MARKETBEAT The DNA of Real Estate EUROPE Q3 2014

Transcription

MARKETBEAT The DNA of Real Estate EUROPE Q3 2014
MARKETBEAT
The DNA of Real Estate
EUROPE
Q3 2014
A Cushman & Wakefield Research Publication
OFFICE RENTAL GROWTH (YEAR-ON-YEAR)
Q3 2012
All Countries
Q3 2013
Q3 2014
SHORT TERM
OUTLOOK
15.0%
5.0%
0.3%
0.3%
0.7%
-0.2%
0.4%
1.5%
Eastern Europe
2.6%
-0.3%
-2.7%
-5.0%
Central Europe
0.0%
-1.2%
0.2%
-10.0%
EU Countries
-0.4%
0.3%
1.4%
EMU Countries
-0.5%
-0.1%
0.9%
Western Europe
7.5%
0.0%
0.0%
-7.5%
West (Left)
CEE (Left)
EU (Left)
EMU (Left)
East (Right)
-15.0%
Sep-09
Sep-10
Sep-11
Sep-12
Sep-13
-15.0%
-22.5%
-30.0%
Sep-14
HIGH STREET RETAIL RENTAL GROWTH (YEAR-ON-YEAR)
Q3 2012
Q3 2013
Q3 2014
All Countries
3.7%
4.4%
2.9%
Western Europe
3.8%
4.3%
2.8%
-5.0%
Eastern Europe
3.4%
5.1%
3.1%
-10.0%
Central Europe
-4.7%
0.6%
0.5%
EU Countries
2.9%
3.8%
2.6%
EMU Countries
3.9%
3.5%
3.0%
SHORT TERM
OUTLOOK
10.0%
5.0%
0.0%
West
East
CEE
EU
EMU
-15.0%
-20.0%
-25.0%
Sep-09
Sep-10
Sep-11
Sep-12
Sep-13
Sep-14
LOGISTICS RENTAL GROWTH (YEAR-ON-YEAR)
Q3 2012
Q3 2013
Q3 2014
0.1%
0.6%
-0.6%
-0.2%
0.7%
0.5%
Eastern Europe
1.3%
-0.2%
-5.4%
Central Europe
0.0%
-3.0%
-2.1%
EU Countries
-0.5%
0.2%
0.3%
EMU Countries
-0.7%
0.5%
0.1%
All Countries
Western Europe
SHORT TERM
OUTLOOK
10.0%
5.0%
0.0%
-5.0%
West
East
CEE
EU
EMU
-10.0%
-15.0%
-20.0%
Sep-09
Sep-10
Sep-11
Sep-12
Sep-13
Sep-14
ALL SECTOR YIELD AGGREGATES AND 10 YR MOVEMENTS
16.00%
All Countries
6.67%
6.59%
6.46%
13.00%
Western Europe
6.04%
5.96%
5.70%
10.00%
Eastern Europe
9.36%
9.21%
9.51%
Central Europe
7.61%
7.60%
7.47%
EU Countries
6.25%
6.18%
5.93%
EMU Countries
6.28%
6.24%
6.00%
10 yr yield range
Current yield level
7.00%
ALL
WEST
EAST
Notes:
Western Europe countries: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, The Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom
Eastern Europe countries: Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Macedonia, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey, Ukraine
Central Europe countries: Czech Republic, Hungary, Poland, Slovakia
EU countries: corresponds to the members of the European Union
EMU countries: corresponds to the members of the euro zone
Source: Cushman & Wakefield
RET
IND
OFF
RET
EU
IND
OFF
RET
CEE
IND
OFF
RET
IND
OFF
RET
IND
4.00%
OFF
SHORT TERM
OUTLOOK
RET
Q3 2014
IND
Q3 2013
OFF
Q3 2012
EMU
KEY EUROPEAN OFFICES IN FOCUS
PRIME RENTS
PRIME YIELDS
COUNTRY
CITY
RENT
FREQUENCY
LOCAL
MEASURE
€
SQ.M/YR
US$
SQ.FT/YR
ANNUAL
GROWTH
Austria
Vienna
sq.m/mth
€25.00
€300
$35.2
Belgium
Brussels
sq.m/yr
€275
€275
Bulgaria
Sofia
sq.m/mth
€12.50
Czech Republic
Prague
sq.m/mth
Denmark
Copenhagen
sq.m/yr
Finland
Helsinki
sq.m/mth
France
Paris
sq.m/yr
Germany
Berlin
Germany
Frankfurt
Germany
SHORT TERM
OUTLOOK
CURRENT
VALUES
QUARTERLY
SHIFT
ANNUAL
SHIFT
0.0%
4.75%
0 bp
-15 bp
$32.3
0.0%
6.25%
0 bp
0 bp
€150
$17.6
0.0%
9.00%
-25 bp
-50 bp
€19.50
€234
$27.5
-4.9%
6.25%
0 bp
0 bp
Dkr1,800
€242
$28.4
0.0%
5.00%
0 bp
0 bp
€32.50
€390
$45.8
1.6%
5.25%
0 bp
0 bp
€750
€750
$88.0
-7.4%
4.00%
0 bp
-25 bp
sq.m/mth
€22.00
€264
$31.0
0.0%
4.50%
0 bp
-50 bp
sq.m/mth
€37.00
€444
$52.1
0.0%
4.70%
-5 bp
-10 bp
Hamburg
sq.m/mth
€24.00
€288
$33.8
0.0%
4.50%
0 bp
-25 bp
Germany
Munich
sq.m/mth
€33.00
€396
$46.5
4.8%
4.00%
0 bp
-20 bp
Germany
Dusseldorf
sq.m/mth
€26.50
€318
$37.3
-3.6%
4.60%
0 bp
-25 bp
Greece
Athens
sq.m/mth
€19.00
€228
$26.8
-5.0%
8.50%
-30 bp
-100 bp
Hungary
Budapest
sq.m/mth
€21.00
€252
$29.6
0.0%
7.25%
-25 bp
-25 bp
Ireland
Dublin
sq.m/yr
€441
€441
$51.8
28.3%
4.90%
0 bp
-135 bp
Italy
Rome
sq.m/yr
€420
€420
$49.3
-1.2%
5.00%
0 bp
0 bp
Italy
Milan
sq.m/yr
€475
€475
$55.7
0.0%
5.00%
0 bp
0 bp
Luxembourg
Luxembourg City sq.m/mth
€45.00
€540
$63.4
4.7%
5.20%
0 bp
0 bp
Macedonia
Skopje
sq.m/mth
€13.50
€162
$19.0
0.0%
9.25%
0 bp
0 bp
The Netherlands
Amsterdam
sq.m/yr
€370
€370
$43.4
2.8%
6.20%
-5 bp
-10 bp
Norway
Oslo
sq.m/yr
Nkr4,800
€592
$69.4
6.7%
4.75%
-25 bp
-25 bp
Poland
Warsaw
sq.m/mth
€25.00
€300
$35.2
-2.0%
6.00%
0 bp
-25 bp
Portugal
Lisbon
sq.m/mth
€19.00
€228
$26.8
2.7%
6.25%
-25 bp
-150 bp
Romania
Bucharest
sq.m/mth
€19.00
€228
$26.8
0.0%
8.50%
0 bp
0 bp
Russia
Moscow
sq.m/yr
$1,000
€792
$92.9
-16.7%
9.25%
50 bp
75 bp
Slovakia
Bratislava
sq.m/mth
€15.00
€180
$21.1
0.0%
7.25%
0 bp
0 bp
Spain
Madrid
sq.m/mth
€25.50
€306
$35.9
4.1%
5.50%
0 bp
-50 bp
Spain
Barcelona
sq.m/mth
€17.75
€213
$25.0
0.0%
5.75%
0 bp
-50 bp
Sweden
Stockholm
sq.m/yr
Skr4,750
€522
$61.2
2.2%
4.50%
0 bp
0 bp
Switzerland
Zurich
sq.m/yr
Sfr750
€621
$72.9
-1.3%
3.80%
0 bp
5 bp
Switzerland
Geneva
sq.m/yr
Sfr800
€663
$77.8
0.0%
4.25%
0 bp
0 bp
Turkey
Istanbul
sq.m/mth
$45.00
€427
$50.2
2.3%
7.00%
0 bp
0 bp
Ukraine
Kiev
sq.m/yr
$390
€309
$36.2
-9.3%
13.00%
50 bp
50 bp
United Kingdom
London
sq.ft/yr
£115.00
€1,589
$186.4
4.5%
3.50%
0 bp
-25 bp
United Kingdom
Manchester
sq.ft/yr
£31.00
€428
$50.3
3.3%
5.25%
-25 bp
-75 bp
United Kingdom
Birmingham
sq.ft/yr
£27.50
€380
$44.6
0.0%
5.25%
-25 bp
-75 bp
United Kingdom
Edinburgh
sq.ft/yr
£29.50
€408
$47.8
1.7%
5.75%
0 bp
-25 bp
United Kingdom
Glasgow
sq.ft/yr
£28.00
€387
$45.4
3.7%
5.75%
0 bp
-25 bp
SHORT TERM
OUTLOOK
NOTES:
Yields marked in red are calculated on a net basis to include transfer costs, tax and legal fees.
Source: Cushman & Wakefield
Cushman & Wakefield LLP
43-45 Portman Square
London W1A 3BG
www.cushmanwakefield.com/research
This report has been produced by Cushman & Wakefield LLP or use by those with an interest in commercial property solely for information purposes. It is
not intended to be a complete description of the markets or developments to which it refers. The report uses information obtained from public sources
which Cushman & Wakefield LLP believe to be reliable, but we have not verified such information and cannot guarantee that it is accurate and complete. The
report also refers to these economic sources: Consensus Economics Inc.; The Economist; Reuters; Capital Economics; Oxford Economics Ltd; Centre for
Business & Economic Research. No warranty or representation, express or implied, is made as to the accuracy or completeness of any of the information
contained herein and Cushman & Wakefield LLP shall not be liable to any reader of this report or any third party in any way whatsoever. All expressions of
opinion are subject to change. Our prior written consent is required before this report can be reproduced in whole or in part. Should you not wish to
receive information from Cushman & Wakefield LLP or any related company, please email [email protected] with your details in the body of
your email as they appear on this communication and head it “Unsubscribe”. ©2014 Cushman & Wakefield LLP. All rights reserved.
KEY EUROPEAN HIGH STREETS IN FOCUS
PRIME RENTS
PRIME YIELDS
COUNTRY
CITY
RENT
FREQUENCY
LOCAL
MEASURE
€
SQ.M/YR
US$
SQ.FT/YR
Austria
Vienna
sq.m/mth
€300
€3,600
$423
Belgium
Brussels
sq.m/yr
€1,750
€1,750
Bulgaria
Sofia
sq.m/mth
€44
Czech Republic
Prague
sq.m/mth
Denmark
Copenhagen
sq.m/yr
Finland
Helsinki
sq.m/mth
France
Paris
sq.m/yr
Germany
Berlin
Germany
Frankfurt
Germany
ANNUAL SHORT TERM
GROWTH
OUTLOOK
CURRENT
VALUES
QUARTERLY
SHIFT
ANNUAL
SHIFT
0.0%
4.10%
0 bp
-10 bp
$205
-2.8%
4.25%
-10 bp
-10 bp
€528
$62.0
10.0%
9.25%
0 bp
0 bp
€185
€2,220
$261
0.0%
5.00%
0 bp
-75 bp
Dkr17,750
€2,384
$280
4.4%
4.10%
-40 bp
-65 bp
€164
€1,968
$231
2.5%
5.00%
0 bp
0 bp
€18,000
€13,255
$1,556
0.0%
3.50%
0 bp
-25 bp
sq.m/mth
€295
€3,540
$415
3.5%
4.20%
-20 bp
-30 bp
sq.m/mth
€310
€3,720
$437
5.1%
4.10%
-10 bp
-30 bp
Hamburg
sq.m/mth
€305
€3,660
$430
3.4%
4.10%
-5 bp
-5 bp
Germany
Munich
sq.m/mth
€365
€4,380
$514
1.4%
3.50%
0 bp
-30 bp
Germany
Dusseldorf
sq.m/mth
€275
€3,300
$387
3.8%
4.10%
-15 bp
-30 bp
Greece
Athens
sq.m/mth
€180
€2,160
$254
9.1%
7.00%
0 bp
-80 bp
Hungary
Budapest
sq.m/mth
€95
€1,140
$134
5.6%
6.75%
0 bp
-25 bp
Ireland
Dublin
sq.m/yr
€4,500
€2,529
$297
5.9%
4.50%
-25 bp
-175 bp
Italy
Rome
sq.m/yr
€8,000
€8,000
$939
14.3%
4.75%
0 bp
0 bp
Italy
Milan
sq.m/yr
€8,500
€8,500
$998
13.3%
4.75%
0 bp
0 bp
Luxembourg
Luxembourg City sq.m/mth
€125
€1,500
$176
0.0%
5.00%
0 bp
0 bp
Macedonia
Skopje
sq.m/mth
€35
€420
$49
0.0%
9.25%
0 bp
25 bp
The Netherlands
Amsterdam
sq.m/yr
€2,900
€2,900
$340
0.0%
4.10%
-40 bp
-40 bp
Norway
Oslo
sq.m/yr
Nkr25,000
€3,081
$362
11.1%
4.75%
0 bp
-25 bp
Poland
Warsaw
sq.m/mth
€85
€1,020
$120
2.4%
7.50%
0 bp
-25 bp
Portugal
Lisbon
sq.m/mth
€93
€1,110
$130
2.8%
6.00%
-25 bp
-100 bp
Romania
Bucharest
sq.m/mth
€50
€600
$70.4
0.0%
9.25%
0 bp
0 bp
Russia
Moscow
sq.m/yr
$6,000
€4,749
$557
20.0%
13.00%
100 bp
100 bp
Slovakia
Bratislava
sq.m/mth
€40
€480
$56.3
-4.8%
7.50%
0 bp
25 bp
Spain
Madrid
sq.m/mth
€245
€2,940
$345
2.1%
4.50%
-15 bp
-35 bp
Spain
Barcelona
sq.m/mth
€270
€3,240
$380
1.9%
4.50%
-15 bp
-35 bp
Sweden
Stockholm
sq.m/yr
Skr14,900
€1,636
$192
1.4%
4.50%
0 bp
0 bp
Switzerland
Zurich
sq.m/yr
Sfr9,000
€7,456
$875
1.1%
3.70%
-10 bp
-10 bp
Switzerland
Geneva
sq.m/yr
Sfr4,000
€3,314
$389
0.0%
4.25%
0 bp
0 bp
Turkey
Istanbul
sq.m/mth
$280
€2,660
$312
24.4%
5.80%
0 bp
-20 bp
Ukraine
Kiev
sq.m/yr
$2,400
€1,900
$223
-20.0%
13.00%
50 bp
50 bp
United Kingdom
London
sq.ft/yr
£1,250
€10,361
$1,216
4.2%
2.50%
0 bp
-25 bp
United Kingdom
Manchester
sq.ft/yr
£250
€1,761
$207
0.0%
5.50%
0 bp
-25 bp
United Kingdom
Birmingham
sq.ft/yr
£250
€1,761
$207
0.0%
5.50%
0 bp
-25 bp
United Kingdom
Edinburgh
sq.ft/yr
£190
€1,805
$212
0.0%
5.00%
0 bp
-25 bp
United Kingdom
Glasgow
sq.ft/yr
£255
€2,422
$284
0.0%
5.00%
0 bp
0 bp
SHORT TERM
OUTLOOK
NOTES:
Rents in France, Ireland and the UK relate to Zone A.
Yields marked in red are calculated on a net basis to include transfer costs, tax and legal fees.
Source: Cushman & Wakefield
Cushman & Wakefield LLP
43-45 Portman Square
London W1A 3BG
www.cushmanwakefield.com/research
This report has been produced by Cushman & Wakefield LLP or use by those with an interest in commercial property solely for information purposes. It is
not intended to be a complete description of the markets or developments to which it refers. The report uses information obtained from public sources
which Cushman & Wakefield LLP believe to be reliable, but we have not verified such information and cannot guarantee that it is accurate and complete. The
report also refers to these economic sources: Consensus Economics Inc.; The Economist; Reuters; Capital Economics; Oxford Economics Ltd; Centre for
Business & Economic Research. No warranty or representation, express or implied, is made as to the accuracy or completeness of any of the information
contained herein and Cushman & Wakefield LLP shall not be liable to any reader of this report or any third party in any way whatsoever. All expressions of
opinion are subject to change. Our prior written consent is required before this report can be reproduced in whole or in part. Should you not wish to
receive information from Cushman & Wakefield LLP or any related company, please email [email protected] with your details in the body of
your email as they appear on this communication and head it “Unsubscribe”. ©2014 Cushman & Wakefield LLP. All rights reserved.
KEY EUROPEAN LOGISTICS IN FOCUS
PRIME RENTS
PRIME YIELDS
COUNTRY
CITY
RENT
FREQUENCY
LOCAL
MEASURE
€
SQ.M/YR
US$
SQ.FT/YR
Austria
Vienna
sq.m/mth
€4.75
€57
$6.69
Belgium
Brussels
sq.m/yr
€47
€47
Bulgaria
Sofia
sq.m/mth
€3.75
Czech Republic
Prague
sq.m/mth
Denmark
Copenhagen
sq.m/yr
Finland
Helsinki
sq.m/mth
France
Paris
sq.m/yr
Germany
Berlin
Germany
ANNUAL SHORT TERM
GROWTH
OUTLOOK
CURRENT
VALUES
QUARTERLY
SHIFT
ANNUAL
SHIFT
0.0%
7.25%
0 bp
-25 bp
$5.52
0.0%
7.00%
0 bp
-10 bp
€45
$5.28
7.1%
11.75%
0 bp
0 bp
€3.80
€46
$5.35
0.0%
7.25%
-25 bp
-100 bp
Dkr500
€67
$7.88
0.0%
7.50%
0 bp
0 bp
€7.50
€90
$10.56
0.0%
7.50%
0 bp
0 bp
€52
€52
$6.10
0.0%
7.00%
0 bp
-25 bp
sq.m/mth
€5.90
€71
$8.31
1.7%
6.90%
-10 bp
-30 bp
Frankfurt
sq.m/mth
€6.95
€83
$9.79
0.0%
6.30%
-20 bp
-30 bp
Germany
Hamburg
sq.m/mth
€5.80
€70
$8.17
3.6%
6.35%
-15 bp
-15 bp
Germany
Munich
sq.m/mth
€7.00
€84
$9.86
0.0%
6.35%
-15 bp
-15 bp
Germany
Dusseldorf
sq.m/mth
€5.70
€68
$8.03
0.0%
6.40%
-20 bp
-20 bp
Greece
Athens
sq.m/mth
€4.00
€48
$5.63
0.0%
11.00%
0 bp
-200 bp
Hungary
Budapest
sq.m/mth
€3.40
€41
$4.79
0.0%
9.00%
-25 bp
0 bp
Ireland
Dublin
sq.m/yr
€70
€70
$8.22
4.5%
6.75%
-25 bp
-175 bp
Italy
Rome
sq.m/yr
€55
€55
$6.45
0.0%
8.00%
0 bp
0 bp
Italy
Milan
sq.m/yr
€53
€53
$6.22
-3.6%
7.75%
0 bp
0 bp
Luxembourg
Luxembourg City sq.m/mth
€7.00
€84
$9.86
0.0%
8.50%
0 bp
0 bp
The Netherlands
Amsterdam
sq.m/yr
€88
€88
$10.27
0.0%
7.60%
0 bp
-10 bp
Norway
Oslo
sq.m/yr
Nkr1,150
€142
$16.63
4.5%
6.25%
-25 bp
-25 bp
Poland
Warsaw
sq.m/mth
€5.50
€66
$7.75
0.0%
7.50%
0 bp
0 bp
Portugal
Lisbon
sq.m/mth
€3.75
€45
$5.28
-6.3%
8.25%
-50 bp
-150 bp
Romania
Bucharest
sq.m/mth
€3.20
€38
$4.51
-3.0%
9.75%
0 bp
25 bp
Russia
Moscow
sq.m/yr
$120
€95
$11.15
-11.1%
11.50%
25 bp
0 bp
Slovakia
Bratislava
sq.m/mth
€3.60
€43
$5.07
0.0%
8.50%
0 bp
-25 bp
Spain
Madrid
sq.m/mth
€5.25
€63
$7.39
5.0%
8.00%
0 bp
-25 bp
Spain
Barcelona
sq.m/mth
€5.00
€60
$7.04
0.0%
8.00%
0 bp
-50 bp
Sweden
Stockholm
sq.m/yr
Skr1,050
€115
$13.53
0.0%
6.50%
0 bp
0 bp
Switzerland
Zurich
sq.m/yr
Sfr145
€120
$14.10
-3.3%
5.60%
0 bp
10 bp
Switzerland
Geneva
sq.m/yr
Sfr180
€149
$17.50
5.9%
6.00%
0 bp
0 bp
Turkey
Istanbul
sq.m/mth
$7.50
€71
$8.36
-2.6%
9.00%
0 bp
0 bp
Ukraine
Kiev
sq.m/yr
$72
€57
$6.69
0.0%
14.00%
150 bp
300 bp
United Kingdom
London
sq.ft/yr
£13.00
€180
$21.08
2.0%
5.00%
-25 bp
-50 bp
United Kingdom
Manchester
sq.ft/yr
£5.75
€79
$9.32
0.0%
5.75%
-25 bp
-75 bp
United Kingdom
Birmingham
sq.ft/yr
£5.75
€79
$9.32
0.0%
5.75%
-25 bp
-75 bp
United Kingdom
Edinburgh
sq.ft/yr
£7.25
€100
$11.75
0.0%
7.75%
-50 bp
-100 bp
United Kingdom
Glasgow
sq.ft/yr
£6.25
€86
$10.13
0.0%
7.75%
-25 bp
-75 bp
SHORT TERM
OUTLOOK
NOTES:
Yields marked in red are calculated on a net basis to include transfer costs, tax and legal fees.
Source: Cushman & Wakefield
Cushman & Wakefield LLP
43-45 Portman Square
London W1A 3BG
www.cushmanwakefield.com/research
This report has been produced by Cushman & Wakefield LLP or use by those with an interest in commercial property solely for information purposes. It is
not intended to be a complete description of the markets or developments to which it refers. The report uses information obtained from public sources
which Cushman & Wakefield LLP believe to be reliable, but we have not verified such information and cannot guarantee that it is accurate and complete. The
report also refers to these economic sources: Consensus Economics Inc.; The Economist; Reuters; Capital Economics; Oxford Economics Ltd; Centre for
Business & Economic Research. No warranty or representation, express or implied, is made as to the accuracy or completeness of any of the information
contained herein and Cushman & Wakefield LLP shall not be liable to any reader of this report or any third party in any way whatsoever. All expressions of
opinion are subject to change. Our prior written consent is required before this report can be reproduced in whole or in part. Should you not wish to
receive information from Cushman & Wakefield LLP or any related company, please email [email protected] with your details in the body of
your email as they appear on this communication and head it “Unsubscribe”. ©2014 Cushman & Wakefield LLP. All rights reserved.
The DNA of
Real Estate
Q3 2014
A Cushman & Wakefield Research Publication
OUR RESEARCH SERVICES
VISIT OUR WEBSITE TO ACCESS...
The Research Group provide strategic market analysis to support
our clients in decision making and project execution. Consultancy
is undertaken on a local and international basis, providing indepth advice and market appraisals incorporating real estate,
business and wider macro influences. Typical projects include:
...Global Research Reports
● reliable and comparable data and market intelligence
● site specific, location analysis, ranking and targeting for
occupation or investment
To learn more about the global trends in the industrial, office and
retail sectors that are shaping economic development, business
practices and real estate strategies.
...Local Market Reports
To find out about local real estate trends in the office, industrial
and retail sectors in markets around the world.
...Business Briefings
● analysis of future development activity and existing
supply/competition
For authoritative and insightful commentary and analysis on the
business landscape for commercial property markets.
● market research and demand analysis by retail/industry sector
...Economic Reports
● rental analysis, forecasts & investment and portfolio strategy
To keep you updated on global economic events and emerging
trends that will influence finance, investment, business and real
estate markets.
...The Cushman & Wakefield global real estate blog
To hear our point of view on global market trends and how they
are impacting on real estate decision making.
Gain access to all of Cushman &Wakefield's publications globally
by visiting the Research section of our website:
www.cushmanwakefield.com/research
or follow us on Twitter: @cushwakeinsight
For further information about research
or the report, please contact:
Joanna Tano
Director
Head of EMEA Central Research &
Consultancy
London, UK
+44 20 7152 5944
[email protected]
Istvan Toth
Senior Research Analyst
EMEA Central Research & Consultancy
Budapest, HU
+36 1 484 1302
[email protected]
Cushman & Wakefield is known the world-over as an industry knowledge leader. Through the delivery of timely, accurate,
high-quality research reports on the leading trends, markets around the world and business issues of the day, we aim to
assist our clients in making property decisions that meet their objectives and enhance their competitive position.
In addition to producing regular reports such as global rankings and local quarterly updates available on a regular basis,
Cushman & Wakefield also provides customized studies to meet specific information needs of owners, occupiers and
investors.
Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and
represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the
world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and
assignments. Founded in 1917, it has 253 offices in 60 countries and nearly 15,000 employees. It offers a complete range of
services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance
and investment banking, corporate services, property management, facilities management, project management, consulting
and appraisal. The firm has more than $3.7 billion in assets under management globally. A recognized leader in local and
global real estate research, the firm publishes its market information and studies online at:
www.cushmanwakefield.com/research
This report was written and produced by Cushman & Wakefield and has been prepared solely for information purposes. It
does not purport to be a complete description of the markets or developments contained in this material. The information
on which this report is based we believe to be reliable, but we have not independently verified such information and we do
not guarantee that the information is accurate or complete.
©2014 Cushman & Wakefield, Inc. All rights reserved.
Cushman & Wakefield, LLP
43-45 Portman Square
London W1A 3BG
www.cushmanwakefield.com