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European Investment

European Investment – October 2021


Autor: Eri Mitsostergiou

Reihe: Savills Spotlight

Anbieter: Savills

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  • Erscheinungsdatum : 12.10.2021
  • Seiten : 8 Seiten
  • Datei-Typ : PDF-Datei
  • Größe : 1,82 MB
  • Sprache(n) : Englisch

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Strategic and tactical shifts

Occupier demand drives sector allocations

Offices remain the largest sector in terms of investment turnover, but it has lost part of its share to logistics and living sectors, which currently benefit from demographic and technological changes caused or accelerated by the pandemic. Office investments are expected to reach about €60bn in Q1–Q3 this year (based on Q3 closed and pending deals according to RCA data), accounting for 32% of transactions, below the long-term average of 35%.

Living and Care sectors are likely to capture 29% of the activity by the end of Q3 and logistics 20% of the total, continuing a busy start to the year, boosted by a number of large portfolio deals. Both living sectors and logistics markets accounted for a significantly higher proportion of total investment than their historical averages.

Retailers and logistics operators have been driving occupier demand for warehousing space, and the shortage of buildable land has been driving vacancy rates down and rents up. Overall, European logistics vacancy rates have fallen by an average of 80 bps YoY to 4.6% (Q2 2021). As a result, prime rents have risen by an average of 3.2% YoY.

The residential sectors in major urban centres are characterised by structural undersupply of housing, which has led rental growth over the past few years. The average multifamily rent is 26% higher compared to five years ago (on average) across the cities we monitor. Currently, affordability has become a critical issue in many markets, and rent controls are tightening. Nevertheless, the stable, indexed-linked income streams that the sector offers remain the key point of attraction.

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