机构研究报告-Commercial real estate in Europe-外文版培训课件

INDUSTRIES

&

MARKETSCommercialrealestateinEuropeCHAPTER

01OverviewValueofcommercialrealestatemarketinEuropein2024,bycountry(inbillionU.S.dollars)CommercialrealestatemarketsizeinEurope2024,bycountryValueinbillionU.S.dollars02004006008001,0001,2001,4001,6001,8002,0002,200GermanyUnitedKingdomFrance1,914.021,781.071,306.36Italy964.64Spain648.91NetherlandsSwitzerlandPoland471.09376.31278.8270.01268.69BelgiumSwedenIreland235.78NorwayAustria229.39219.894Description:Germany,theUK,andFrancehadthelargestcommercialrealestatemarketsinEuropein2024,amountingtoalmosthalfoftheEuropeanmarket.Themarketsizeisbasedonthevalueofhigh-qualityrealestateasapercentageofeachcountry’sGDP.InGermany,themarketsizeofcommercialrealestatewasabout1.9trillionU.S.dollars.ReadmoreNote(s):Europe;2024Source(s):EPRATotalcommercialrealestateinvestmentvolumeinEuropefrom2020to2023,bycountry(inbillioneuros)VolumeofcommercialrealestateinvestmentinEurope2020-2023,bycountry202046.9759.7328.2202167202264.754.127.915.612.910.911.38.6202343.523.314.37.57.15.44.54.22.42.22UnitedKingdomGermanyFrance64.126.724.610Sweden11.827.66SpainItaly8.778.7NetherlandsNorway10.411.515.82.810.391.99Austria2.6Belgium5.483.18.6Poland4.995.75.6OtherEuropeancountries*Finland1.72.41.91.84.354.45.85Description:CommercialrealestateinvestmentinEuropedeclineddramaticallyin2023.In2022,thetotalcommercialrealestateinvestmentvolumewas253billioneuros,whichdeclinedtoaround133billionin2023.In2023,theUKheadedtherankingasthecountrywiththelargestvalueofcommercialrealestateinvestments,amountingtoabout43.5billioneuros.Germanyfollowedclosely,withaninvestmentvalueof23.3billioneuros.ReadmoreNote(s):Europe;2020to2023Source(s):BNPParibasRealEstateDistributionofcommercialrealestateinvestmentsinEuropefrom2013to2023,byassetclassCommercialrealestateinvestmentdistributioninEurope2013-2023,bypropertytypeOfficesRetailIndustrialHotelsOther60%50%40%30%20%10%0%201320142015201620172018201920202021202220236Description:In2023,approximately29percentofallpropertyinvestmentswentintotheofficesector,whichwasmorethananyothercommercialrealestatesector.ꢀOfficesremainalargeportionofEuropeanrealestateinvestment,despiterecentfluctuationsindemandandvacancyrates.ReadmoreNote(s):Europe;2013to2023Source(s):BNPParibasRealEstateTrailingtwelvemonthcapitalvolumeperformanceofcommercialrealestateinEuropeasofthethirdquarter2024,bypropertytypeCapitalvolumeperformanceofcommercialrealestateinEurope2024,bypropertytype50%39%40%30%20%10%0%19%13%8%-10%-20%-30%-40%-50%-10%-16%-43%HotelsOtherIndustrialLivingRetailOfficeHealthcare7/statistics/1058293/twelve-month-capital-value-performance-of-commercial-real-estate-europe-by-sectorInthetrailingtwelvemonthsuptothethirdquarterof2024,themajorEuropeanmarketsmeasuredanotableincreaseinhotelinvestment,whilehealthcare,offices,andretailinvestmentdeclined.Inthehotelsector,capitalvolumesroseby39percent.ReadmoreNote(s):Europe;12monthstrailingtoQ32024Source(s):CBREGroupGPR250IndexofrealestatecompaniesinEuropefromJanuary2019toJuly2024,bycountry(ineuros)GPR250IndexbycountryinEurope2019-2024,bymonthAustriaBelgiumFinlandFranceGermanyNetherlandsNorwaySpainSwedenSwitzerlandUnitedKingdom3,0002,5002,0001,5001,00050008Description:ListedEuropeanrealestatestocks-asrepresentedintheGPR250EuropeIndex-droppedsignificantlyinvalueatthebeginningof2020,followedbyaperiodofrecoveryuntilearly2022.Inthefirsthalfoftheyear,thesectorweakenedagain,withtheaggregatemarketcapitalizationofrealestateinSwedenplummetingbetweenNovember2021andSeptember2022.TheGPR250isareturnindexthatcovers36realestatecompaniesinEurope.ExamplesareGermany'sVonovia,[...]

ReadmoreNote(s):Europe;January2019toJuly2024;Asoftheendofeachmonth.Source(s):GlobalPropertyResearchSelectleadingcitiesrankedbyoverallprospectsintherealestatemarketinEuropein2025Europeanrealestatemarketprospects2025,bycityRatingpointsaverage1.50.00.51.02.02.53.0LondonMadrid2.722.122.07ParisBerlin1.95MunichAmsterdamMilan1.931.751.71FrankfurtHamburgLisbon1.631.531.43BarcelonaWarsawVienna1.411.261.199Description:Multiplefactorscanplayaroleinthedecisiontoinvestinrealestate.TocalculatehowprosperousEuropeancitiesareontheestatemarket,theUrbanLandInstituteconsideredtransportconnectivity,forecastedrealestatereturns,acity’seconomicperformance,availabilityofassets/opportunitiesfornewdevelopment,marketsizeandliquidity,regulatoryenvironment,digitalconnectivity,attractivenesstotalent,cityleadership,housingaffordability,andaffordabilityofspacefor[...]ReadmoreNote(s):Europe;2024;1,214propertyinvestors;18yearsandolder;Thesourcedoesnotmentiontheexactdateofthesurvey.Source(s):PwC;UrbanLandInstituteCHAPTER

02ConstructionAveragecostpersquaremeterinselectedEuropeancitiesforconstructingabuildingasof2024(inU.S.dollars)AveragecostpersquaremeterofconstructingabuildinginEuropeancities2024CostinU.S.dollarspersquaremeter2,000

3,00001,0004,0005,0006,000ZurichGeneva5,0355,022London4,473MunichDublinVienna3,7973,7753,6163,4513,357FrankfurtAmsterdamHamburgManchesterParis3,3433,3093,200BrusselsBerlin3,1893,18911Description:TheSwisscitiesofGenevaandZurichhadsomeofthehighestconstructioncostsinEurope,withapriceofwellover5,000U.S.dollarspersquaremeterbuiltasof2024.Londonwasthethirdcityat4,473U.S.dollarspersquaremeter,closelyfollowedbyMunichandDublin.WhenitcomestotheconstructioncostofeducationbuildingsintheUK,GlasgowwasmoreexpensivethanLondon.However,thisisanexception,asgenerally,LondonisthemostexpensivecitytobuildintheUK.ReadmoreNote(s):Europe;2024Source(s):Turner&TownsendAverageconstructioncostsofindustrialbuildingsinselectedEuropeancitiesin2024,bytype(inU.S.dollarspersquaremeter)ConstructioncostsofindustrialbuildingsinselectedEuropeancities2024,bytypeAmsterdam(Netherlands)Munich(Germany)London(UnitedKingdom)Paris(France)Dublin(Ireland)4,5004,0003,5003,0002,5002,0001,5001,0005003,8403,6673,0892,9122,7601,8301,6991,6181,4341,3300AdvancedmanufacturingfacilityLargewarehousedistributioncentre12Description:LondonandMunichwereamongthemostexpensivecitiesinEuropefortheconstructionofwarehousesin2024,whileadvancedmanufacturingfacilitieswerethemostexpensiveinAmsterdam.Meanwhile,amongtheselectedcities,Parishadthelowestconstructioncostsforwarehouses.However,constructioncostsdonotalwaysfollowthesametrendsasꢀcommercialrealestateinEurope,withsalepricesdifferingsignificantlyinsomecases.

ReadmoreNote(s):2024;CostspersquaremeterofinternalareaSource(s):Turner&TownsendAverageconstructioncostsofretailbuildingsinselectEuropeancitiesin2024,bytype(inU.S.dollarspersquaremeter)ConstructioncostsofretailbuildingsinselectEuropeancities2024,bytypeLondon(UnitedKingdom)Dublin(Ireland)3,667Amsterdam(Netherlands)Munich(Germany)4,206Paris(France)4,5004,0003,5003,0002,5002,0001,5001,0005003,9903,9373,6243,5533,5283,4513,2492,6500LargeshoppingcenterincludingmallPrestigecarshowroom13Description:DublinwasoneoftheEuropeancitieswherebuildingretailstoreswasthemostexpensivein2024.TheconstructioncostofaprestigecarshowroominPariswashigherthanthatofalargeshoppingcenter.Londonhadlowerconstructioncostforacarshowroomthantheothercitiesincludedhere.Nevertheless,LondonwasoveralloneoftheEuropeancitieswiththehighestconstructionpricesafterGenevaandZurich.ReadmoreNote(s):2024;Costspersquaremeterofinternalarea.Source(s):Turner&TownsendAverageconstructioncostsofofficesinselectEuropeancitiesin2024,bytype(inU.S.dollarspersquaremeter)ConstructioncostsofofficebuildingsinselectEuropeancities2024,bytypeMunich(Germany)6,036London(UnitedKingdom)Dublin(Ireland)Amsterdam(Netherlands)Paris(France)7,0006,0005,0004,0003,0002,0001,00005,6085,3425,0694,9294,8754,2603,9903,5053,459High-riseprestigeUpto20floorsmedium(A-Grade)14Description:LondonandMunichweresomeoftheEuropeancitieswiththehighestconstructioncostsforofficesin2024.Meanwhile,theconstructionpricesofthattypeofbuildinginPariswerelowerthanintheothercitiesincludedhere.Ingeneral,high-riseprestigeofficeswereapproximately1,000U.S.dollarsmoreexpensivethanA-gradeofficesofupto20floors.LondonalsohadoneofthehighestwarehouseconstructioncostsinEurope.

ReadmoreNote(s):2024;Costspersquaremeterofinternalarea;officesincentralbusinessdistrict.Source(s):Turner&TownsendAverageofficerealestatefit-outcostinEuropein2024,bycity(ineurospersquaremeter)Averageofficerealestatefit-outcostinEurope2024,bycityCostineurospersquaremeter05001,0001,5002,0002,5003,000London,EnglandHamburg,GermanyMunich,GermanyFrankfurt,GermanyBerlin,GermanyManchester,EnglandBirmingham,EnglandDublin,IrelandGlasgow,ScotlandStockholm,SwedenCopenhagen,DenmarkBrussels,BelgiumIstanbul,Turkey2,6292,4632,3852,3612,2872,2312,1652,0602,0551,8241,7591,4451,37015Description:Thesquaremetercostofanofficefit-outindifferentEuropeancitiesrangedbetween750eurosand2,629eurospersquaremeterin2024.FittingoutanofficespacewasmostexpensiveinLondon,England,whereitcost2,629eurospersquaremeter.InSofiaandBelgrade,thecostwasunder1,000eurospersquaremeter.Acompleteofficefit-outincludesthetransformationofanemptyspaceintoasuitableofficeenvironment,includingthenecessarystructures,electricalfurnishings,[...]

ReadmoreNote(s):Europe;2024Source(s):Cushman&WakefieldDatacentermarketsworldwiderankedbycostofdatacenterconstructionin2023(inU.S.dollarsperwatt)Globaldatacentermarketsrankedbycostofconstructionperwatt2023CostinU.S.dollarsperwatt0246810121416TokyoZurich13.712.98SiliconValleyNewJerseySingaporePortland12.1511.9211.410.5410.5JakartaChicago10.44NorthernVirginiaLondon10.210.1910SeoulFrankfurtKualaLumpur101016Description:In2023,Tokyowasrankedasthemostexpensivemarketworldwidefordatacenterconstruction.ThecostperwattintheJapanesecapitalwasreportedat13.70U.S.dollars,aheadofZurichat12.98U.S.dollars.

ReadmoreNote(s):Worldwide;2023Source(s):Turner&TownsendCHAPTER

03DemandTake-upofofficerealestateinEuropefrom2016to1sthalf2024(inmillionsquaremeters)Take-upofofficespaceinEurope2016-H120241210869.899.519.459.198.654207.77.466.243.720162017201820192020202120222023H1202418Description:In2023,theofficerealestatetake-upinEuropedeclined,showingaweakeningdemandamongoccupiers.Officetransactionsinthatyeartotaledapproximately7.7millionsquaremeters.Thatwasanimprovementfrom2020,whentake-upplummetedto6.24millionsquaremeters,butadeclinefromthe9.19millionsquaremetersrecordedin2022.Thisfluctuationinoccupierdemandhasledtodownwardpressuresonassetprices.InApril2024,officesregisteredthehighestdropin[...]

ReadmoreNote(s):Europe;2016to2023Source(s):Savills12-monthrollingtake-upofofficerealestateinEuropeasof2ndquarter2024,bycity(in1,000squaremeters)Take-upofofficespaceinEurope2024,bycityTake-upinthousandsquaremetres800

1,00002004006001,2001,4001,6001,8002,000ParisWarsaw1,864747LondonCityPrague608580560523506BerlinMunichBudapestMilanBucharestFrankfurtMadrid429417367352327LondonWestEndAmsterdam20919Description:ParisexhibitedthestrongestdemandforofficerealestateinEuropeinthe12monthsrollingtothesecondquarterof2024.Officetake-upinParisfortheperiodmeasurednearly1.9millionsquaremetersoffloorspacesold,let,pre-let,orpre-sold.WarsawandLondonCityhadthesecondandthird-highestvolume.DemandforofficesplummetedfollowingtheCOVID-19pandemic.Despiteanimprovingoutlook,officerealestatetake-upinthefirsthalfof2024remainedbelowthe[...]

ReadmoreNote(s):Europe;H22023andH12024Source(s):ColliersInternationalPercentageofemployedpeopleusuallyworkingfromhomeinEurope2023,bycountryPercentageofpeopleusuallyworkingfromhomeinEurope2023,bycountryPercentageofemployeesFemale

Male

Total10%0%5%15%20%25%EuropeanUnionEuroareaFinlandIrelandNetherlandsBelgiumSwedenGermanyLuxembourgEstoniaMaltaAustria20Description:Asof2023,8.9percentofemployedpeopleintheEuropeanUnionusuallyworkedfromhome.Thisshareofhome-officeworkersvariedwidelybetweenEuropeancountries,witha21percentoffinishworkersusuallyworkingfromhome,comparedtoonlyonepercentofRomanianworkers.Itwasingeneralmorecommonforwomentoworkfromhomeusuallythanmen,however,thiswasnotablyreversedinsomecountries,suchasIrelandwherealmost23percentofmenregularlyworked[...]

ReadmoreNote(s):Europe,EU;2023;15-64yearsSource(s):EurostatTake-upintheindustrialandlogisticsrealestatemarketinEuropefrom2012to1sthalf2024(inmillionsquaremeters)Take-upintheindustrialandlogisticsrealestatemarketinEurope2012-H1202435302928252322202019201510518161313128.80201220132014201520162017201820192020202120222023H1202421Description:Theannualtake-upoflargewarehousesinEurope'ssixlargestmarketsdeclinedforthesecondyearinarowin2023afterpeakingin2021.Inthefirsthalfof2024,thevolumeoflargeindustrialandlogisticsfacilitiestransactedamountedto8.8millionsquaremeters-lessthanhalfof2023levels.Thedeclinereflectsaweakereconomicenvironment,butalsoanormalizationinoccupierdemand.ReadmoreNote(s):Europe;2012toH12024;France,Germany,Netherlands,Poland,Spain,UKSource(s):BNPParibasRealEstate12-monthrollingtake-upofindustrialandlogisticsrealestateinEuropeasof2ndquarter2024,bycity(in1,000squaremeters)12-monthtake-upofindustrialandlogisticsrealestateinEuropeQ22024,bycityTake-upinthousandsquaremeters02004006008001,0001,2001,400WarsawParis1,272986Madrid927Birmingham*BudapestFrankfurtPrague788678516491BarcelonaMilan364355London*HamburgBucharestRotterdam31427727619922Description:Warsawhadthehighest12-monthtake-upintheindustrialandlogisticsrealestatemarketinEuropeasofthesecondquarterof2024.Theamountofspacethatwaslet,pre-let,sold,orpre-soldinWarsawamountedto1.3millionsquaremeters.AmongtheleadingEuropeanlogisticshubs,WarsawII,anareawithstrategicallylocatedlogisticsparksandfacilities,rankedasoneofthemarketswiththelowestaverageindustrialandlogisticsrent.ReadmoreNote(s):Europe;Q22024;Warehousesover5,000squaremeters.;*datareferstotheregion

ReadmoreSource(s):ColliersInternationalBiggestchallengesamongindustrialandlogisticsrealestateoccupiersinEuropein2024MainconcernsamongindustrialandlogisticsrealestateoccupiersinEurope2024Shareofrespondents1005152025303540RisingrentsoflogisticsfacilitiesCostpressures(energyandlabour)3635Powersupplytologisticsfacilities2424AccesstolabourwithinlogisticsfacilitiesThezoning/permittingsystemforlogisticsfacilitiesManagingchangesininternationaltrade(e.g.Brexit)ImplementingsustainablemeasuresLackofsupplyofnewbuildings18151514Energyefficiency129Building(s)can’tcurrentlyaccommodatetechambitionsLeaseexpiries86Building(s)can’tcurrentlyaccommodateESGambitions23Description:RisingrentswerethegreatestchallengeforoccupiersofindustrialandlogisticspropertiesinEuropein2024.Approximately36percentoftherespondentsinthesurveyexpressedthisastheirprimaryconcern,while35percentreportedthattheystruggledwithcostpressures.ReadmoreNote(s):Europe;2024;642respondents;Occupiers,investors,developers,advisors,consultants,agents,assetmanagers,andlandownersSource(s):Savills;TritaxEuroBoxMostimportantfactorsimpactingtheindustrialandlogisticsrealestatesectorinEuropein2024MostimportantindustrialandlogisticsrealestatefactorsinEurope2024Shareofrespondents20

30010405060706980MorestringentESGtargets/regulationsIncreasedpowerrequirementsRobotics/cobots/advancedautomationReplacementoflabourwithtechnologysolutionsGreateruseofAI68636057Electric/hydrogenHGVs55Abilitytoincorporatereturns/repairsRe/near-shoring474524Description:Nearly70percentofEuropeanlogisticsoccupierssurveyedin2024sharedthatmorestringentESGtargetsandregulationsisthemostimportantfactorinfluencingthesectorinthefuture.Otherfactorsidentifiedbyrespondentsincludedtheincreasedpowerrequirementsandautomation.ReadmoreNote(s):Europe;2024;642respondents;occupiers,investors,developers,advisors,consultants,agents,assetmanagers,andlandownersSource(s):Savills;TritaxEuroBoxSalesvolumeoftotalretailtrade(excludigmotorvehiclesandmotorcycles)intheEuropeanUnion(EU-27)from2009to2023(asindex)RetailtradesalestrendintheEuropeanUnion(EU-27)2009-2023140116.49120100806040200114.88114.08109.75108.83106.94104.75101.8410097.7398.2897.6897.5196.3996.0920092010201120122013201420152016201720182019202020212022202325Description:In2023,thetotalretailtradesalesvolumeindexintheEuropeanUnionstoodataround114.2022representsapeakinthetotalretailtradesalesvolumeindexintheEuropeanUnionwithabout116.5.

ReadmoreNote(s):Europe;2009to2023Source(s):OECDShareofe-commerceasaproportionoftotalrevenueofenterprisesintheEuropeanUnionfrom2011to2023E-commerceshareofenterprises'revenueintheEU-272011-202325%19.8%19.8%20%18.4%18.1%18%17.7%17.2%16.4%15.7%15%10%5%13.8%13.8%13.2%13.1%0%201120122013201420152016201720182019202020212022202326Description:In2023,e-commerceaccountedfor18percentoftotalrevenueinenterprisesinEuropeanUnion(EU-27).TheaverageacrosstheEuropeanUnion(EU-27)stoodatnearly20percentbackin2020,attheheightofthecoronaviruspandemic.

ReadmoreNote(s):Europe,EU;2011to2023Source(s):EurostatCHAPTER

04RentalratesRentalpricesofprimeofficepropertiesinselectedEuropeancitiesfrom2022to2023(ineurospersquaremeterperyear)PrimerentofofficerealestateinEurope2022-2023,bycityAnnualcostpersquaremeterineuros2023202202004006008001,0001,2001,4001,6001,8002,0001,862LondonParisMilanDublin1,7311,0671,000690680673673660660LuxembourgFrankfurtMunichBerlinAmsterdamRome588576588540540528535495530500529544OsloMadrid48044128Description:TherentalpricesofprimeofficespacespersquaremetervariedgreatlyacrossdifferentEuropeancitiesin2023,rangingfromover1,850eurosinLondontolessthan200eurosinRiga.Primeofficepropertiestypicallymeetspecificcriteria,includingagoodlocationinmajorcommercialcenters,publictransportaccessibility,andenergyefficiency.ReadmoreNote(s):Europe;2022to2023Source(s):BNPParibasRealEstateAverageannualprimeindustrialrentpricepersquaremeterinEuropein1stquarter2024,bycountry(ineurospersquaremeter)IndustrialandlogisticsrealestaterentpersquaremeterinEurope2024,bymarketAverageannualprimerentineurospersquaremeter050100150200250300350400UnitedKingdom(LondonHeathrow))Switzerland(Zurich)334246Switzerland(Geneva)215Norway(Oslo)167UnitedKingdom(Manchester)UnitedKingdom(Birmingham)Finland(Helsinki)148142135135129126123Ireland(Dublin)Germany(Munich)UnitedKingdom(Bristol)UnitedKingdom(CentralScotland)Netherlands(Amsterdam(Schiphol))UnitedKingdom(Leeds)11311329Description:TheUnitedKingdom(UK)isthemostexpensiveEuropeancountryforannualcostsofprimeindustrialrentatabout300eurospersquaremeterofindustrialspaceinLondonHeathrowperyearin2023.Switzerland,Norway,Ireland,Finland,andLuxembourgweretheotherEuropeancountrieswheretheaverageannualcostofindustrialprimerentsinthecapitalcityexceededonehundredeurospersquaremeter.

ReadmoreNote(s):Europe;Q12024Source(s):Cushman&WakefieldAnnualprimeheadlinerentcostforwarehousesover5,000squaremetersinselectedEuropeancitiesin2023,bycity(ineurospersquaremeterperyear)AnnualprimerentalcostsforlargewarehousesinEurope2023,bycityPrimerentsineurospersquaremeterperyear050100150200250300350LondonOsloHelsinki310172165Dublin133130130126BirminghamManchesterMunichBarcelonaBerlin9696DusseldorfCopenhagenFrankfurtPrague9595949330Description:AcrossthemajorEuropeanindustrialandlogisticsrealestatemarkets,Londonhadthehighestrentalratein2023.Onesquaremeterinalarge,primewarehouseinLondoncostabout310eurosannuallyinthefourthquarteroftheyear.Thatfigurereflectstherentalcostafteranyrent-freeperiodsorincentives,excludingtaxesandcharges,referredtoasheadlinerent.OthermarketswithhighrentalrateswereOsloandBirmingham.

ReadmoreNote(s):Europe;Q42021;Headlinerents.Warehousesover5,000squaremeters.Source(s):BNPParibasRealEstateMonthlyprimerentofhighstreetretailrealestateinselectedEuropeancitiesin2023(ineurospersquaremeter)MonthlyhighstreetretailpropertiesprimerentinEurope2023,bycityRentineurospersquaremeterpermonth1,000

1,50005002,0002,500LondonParis2,1731,167Milan1,083Rome917Vienna425Munich315285250250222208FrankfurtBarcelonaMadridCopenhagenAthensAmsterdamPrague20820531Description:London'sprimehighstreetretaillocationscommandedthehighestrentsinEurope,withmonthlyratesreachingastaggering2,173eurospersquaremeterin2023.ThisfiguredwarfsothermajorEuropeancities,withPariscominginsecondat1,167eurospersquaremeter.ThestarkdifferenceinrentalpriceshighlightsthepremiumplacedonprimeretailspacesinEurope'sfinancialcapital,reflectingthecity'sstatusasaglobalshoppingdestination.WhileLondonboaststhehighestretail[...]

ReadmoreNote(s):Europe;2023;Primehighstreetineachcity.Source(s):BNPParibasRealEstateAverageannualprimeofficerealestaterentalgrowthforecastinEuropefrom2024to2028,bycityPrimeofficerealestateannualrentalgrowthinEurope2024-2028,bycityAverageannualrentalgrowth1.5

2.00.00.51.02.53.03.54.0LondonCityLondonWestEndOslo3.53.42.9ParisCBDMunich2.82.6StockholmBarcelonaMadridAmsterdamLyon2.52.52.52.52.12.12.12.1HamburgViennaAverage32Description:PrimerentsinthemajorofficemarketsinEuropeareexpectedtogrowyear-on-yearbetween2024and2028,accordingtoaMay2024forecast.LondonCityandLondonWestEndareexpectedtoachievethehighestrentalgrowth,at3.5and3.4percentperannum-morethandoubletheaveragerentalgrowthforecastforallmarkets.InEurope,centralcityofficeshadꢀbetterinvestmentanddevelopmentprospects.

ReadmoreNote(s):Europe;2024;12respondents;realestateorganizationsSource(s):IPFAveragemonthlyrentalcostofafurnishedone-bedroomapartmentinselectEuropeancitiesin1stquarter2024(ineuros)Averagerentforafurnishedone-bedroomapartmentinEurope2024,bycityAveragecostofrentineuros05001,0001,5002,0002,500AmsterdamRome2,2752,000Paris1,8621,7951,7901,7701,7461,7001,7001,6501,600RotterdamTheHagueMunichUtrechtLisbonMilanHamburgBolognaFlorencePrague1,6001,60033Description:Inthefirstquarterof2024,Amsterdamwasthemostexpensivecitytorentafurnishedone-bedroomapartmentamongthe23leadingEuropeancitiessurveyed.At2,300eurospermonth,rentinAmsterdamwasmorethantwiceashighasinBrussels.Amsterdamwasalsoꢀthemostexpensivecitytorentaprivateroom.OneofthemainfactorsdrivinghighrentsacrossEuropeancitiesisthesameasanyotherconsumer-drivenbusiness.Ifdemandoutweighssupply,priceswillinflate.The[...]

ReadmoreNote(s):Europe;Q12024;23,182properties;listedonHousingAnywhereplatform.Source(s):HousingAnywhereMonthlyrentalratesofdatacentersinEuropefrom1sthalf2017to2ndhalf2023,bymarket(U.S.dollarsperkilowatt)MonthlydatacenterrentinselectedmarketsinEurope2017-20234kWlease10kWlease100kWlease500450400350300250H12017

H22017

H12018

H22018

H12019

H22019

H12020

H22020

H12021

H22021

H12022

H22022

H12023

H2202334/statistics/1484047/data-centers-rent-in-europeTheaveragedatacenterrentalcostinEuropeinthesecondhalfof2023declinedslightly,aftersoaringinthesameperiodayearago.A10kWleasecostapproximately450.6U.S.dollarsperkW,upfrom307.5U.S.dollarsperkWatthebeginningof2022.ReadmoreNote(s):Europe;H12017toH22023Source(s):Savills;TeleGeographyCHAPTER

05YieldsandreturnsForecastannualizedtotalreturnforcommercialrealestateinEuropefrom2024to2029,bypropertytypeForecastannualizedreturnforcommercialrealestateinEurope2024-2029,bytypeSeptember2025September2024toSeptember2029(perannum)12%10%8%10.9%9.8%9.8%9.5%9.1%8.8%8.8%8.8%8.7%8.3%8.2%7.3%6%5.3%3.9%4%2%0%Logis