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.
Why do they choose to work with us?
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
• Economic conditions are positive and investors have ample capital to deploy in real estate
• In EMEA, investors are planning for $475 billion in real estate investments in 2017
• For 2017, 85% of investors intend to spend at least as much as in 2016, and 40% expect to spend more
• Germany is ahead of the UK as the most attractive place to invest, as was the case in 2016, but investors are
showing an increasing tendency to invest in the UK despite uncertainty over Brexit
• The Nordics enters the top three with a significant jump compared to 2016
• London retains the top spot as most popular city to invest in with an increased share, but Berlin shows the
biggest increase, moving into second place
• ‘Pricing’ and ‘Availability of product’ are the biggest obstacles to investing in EMEA real estate
• Office is the most popular sector: interest in logistics has increased
• Risk appetite has increased slightly
• Income related factors such as ‘Yield relative to other asset classes’ are investor’s key motivations for investing
in real estate
• Total nominal value of the European Commercial Real Estate (CRE) investment debt decreased slightly over the course of 2016 from €1.14 trillion to €1.06 trillion, which is largely attributed to reduced levels of investment transactions in 2016
• We estimate that new debt issued increased from €68 billion in 2013 to €125 billion in 2015, while maintaining at €116 billion in 2016
• Additionally, the amount of debt retired in 2016 is also in line with the new origination levels over the past year
• 2016 was the first year, since post-GFC loan sale activity commenced in Europe, that real estate secured loan sale activity fell
• In 2017, we expect loan sale activity to pick up from 2016, albeit the activity will be relatively concentrated across several key jurisdictions, for instance Italy and Spain
Spain's economy will continue to see the highest growth in the European Union (EU), with growth expected to reach 2.5%, compared to 1.6% for the EU in general.
In 2016 investment volume reached €14,000 million, with the Merlin and Metrovacesa merger being the stand out deal of the year.
After a period of continued improvement, the market found its footing in 2016. Last year was a record year for some lenders in the Spanish market, which continues to be dominated by the national banks, followed by international banks with a local presence.
The political uncertainty in Spain affected the rate at which large companies made decisions. Now that this unknown has been dispelled, take-up is expected to rise in 2017.
The logistic sector is expected to continue to perform well. E-commerce and new technologies will continue to heavily influence operator strategies.
2017 is expected to be another good year for the retail sector. Spending and retail sales are expected to continue trending upwards, although at a more moderate pace than in 2016.
Everything bodes well for the residential sector, with demand particularly strong and this is likely to remain the case for the next few years.
A record number of international tourists visited Spain again (75 million in 2016). Domestic tourism has also improved. Based on the upbeat outlook, operators are focusing on reorganising their portfolios and improving the quality of their hotels.
Investment in alternative real estate assets in Spain is picking up a gear, providing opportunities that are pushing investors to take up positions in less traditional sectors.
• 2017 will again be a year of slow growth, below 1%; the general environment will be dominated by the political uncertainty that could lead to the possibility of early elections.
• Plenty of capital availability and the premium still paid for real estate will continue to foster investment in 2017.
• Demand for office space in Milan and Rome will continue to be high in 2017 but Development activity is still limited; refurbishment in key locations is increasing, which is contributing to the rise in the offer of grade A properties.
• In 2017 strong interest by international retailers is being confirmed with new entries into the Italian market.
• Investment activity in the Italian hotel sector continued to grow in 2016 and the forecasts for 2017 continue to be positive.
• Demand for investments in alternative sectors is growing in 2017, with both core and core plus investors continuing to seek opportunities in these non-traditional sectors.
• 2017 could be the key moment for the Italian NPL market, with further growth in volumes and the market becoming consolidated and mature.
The 2017 CBRE European Occupier survey covered 131 companies. Nearly 90% of the companies surveyed are headquartered in either Europe or North America, and two-thirds have a remit that is either global or EMEA-wide. The survey covers a range of sectors, with four dominant components: technology and telecoms, banking and finance, professional services and manufacturing.
Germany is seen as a safe haven for global capital. Demand for real estate on the increase gives reason to expect further high transaction volume in 2017.
Employment numbers in the service sector continue to increase, resulting in record office letting take-up volumes in 2016. Above all, in the top cities modern office space is in short supply and is driving a further rise in rental prices.
For many years, the retail investment market has been characterised by unwavering strong demand and a decreasing availability of product. As a result, investor focus is shifting increasingly to alternative investment opportunities.
Thanks to the continued robust fundamentals, the initial signs for 2017 are positive for both the logistics letting and investment markets.
There is an upswing in Germany’s hotel sector thanks to the solid economic growth and rise in the numbers of guest overnight stays.
Institutional investors are increasingly focussing on healthcare, which is a highly cyclical but fast-growing investment niche, but requires detailed market knowledge because of the statutory legislation involved.
The German residential market is becoming increasingly popular among national and international investors. The action scope of investors is expanding on second tier cities, project developments and the student housing Segment.
2016 was a year of electoral surprises. The referendum on the UK’s membership of the EU in June and Trump’s success in the US Presidential Election in November has heighted world political and economic uncertainties. France now has its turn in the limelight with a Presidential Election contest that has confounded the pundits. After the centre-right Republican Party primaries in December, François Fillon seemed to have the Presidency within his grasp but today he is some 6 to 8 points behind in the opinion polls after a number of allegations regarding the illegal employment of family members which has resulted in a formal investigation against him. Now, with just few weeks to go before the first round, right-wing Front National candidate Marine le Pen and centrist En Marche! candidate Emmanuel Macron look to be the favourites to get through to the second round. This is unprecedented in that neither of the two favourites for the second round comes from a party with a substantial representation in the current National Assembly. This raises the question of to what extent either candidate could command a parliamentary majority in June if they were to be elected in May.
•CBRE preliminary figures show CRE investment of nearly €60 million in the Baltic region countries for Q1 2017.
•Lithuania is the leading country in the 1st quarter of 2017 in terms of investment volume across all three Baltic countries, with the office sector dominating.
•The most attractive asset type in Q1 2017 was offices (€46.8 m ), mostly located in capital cities. The largest transaction was by Baltic Horizon Fund, acquiring the newly built office building Duetto I in Vilnius (14.6 mEUR).
After a record year in 2016, with a take-up of 3.8 million sq m, Q1 2017 showed less activity (766,900 sq m, -26% year-on-year), but still remained above the average for the past 9 years (+19%). The percentage of turnkey properties increased: representing more than half of the volume in 2016, it made up more than 2/3 of the volumes in Q1. Boves, Nanteuil-le-Haudouin, Montchanin, Wissous: 3 letting turnkey schemes and 1 self-build over 50,000 sq m that impacted the start of the year. The XXL trend has become apparent and boosted volumes, while transactions of less than 10,000 sq m have noticeably become rarer (-46% year-to-year).