Whether our clients are acquiring, selling, managing or investing in property, good decisions depend on accurate, carefully analysed information. Our team makes a close study of real estate globally, delving into specific sectors and markets as well as exploring broader real estate trends. We report back to our clients via publications, reports and presentations.
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The research team has access to data, market intelligence and human expertise from a worldwide network of CBRE offices. The EMEA research team alone numbers 106 people in 43 EMEA countries and incorporates a specialist cross-border research team. The findings we report to our clients have a depth - and a value - that other firm’s researchers cannot match. It’s how we give our clients a competitive edge.
Which specialist services do we offer?
Regular local market analysis and reports
Analysis and reporting of regional and global trends
UK commercial property continued to improve during October, with capital values increasing by 0.6% over the month, resulting in growth of 2.0% so far this year. Total returns were 1.1% in October and 7.7% over the year to date.
In the retail sector capital values continued to improve, increasing by 0.4% over the month. High street shops, shopping centres and retail warehouse all recorded a positive uplift in capital values, showing some stabilization in this sector.
Capital values in the industrial sector increased by 1.0% over the month, resulting in total return of 1.7% in October. This is the first time that All Industrials has recorded the highest monthly capital value growth since March 2009.
Overall in the office sector total returns and capital value grew by 1.2% and 0.6% respectively during October. All offices from across the country have been contributing to the overall performance of the sector and not just Central London, as had been the case until about March this year. The gap between the performance of Central London and the rest of the UK continued to close in October, although office capital value growth in Central London remains slightly higher than in the rest of the UK.
Aggregate European office take-up fell by 5.2% on the previous quarter, and remains well below pre-recession levels. Demand remains very uneven, with some cities namely London, Moscow and the five main German markets continuing to witness robust levels of demand. Conversely, take-up in other markets, such as Madrid and Paris, fell to the lowest quarterly level in recent years.
The EU-27 vacancy rate was effectively flat in the quarter. Some new completions have come through to boost prime stock levels in a few core markets, but in most cities the quality of available space has continued to deteriorate as occupiers have vacated poor quality space to upgrade to more modern accommodation.
Until there is a more widespread recovery in demand, prime office rents are likely to continue to stagnate in the majority of European markets. As was the case in the first two quarters of the year, some rental growth in a few of the best performing markets was offset by further marginal declines in weaker markets.
Some major speculative office completions will continue to come through to the market in the final quarter of 2013 and into 2014, in a few core markets. However, early forecasts suggest the volume of completions will dip back again in 2015, as very few schemes were started at the height of the eurozone crisis.
•2013 has seen the first signs of recovery emerging in the Northern Ireland commercial property market with transactional activity in all sectors up year-on-year.
•A number of significant investment properties have sold recently in Northern Ireland including a Tesco Extra store in Newry, which sold for £30.3 million, reflecting a net initial yield of 4.95%.
•Most of the demand for institutional grade investment properties is emanating from UK investors who are increasingly looking for opportunities in regional markets such as Belfast.
•There has been a steady volume of letting activity in the office sector. Although no large lettings have been signed recently there are several outstanding requirements.
•The news that planning permission has now been granted for a new 7,710m2 (83,000 sq. ft.) Grade A office building at City Quay in Belfast Harbour which is due to go on site shortly is warmly welcomed as this is the first speculative development in the city in over six years.
•In the retail sector, a number of new retail lettings have been agreed several new restaurants have opened recently with 3 new restaurant openings planned on Belfast’s Howard Street in the run-up to Christmas.
•With the annual Christmas market at City Hall and an ice-rink planned for Custom House Square, it is hoped that political tensions can be kept at bay and that flag protests planned over the coming weeks won’t deter from what promises to be a busy Christmas trading period across the region
2013 is on track to be the best year in the Irish commercial property market since the peak in 2007 with transactional activity in all sectors up significantly year-on-year.
Prime headline office rents in Dublin are expected to reach €377 per square metre by year-end with a further 15% uplift in headline rents likely to occur in prime locations during 2014.
Many retailers are now gearing up for what promises to a busy Christmas trading period.
In the retail property market, activity is primarily focused on the better performing shopping centres and high streets with Dublin witnessing a greater volume of transactional activity than other locations.
Total spend in the investment sector in 2013 is now expected to exceed €1.5 billion – almost three times higher than the volume of spend in the Irish investment market in 2012.
Prime office yields in Dublin are now in the order of 6.0% while prime high street retail yield are approximately 5.5%.
55 non-agricultural land sales were completed in the Irish market in the first nine months of 2013 which is higher than the number of sales achieved during the peak year of 2007.
Demand for sites is being primarily fuelled by the imbalance between supply and demand in the Dublin housing market and signs of rental growth in the Dublin office sector.
The number of visitors to Ireland was up 7.8% between July and September having increased by 7.6% in the previous quarter. Against this backdrop, there has been considerable activity in the hotel and licensed property market.
20 hotel properties totalling €106 million sold in Ireland during the first nine months of 2013 and at this stage the total number of hotel transactions in 2013 is expected to exceed last year’s total of 24 sales.