European Supply Pipeline (as a percent of stock)

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1 CB RICHARD ELLIS MARKET VIEW EMEA Offices FOUTH QUARTER 26 Occupier demand was strong across the region in the final quarter of 6, showing a 27 increase in take-up on Q4 25. The strong leasing market resulted in further falls in vacancy and an increase in the rate of rental growth in Europe. Development pipelines are increasing, but generally are not excessive. 4th QUARTER AT A GLANCE MARKET OVERVIEW The recovery in the European office occupier market is now well established and 26 saw a further strengthening in demand. The success of 25 was not only repeated, but exceeded. In many markets leasing activity reached levels second only to the record high achieved in 2. Indeed, the aggregate take-up of 9.5 million sq m in the core Western European markets was the second highest ever, surpassed only in the year 2. After last year s impressive level of activity, the key question is what 27 is going to bring for the European office market. Assuming that the leasing market performs well (driven by a benign economic outlook and growth in the Financial Services sector), the same issues of whether new supply will exceed net absorption that were relevant at the end of 25 are again key. Looking ahead, vacancy and future supply will continue driving the market, at least in the mid-term. Throughout 26 availability followed a downward trend, with the CB Richard Ellis EU-15 Vacancy Index decreasing to 7.64, from 9.3 at the end of 25. The future supply pipeline has, therefore, become vital to the evolution of the European market. European Supply Pipeline (as a percent of stock) Over the last year the trends have not changed significantly. Vacancy is still falling and development activity is picking up. In eight of the twelve markets shown below, the supply pipeline is now less than 15 of stock. In the vast majority total supply is still made up of a greater proportion of vacancy than development (the Spanish markets are exception to this). Alongside the occupier market, investment levels also continued to impress, with over 23 billion transacted across Europe in 26. This 4 increase on activity in 25 was driven by particularly strong growth in Germany. Strong investor demand drove European yields down still further, with the CB Richard Ellis Weighted Average Office falling to The general feeling is that European prime office yields are reaching their floor, which means that going forward it is rental growth that will be driving investors returns. Although some acceleration in the rate of rental growth is forecast for a number of markets in 27, the longerterm prospects will depend on the evolution of new supply described above. Take-up Availability s al values Two-year Development Pipeline Q4 26 Vacancy 26 Dublin 26 CB Richard Ellis Limited Amsterdam Hamburg Central London Currently vacant office space, plus developments scheduled for completion within the next two years as of total current stock and constructions in the next two years Berlin Vienna Munich Ile de France

2 CB RICHARD ELLIS MARKET VIEW EMEA OFFICE Q4 26 EU-15 OFFICE RENT INDEX The CB Richard Ellis EU-15 Index registered a further up-tick in the last quarter of 26. al growth expectations were surpassed as a 2.3 increase was recorded in Q4. The index grew by an impressive 6.9 year-on-year, the highest rate of growth since Q3 21. The vast majority of European markets are clearly in the rental growth phase, with many forecast to see further accelerations in the rate of growth, at least in the shortterm. The driving force behind the marked increase in rents remains strong demand characteristics and a relatively subdued development pipeline. Supply is particularly short in central locations and in several CBDs vacancy rates are below 4, bringing immediate pressure on rents. is a prime example of this, with a 26.6 increase in prime office rents in 26 reflecting a serious shortage of quality space in the city centre. The recent revival in the Financial and Banking sector is also starting to feed into occupier markets, especially in London s City and West End, as well as in, where rents have just shown the first increase in the current cycle. Expectations remain positive, with many European markets expected to see further acceleration in rental growth in 27. However to counterbalance this, the rate of rental growth is expected to slow in some of the major markets (in particular London and ). EU-15 OFFICE RENT INDEX Index Q = EU-15 Office Index Index (Q = 1) Quarter on Quarter ( Change) Year on Year ( Change) Change pa Index Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Q Dec- Dec-1 Dec-2 Q Dec-3 Dec-4 Dec-5 Q Dec Q Demand for office space has been strong across Western Europe in 26, with gross take-up showing a year-onyear increase of 18. The biggest increases were seen in Amsterdam, Dublin, and Paris, in all of which gross take-up was more than 3 higher than in 25. and Paris recorded their highest ever levels of annual take-up in 26. Cities in Central and Eastern Europe also saw strong demand for office space. Gross take-up increased in Budapest, Moscow, Prague and Warsaw, with Prague seeing a 49 increase in demand. Looking at just the last three months, Paris was the strongest market. The 82, sq m let in Q4 26 was the highest ever quarterly total. Activity in was also particularly strong, although it should be noted that the 358, sq m total for the quarter includes the 145, sq m Telefónica building at Las Tablas. Office Take-Up (s sq m) Central London Paris (Ile-de-France) Office Take-Up (s sq m) Amsterdam Q Q4 6 Change Change also experienced a very strong Q4, the largest deal being the 35, sq m let to KPMG. German markets generally are seeing high levels of take-up. In both and Hamburg take-up in 26 has been at its highest level since 2 and in Berlin 26 was a record year. Central London Munich Paris (Ile-de-France) 1, ,165 1, , Vienna CB Richard Ellis Limited

3 CB RICHARD ELLIS MARKET VIEW EMEA OFFICE Q4 26 PRIME OFFICE RENT CHANGE NET EQUIVALENT RENT PRIME OFFICE YIELD Country City Local /sq m/annum Last 3 months Last 12 months /sq m/annum Austria Vienna 2/sq m/month Belgium 3/sq m/annum Bulgaria Sofia 18/sq m/month Czech Republic Prague 19.5/sq m/month Denmark Copenhagen DKR 1,75/sq m/annum France Lyon 21/sq m/annum France Marseille 21/sq m/annum France Paris 698/sq m/annum Germany Berlin 21/sq m/month Germany 3/sq m/month Germany Hamburg 23/sq m/month Germany Munich 3.5/sq m/month Greece Athens 28/sq m/month Hungary Budapest 21/sq m/month Ireland Dublin 645/sq m/annum Italy Milan 46/sq m/annum Italy Rome 34/sq m/annum Luxembourg Luxembourg City 35./sq m/month Netherlands Amsterdam 325/sq m/annum Norway Oslo NKR 2,7/sq m/annum Poland Warsaw 2/sq m/month Portugal Lisbon 2/sq m/month Romania Bucharest 19/sq m/month Russia Moscow US$ 75/sq m/annum Slovak Republic Bratislava 18/sq m/month Spain 25.5/sq m/month Spain 414/sq m/annum Sweden Stockholm SEK 3,7/sq m/annum Switzerland Geneva SFR 72/sq m/annum Switzerland Zurich SFR 85/sq m/annum Turkey Istanbul US$ 21/sq m/month Belfast 13.5/sq ft/annum Birmingham 3/sq ft/annum Edinburgh 26.5/sq ft/annum Glasgow 26/sq ft/annum London City 55./sq ft/annum London West End 97.5/sq ft/annum 1, , Manchester 28.5/sq ft/annum Note: Net equivalent rent calculated from prime rent, deducting any element of tax or service charge and converting from gross area to net internal area 26 CB Richard Ellis Limited

4 CB RICHARD ELLIS MARKET VIEW EMEA OFFICE Q4 26 /sq m/annum PARIS (ILE-DE-FRANCE) PARIS The fourth quarter continued the trend of high levels of letting activity in the Paris region. Take-up in Q4 reached 83, sq m, bringing the yearly total to a record 2.9 million sq m. Demand in Q4 was mainly driven by the industrial, public and financial sectors, which between them accounted for 57 of total take-up. Vacancy continues its gradual decline and at 5.16 is now at its lowest level since 22. The amount of ready-tooccupy space stood at 2.5 million sq m at the end of Q4, a decrease of nearly 1 on Q4 25. Supply is particularly tight in the Paris Centre West area, where the vacancy rate is now just 4.4. s sq m PARIS (ILE-DE-FRANCE) 3, 2,5 2, 1,5 1, The trend in prime rents is Paris remains firmly upward. The increase between Q3 and Q4 was just.5 to 698 /sq m/annum, but this represents an increase of 9.2 on the value a year ago. The pattern of rental growth is still slightly uneven across the city and certain submarkets are not seeing such a consistent upward trend. In La Défense, for example, the prime rent has fallen slightly over the year as a result of a lack of transactions on quality space in the final quarter. Developments totalling around 1.5 billon sq m are expected to be completed over the next two years. This is significantly above the level that has been seen in recent years and will go some way to addressing the supply constraints in the city. MILAN MILAN There were signs of the long-awaited economic recovery in Italy in 26 and this coincided with some improvement in the office occupier market in Milan. /sq m/annum MILAN OFFICE VACANCY Relocation activity is still the main driver of take-up. Big multi-national companies are seeking lager office floorplates and due to the lack of such space in the city centre are relocating to out-of-town submarkets. Demand for smaller units of between 5-1, sq m is also growing, concentrated in the city centre. As a result of increasing demand the vacancy rate fell to 6. in the CBD and 7.9 in Greater Milan. The future development pipeline is moderate, with only around 19, sq m expected to complete over the next twelve months. Most of the new development is due outside the city centre, although some newly refurbished space will be added to the CBD supply. Although the market is generally stable in rental terms, some movement has been seen recently. The lack of high quality space in the CBD has resulted in an increase in the prime rent to 46/sq m/annum and stronger demand has helped to crystallise growth in some semi-central and peripheral locations. The outlook remains positive, although without substantial rental growth percent 26 CB Richard Ellis Limited

5 CB RICHARD ELLIS MARKET VIEW EMEA OFFICE Q4 26 LONDON CITY The key features of the office market in the City of London in 26 were strong rental growth and further falls in yields, fuelled by strong demand and a development pipeline that is not yet delivering substantial amounts of new space. For the year as a whole gross take-up was 18 higher than in 25, recording the second highest total ever although there is still some way to go before activity reaches the levels seen in 2. Banking and Finance contributed 4 of the total, although this is lower than in previous years, with the professional services, business services and insurance sectors accounting for most of the rest. The strength of demand has been such that the vacancy rate fell further in Q4 and now stands at just 5.5 of stock, having peaked at 14.7 in 23. The rate of decline is, if anything, increasing and notably new space now only represents about a third of the immediately available supply. Very little new space was built in 26 and development completions in the City were at their lowest since 1994 at just 6, sq m. This is starting to pick up, however, and in 27 some 23, sq m are due for completion. Prime rents saw a significant jump in Q4 to 55/sq ft/annum, with further growth expected in 27. LONDON CITY /sq ft/annum LONDON CITY s sq m LONDON WEST END Q4 saw strong rental growth in London s West End, with the prime rent jumping by 11 quarter-on-quarter, to 97.5 /sq ft/annum. Prime rental growth for the year as a whole has been 22. However, this rate of growth is limited to a relatively small proportion of the market in Mayfair and St James and on average rental growth has been around 13. The driver of this rental growth in the West End is very much on the supply side. The vacancy rate now stands at just 3.5 of stock, its lowest level since, and of this less than 3 is in new buildings. Development completions have been running at around 75, sq m a year for the last two years, which is substantially below the long-term average. There is a slight pick-up expected in 27 to around 11, sq m. The majority of space currently under construction is not pre-let, but this is due to developers looking to take advantage of rising rents rather than a lack of demand. Gross take-up for 26 was actually fractionally down on the previous year at 39, sq m, mainly let to tenants in the Business Services and Banking and Finance sectors. The fall in letting activity appears to be due to lack of suitable available buildings rather than lack of demand. Even with the increase in development completions in 27 it is expected that demand will still exceed supply. LONDON WEST END /sq ft/annum LONDON WEST END s sq m CB Richard Ellis Limited

6 CB RICHARD ELLIS MARKET VIEW EMEA OFFICE Q4 26 MADRID 5 7. MADRID A strong final quarter meant that saw a record level of office take-up in 26, surpassing even the total for 2. /sq m/annum The strong economy is generating high levels of demand from occupiers and this has driven the vacancy rate down to below 7 in the market as a whole. However, much of the vacant space is in the periphery and the vacancy rate in the CBD, North and City submarkets averages only 3. The shortage of immediately available high quality space in the city centre means that pre-lets are becoming more common. Occupiers are looking further and further into the future supply for opportunities. MADRID s sq m 1, Development activity has picked up very strongly over the last year and the forecast for development completions over the next two years is now nearly 1.3 million sq m (or 12 of the current stock). Against this, however, needs to be placed the loss of office stock that is resulting from conversions to residential or hotel use, especially in the historic city centre. The impact of this dynamic market on rents has been significant. Prime rents increased by 27 in 26 and although further increases are expected, the delivery of new developments should slow growth in 27. Average rents have not shown the same rate of growth, but this reflects the fact that the majority of letting activity is of buildings in the outer submarkets. FRANKFURT /sq m/month FRANKFURT The year-end figures for the office market met previous positive expectations. It is evident that the more promising economic outlook and better employment growth are starting to feed through into the occupier market. Occupier activity started to pick up in Q3 and was maintained to the end of the year. Demand was concentrated within the main central submarkets and is predominantly for high quality space. Gross take-up of over 53, sq m in 26 was the highest since 21. FRANKFURT s sq m The healthy level of take-up is expected to continue into 27, with occupiers responding to the economic recovery and looking to acquire suitable premises for expansion before rents increase further. Indeed in Q4 26 many submarkets saw increases in the average rent being agreed and the prime office rent increased to 3/sq m/month. This is the first upward movement since Q4 2 and further increases are expected. On the supply side, the slow erosion in availability continued throughout 26. Overall office vacancy now stands at 13.3, its lowest since the end of 23. Oversupply concerns are slowly starting to fade, as much of current supply is outdated and unlikely to be re-let. Development is still relatively constrained, although refurbishment activity is strong, and so further declines are expected. 26 CB Richard Ellis Limited

7 CB RICHARD ELLIS MARKET VIEW EMEA OFFICE Q4 26 BUDAPEST Demand in Budapest remained robust in the last quarter, with take-up of 78,7 sq m recorded. This brings total take-up for 26 to a record 25, sq m, a 5.5 increase on 25. This increase in letting activity has resulted in an increase in net absorption. This reached 146,8 sq m over the year, a 3 increase on the level in 25. The rise in demand is a result of growing business confidence as the economy stabilizes, and the continuous flow of FDI into Budapest. BUDAPEST /sq m/annum On the supply side, the amount of vacant space in Budapest is still on the increase and by the end of Q4 the vacancy rate had grown to 12.8, an increase of 12 basis points on the level a year ago in Q4 25. The delivery of more than 59, sq m of newly-completed office space to the market in Q4 brought the total addition to supply in 26 to 183, sq m. This represents a 156 increase on the new supply added in 25 and accounts for the rise in vacancy despite high net absorption. BUDAPEST Prime rents have come under continued upward pressure due to the high level of demand. The prime office rent in Budapest increased to 21/sq m/month at the end of Q4. However, with further increases in supply anticipated, further rental increases are unlikely. ZURICH Robust economic performance continued to support the Zurich office market throughout 26. The demand characteristics improved, but relocation was still the main driver of activity. ZURICH Some notable leases to finance, consultancy and IT companies were concluded in Q4 26. The recently redeveloped Hurliman business and leisure complex is now going to be Google s main European location. The Zurich West submarket also saw some larger letting transactions completed last quarter and Zurich North is expected to see a positive turnaround due to the headquarters relocation of Kraft Foods from Vienna. SF /sq m/annum Availability continued to fall, with a steady erosion in vacancy over 26, especially in the CBD. The vacancy level for the market as a whole is still amongst Europe s lowest at around Some landmark buildings were completed in Q4 and development completions totalled 5, sq m. However, the development pipeline is fairly moderate and only 43, sq m of new space is expected to complete over the next six months. With demand for new space coming mostly from relocation activity these deliveries are likely to lead to an increase in the amount of second hand space available. 4 ZURICH OFFICE VACANCY The overall outlook for Zurich is certainly positive, but not spectacular. Future supply is likely to put some upward pressure on availability, thus muting short-term rental growth expectations s sq m CB Richard Ellis Limited

8 CB RICHARD ELLIS MARKET VIEW EMEA OFFICE Q4 26 MARKET BRIEFING The Abu Dhabi office market continues to experience yield compression with prime yields falling by 1 basis points quarter on quarter to reach 7. This is due to the lack of available modern investment product. Prime rents increased to AED 2/sq ft/annum. In Amsterdam office take-up has been increasing strongly over the course of 26. With little development underway this has finally resulted in a downward trend in availability. Demand for office space in Athens now focuses more in the areas outside the traditional office districts as a result of tight supply in the CBD. This has affected the prices of older offices and has stimulated development of new, high quality, office space. Lack of available space continues to result in rental growth in. The vacancy rate is just 1.5 in the CBD and City submarkets. The Belfast office market continues to demonstrate good performance. Demand for office space comes mostly from local financial and professional firms looking for expansion. Prime rental values within Belfast City are averaging now around 13.5/sq ft/annum. The Berlin office market is in recovery mode as leasing activity picked-up to a record-high 56, sq m. The inner city AAA locations and the City East submarket were in greatest demand. High level of new completions and strong leasing activity were the main characteristics of the Bratislava office market in Q4 26. Prime rents, however, remained unchanged at 18/sq m/month. Despite 684, sq m of new office developments in 26, the market performed well. Occupier demand was robust, targeting good quality space, and is expected to remain strong throughout 27. The high leasing activity in the Bucharest office market continues to apply upward pressure on rents. Prime rents reached 19/sq m/month. compression continues with a further 5 basis points fall to 7. Demand for office space remains robust off the back of growing employment figures in Copenhagen. Prime rents saw a slight uplift this quarter to DKr175/sq m/annum, year-on-year growth of over 6., the first growth seen in prime rents since 21. Despite 42, sq m of new office stock reaching the Dubai market in the last quarter, prime rents increased by 7,2 to AED 3/sq ft/annum in Q4. This was a result of high demand for office space driven by architect and construction companies. The Dublin office market has recorded rental growth for the third consecutive quarter and further increases are expected going forward. Prime rents are now at 645/sq m/annum and have largely been stimulated by robust take-up. Lack of available space and positive demand expectations are likely to put some upward pressure on Geneva office rents. The two-year development pipeline is 115, sq m, the majority of which is located in the Airport and Acacias submarkets. Towards the end of the year there has been a slight decrease in vacancy levels in Gothenburg. Office rents have increased in the last quarter to SEK 1,9 sq m/annum. The outlook for Hamburg offices is strong as leasing market continued to be upbeat in 26. With vacancy rate below 8, the future development is strong, including speculative starts. The vacancy rate for Istanbul CBD offices has fallen to 2 due to the very strong demand for offices in the prime districts. This caused an increase in prime rents to US$21/sq m/month. Prime yields remain at 9.5. The Lyon office market was dynamic in 26. New or good quality supply and large-sized products remained most sought-after by big occupiers. Supported by a further drop in vacancy, prime rental values for new premises rose by 5 to 21/sq m/annum. Many office projects are under construction and nine developments are expected for completion in Lisbon by the end of 27. The total 128, sq m expected the majority of new supply will be added to the Parque das Nações submarket. The high demand from financial services companies brought Luxemburg office vacancy rates down by 1 basis points year on year to. Prime rents increased to 35/sq m/month as a result. The Marseille office market saw further decrease in vacancy rate, now at an impressive 4.3. Healthy takeup levels supported the market, but lack of new or good quality space restricts rental growth, so commercial incentives are still given to keep the prime rents at a current high level of 21/sq m/annum. After four consecutive quarters of rental growth, the Moscow prime rents stayed unchanged in Q4 6 at US$75/sq m/annum. The occupier market continued to see an incredible level of activity. With 1,44, sq m leased in 26, the vacancy rates for A grade space is now virtually zero. 26 CB Richard Ellis Limited.

9 CB RICHARD ELLIS MARKET VIEW EMEA OFFICE Q4 26 MARKET BRIEFING Robust occupier market fundamentals brought further price increases for Munich offices. In the last quarter of 26 the prime yield fell 2 basis points to 4.8, the lowest level in Germany. The Oslo office market has recorded further rental growth this quarter. The upward trend has been witnessed since Q4 24 and it is expected to continue going forward. The vacancy rate is decreasing and prime rents now stand at NOK 2,7/sq m/annum. Year 26 brought a healthy upturn to the Prague office market. Leasing activity reached an historic record-high and vacancy rate fell to under 8, compared to 12.5 as at the end of 25. Growing demand for large office plates supports strong pre-letting activity, with further increases in prime rents likely. Rome s limited supply of high quality space kept prime office rents stable at 34/sq m/annum. Short-term expectations are overall positive as some up-tick in demand is likely, although still driven by consolidation activity. Last year s total leasing activity in the Rotterdam office market was similar to the 25 level. No substantial change in the occupier market was noted, but prime yields fell to a new record low Vacancy rates for Grade A offices in Sofia fell by 11.5 year on year to 6.5. This resulted in an increase in prime rents which currently stand at 216/sq m/annum. Prime office yields fell by 1 basis points to reach 8. s have been stable in Q4 26 in Stockholm, although some rental growth has been witnessed earlier this year. Going forward, further increases in prime rents are expected due to strengthening of office demand. Prime office rents in Tel Aviv increased by 39 year on year to reach US$8/sq m/month in Q4 of 26. This was a result of limited supply of modern stock and increasingly strong demand. s are expected to increase further as there is virtually no office development in the pipeline. Although annual take-up was strong, Q4 6 saw only 75, sq m leased in the Vienna office market. Supply has been falling so far, but with vacancy rate of 6. future development is rising and 163, sq m expected for delivery in Q1 27 alone. Demand in the Warsaw office market has remained robust in the last quarter, recording 122, sq m of take-up. This brings the total take-up for 26 to a record 412, sq m, a 1 increase on 25. As a result the Warsaw vacancy rate has decreased further in Q4 especially in the City Centre. For additional information please contact: Michael Haddock michael.haddock@cbre.com Tel Iryna Pylypchuk iryna.pylypchuk@cbre.com Tel Anna Starczewska anna.starczewska@cbre.com Tel Dessie Simeonova dessie.simeonova@cbre.com Tel DISCLAIMER 27 CB Richard Ellis Information herein has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the market. This information is designed exclusively for use by CB Richard Ellis clients, and cannot be reproduced without prior written permission of CB Richard Ellis. EMEA Offices Abu Dhabi (971) Aix-en-Provence (33) Amsterdam (31) Athens Danos & Associates (3) (34) Belfast (44) Berlin (49) Birmingham (44) Bratislava (421) Bristol (44) (32) Bucharest (4) Budapest (36) Bulawayo (263) Cape Town (27) Casablanca (212) Copenhagen CB Richard Ellis Cederholm (45) Dubai (971) Dublin (353) Durban (27) Edinburgh (44) (49) Gaborone (267) Geneva CB Richard Ellis PI Performance (41) Glasgow (44) Gothenburg (46) Hamburg (49) Harare (263) Helsinki Huoneistokeskus Oy (358) Hoofddorp (31) Istanbul CB Richard Ellis LS (9) Jersey (44) Johannesburg (27) Kampala (256) Leeds (44) Lisbon (351) Liverpool (44) London (44) Lyon (33) (34) (34) Malaga (34) Manchester (44) Marbella (34) Marseille (33) Milan (39) Moscow CB Richard Ellis Noble Gibbons (7) Munich (49) Nairobi (254) Neuilly sur Seine (33) Oslo Atrium AS (47) Palma de Mallorca (34) Paris (33) Port Elizabeth (27) Porto (351) Prague (42) Pretoria (27) Rome (39) Sofia Elta Consult AD (359) Southampton (44) Stockholm (46) Tel Aviv M.A.N. Properties Real Estate Consultants (972) The Hague (31) Thessaloniki Danos & Associates (3) Valencia (34) Vienna (43) Warsaw (48) Zagreb (385) Zurich CB Richard Ellis PI Performance (41)

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