGELES market report Renewals Dominate Downtown Los Angeles Activity as Decreases Market overview MARKET indicators - VACANCY 18.1% NET ABSORPTION 68,400 CONSTRUCTION 1,042,900 RENTAL
More informationProperty Data Report
Property Data Report Introduction This document sets out some key facts about commercial property, a sector which makes up a major part of the UK economy in its own right, as well as providing a platform
More information2008 annual results. Presentation on 18 February 2009
2008 annual results Presentation on 18 February 2009 1 2008: Continued growth Sustained business activity Lettings up by 9% in a market down 14%, including the pre-letting of two buildings under construction
More informationLAXFIELD UK CRE DEBT BAROMETER
LAXFIELD UK CRE DEBT BAROMETER Issue 5:Q2-, published November 2015 Laxfield Capital presents the 5th issue of the Laxfield UK CRE Debt Barometer, an overview of current financing requirements in the UK
More informationAdelaide 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 informationFREEHOLD RETAIL & RESIDENTIAL INVESTMENT WITH OFFICE OR RESIDENTIAL DEVELOPMENT POTENTIAL, STP
FREEHOLD RETAIL & RESIDENTIAL INVESTMENT WITH OFFICE OR RESIDENTIAL DEVELOPMENT POTENTIAL, STP 2 INVESTMENT CONSIDERATIONS Kingston upon Thames is an established affluent university town situated on the
More informationCommercial Property Newsletter
Commercial Property Newsletter July 2010 Inside: Irish Commercial Property Commentary - Irish Life Property Fund Information UK Commercial Property Commentary - Irish Life UK Property Fund Information
More informationYield Compression is evident in the prime end of the market
MARKETVIEW Helsinki Metropolitan Area (HMA) Office, Q4 2014 Yield Compression is evident in the prime end of the market 0.9% (Nov Y-o-Y) 1.0% (2014 Y-o-Y) 8.8% (Dec) QUICK STATS ECONOMIC OVERVIEW Q4 2014
More informationSão Paulo Office Skyline July 2014
Office Skyline July 2014 w Office Market Overview - Global Prime Offices City Rental Clock The Jones Lang LaSalle Property Clocks SM Based on rents for Grade A space in CBD or equivalent. US positions
More informationQuarterly 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 informationInvestment Outlook. Creative build-out brings additional returns to aging industrial assets and potentially for new product. Los Angeles Fall 2015
Investment Outlook Creative build-out brings additional returns to aging industrial assets and potentially for new product Los Angeles Fall 2015 2 Industrial Creative July 2015 By utilizing the intrinsic
More informationSublease Space Thwarts a Good Quarter
Research & Forecast Report RENO INDUSTRIAL Q3 Sublease Space Thwarts a Good Quarter > > Overall vacancy rate rose to 10.95% (without sublease space 8.16%) > > New construction completions totaled 626,000
More informationVacancy Down, Rental Rates Up
Research & Forecast Report ST. LOUIS OFFICE First Quarter 2016 Vacancy Down, Rental Rates Up Business as usual for the St. Louis office market during first quarter 2016. Suburban office continues to drive
More information2015 Trends in UK Real Estate Pick n Mix
2015 Trends in UK Real Estate Pick n Mix As another year begins, a new and colourful picture of UK real estate is emerging. The clearest trend is diversification. There is a greater variety of investors
More informationOffice Leasing and Investment
MarkEt REPORT Berlin 215/216 Office Leasing and Investment Accelerating success, Office leasing Berlin STATISTICS Population 3,562, Unemployment Rate 1.1 % Employees Paying Social Security Contributions
More informationPartnered on every level Invest, manage and sell real estate globally with Eversheds IMS
Invest, manage and sell real estate globally with 3 2 1 Invest. Manage. Sell. We are one of the world s largest law firms, with real estate at the heart of our offering. We have a simple mantra: to get
More information2 The Braccans, London Road, Bracknell
2 The Braccans, London Road, Bracknell High Yielding Thames Valley Multi-let Office Investment INVESTMENT SUMMARY Bracknell is an established office market in the heart of the Thames Valley Bracknell will
More informationSão Paulo Office Skyline July 2014
Office Skyline July 2014 w Office Market Overview - Global Prime Offices City Rental Clock The Jones Lang LaSalle Property Clocks SM Based on rents for Grade A space in CBD or equivalent. US positions
More informationAdvance. Research Report Tokyo Grade B Office Attracting The Attention of Investors April 2014
Advance Research Report Tokyo Grade B Office Attracting The Attention of Investors April 2014 Executive Summary The Tokyo Grade B office segment is considerably larger than that of Grade A in terms of
More informationFirst half results presentation. October 2006
First half results presentation October 2006 CONTENTS - Mines de la Lucette Group - First step of the strategy - Assets at 30 June 2006 - Consolidated financial statements at 30 June 2006 - Second step
More informationHanoi Quarterly Report
Market Insights from CBRE s Hanoi Quarterly Report Presented by: CBRE RESEARCH & CONSULTANCY Richard Leech Executive Director Thanh Tran Senior Manager CB Richard Ellis (Vietnam) Co., Ltd. October 13 th
More informationProperty Data Report
Property Data Report Introduction This document sets out some key facts about commercial property, a sector which makes up a major part of the UK economy in its own right, as well as providing a platform
More informationDIFI-Report. 4 th Quarter 2015 Assessment of the Real Estate Financing Market in Germany
DIFI-Report 4 th Quarter 2015 Assessment of the Real Estate Financing Market in Germany The German Real Estate Finance Index (DIFI) reflects survey participants assessments of the current situation (the
More informationCLO. Central London Office Overview. Real Estate Q1 2014
CLO Central London Office Overview Real Estate Q1 2014 2 Central London Office Overview Availability falls 7% across Central London Economic Economic growth in the UK is predicted to outperform expectations
More informationDTZ 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 informationAMP NZ Office Trust operating profit up 8.4 percent for first quarter
News release AMP NZ Office Trust operating profit up 8.4 percent for first quarter New Zealand s largest listed investor in prime commercial office property, AMP NZ Office Trust (ANZO), has reported an
More information