Presné a aktuálne informácie sú kľúčovým faktorom pre účastníkov na trhu s nehnuteľnosťami.
Čo robíme
Naša úloha poradcu pri významných transakciách na trhu s nehnuteľnosťami, nám pomáha pri získavaní aktuálnych a kľúčových informácii o trhu. Popri tom každodenne monitorujeme situáciu vo všetkých segmentoch na trhu, čo nám umožňuje rozpoznávať nové inovácie a developmenty. Read more here...
Economic woes in the eurozone and the uncertain outlook continue to affect occupier demand and constrain leasing activity levels. In the first quarter of the year, take-up in the key Western European markets dropped to approximately 2 million sq m, its lowest quarterly total since 2009.
During the first quarter, the EU-27 vacancy rate dropped to 10.25%, from 10.35% at the end of the previous, but overall it has fallen by only 20 bps compared with its peak a year ago. The sluggishness of reductions in vacancy is primarily due to the weakness of demand and continued release of surplus space by occupiers.
Rental growth continues to stagnate across Europe. As a result, the CBRE Prime Office Rent Index grew by only 0.1% on the previous quarter. In the first quarter, rises were modest and geographically confined to a small group of markets. Until current economic conditions persist, rental growth is likely to remain subdued.
The volume of new completions is bottoming out in many cities and new starts remain generally weak. In a small number of markets there are first signs of an acceleration in speculative development but even there the pipeline is still subject to postponements or potential delays.
Cost reduction still remains at the top of the agenda. However, many are now looking at new working practices and workspace reorganisation to achieve this.
Cross border relocations are likely to continue, but many insurers are also looking east for expansion opportunities, with Asia quickly becoming a global insurance hotspot.
The City of London remains a key location for many insurance occupiers, although there is a growing disconnect between tenants and landlords.
The gap between the yield on prime real estate and that on government bonds has jumped over the last two months;
In the Eurozone, with the yield on ten-year German government bonds having fallen to just 1.88%, this gap is now at a record high;
Some investors should be taking advantage of this jump in the yield gap, although our analysis suggests that it will further widen the performance gap between prime and non-prime real estate.
Increasing geographic and functional complexity of major international companies is leading many to adopt a more flexible 'hybrid' models towards real estate procurement.
Cost containment is still a key business driver however the way in which this is achieved is evolving from cutting costs to effective delivery and management of real estate strategies.
Reasons behind relocation or expanding are changing as more companies look to access skilled labour in emerging markets.
Most of the key indicators in the industrial and logistics sector have remained broadly stable despite a deteriorating economic environment
Prime rents in the sector are flat, leaving the CBRE EU-15 industrial rent index around 7.5% lower than at its mid-2008 peak. Similarly, prime yields have barely changed overall since the beginning of this year
Occupiers in a number of markets are taking advantage of a period of rental weakness to upgrade from outdated space to more modern warehouse buildings
Investment activity rose in the first half of this year, with Germany and CEE posting increased shares of investment turnover
After having peaked towards 2010 year-end, supply levels have gradually begun to decline across Europe, reflecting the current, slow pace of new deliveries
There are indications that the quality profile and distribution of vacant space is also changing, with shortages of prime buildings starting to emerge in some cities and vacancy levels for inferior quality space generally moving in the opposite direction.
This polarisation has been accentuated by an occupier flight to quality, reflecting companies’ appetite for more efficient and functional space, which in many instances still trades below pre-crisis levels rents.
At city level, these supply-side shifts are amplifying the disparities in rental performance between prime and second-hand stock and among different office submarkets. As a result, investors need to be even more precise and rigorous in their selection of areas for investment.
The twin aims of flexibility and future-proofing are paramount
There is growing awareness of the need for agility in executing portfolio strategies, including tailoring occupational terms to specific situations
Occupiers’ aspirations towards customer service and landlord relations are also rising, with many looking for increased innovation from landlords
With the scope to source good buildings from built stock expected to remain limited, new approaches to development are gaining prominence particularly in emerging markets
Sustainability remains high on the agenda, and is seen as a form of operational risk management, a means of value enhancement and a buffer against future legislation
Low interest rate environments are intended by governments as a way of stimulating economic growth by encouraging business investment. However, those same low interest rates have created a significant barrier to banks working out their legacy of non-performing real estate loans.
Created as a hedging instrument, swaps were intended to protect real estate loans with high LTVs, which typically have low interest rate cover, against interest rate rises.
However, as the financial crisis drove interest rates down to unprecedentedly low levels, these instruments have become increasing burdens on investors and, in the case of distressed sales, the recovery of value to lenders.
Take-up in the last quarter was slightly higher than Q3 and stable compared with the same period last year.
Helped by the low volume of new completions, overall supply levels have fallen through the year.
Generally, this prolonged period of low completions will probably accentuate the existing shortage of good quality buildings in sought-after, central areas of some European cities.
Prime rent growth has halted in most cities, with few continuing to see rental growth.
EMEA Office MarketView Q1 2012
(
761KB
)