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European Economic Marketbeat Snapshots Q2 2015

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European Economic Marketbeat Snapshots Q2 2015 EUROPE Office Snapshots Fourth quarter | 2017 Table of Contents (Click on the appropriate country to view) Austria The Netherlands Belgium Norway Bulgaria Poland Czech Republic Portugal Denmark Romania Finland Russia France Slovakia Germany Spain Greece Sweden Hungary Turkey Ireland Ukraine Italy United Kingdom Luxembourg About & Contacts AUSTRIA Office Market Snapshot Fourth Quarter | 2017 MARKET INDICATORS Overview Market Outlook The Austrian economy continued to grow in 2017 due to Prime Rents: Due to strong supply office rental growth is forecast stronger consumer demand and dynamic foreign trade. The to be weak. gross domestic product rose by 3 percent against the previous Prime Yields: Healthy investment market is keeping yields well year. Again, growth was supported by strong consumption as below their long-term trends. well as investment growth and accelerated activity in the Supply: Strong new supply is expected in 2018/19, albeit production, trade, construction and tourism sectors. primarily located outside the central office district. Demand: Take-up is currently low, possibly due to postponed decision making in view of many new upcoming Occupier focus projects. Take-up is expected to rise in 2018. Vienna is the focal market of occupational activity in the office Prime Office rents – December 2017 sector in Austria and tenant requirements indicate a continued LOCATION € € US$ GROWTH % preference for office clusters (Austria Campus, Donau-City, SQ.M SQ.M SQ.FT 1YR 5YR Main Railway Station, Viertel Zwei as well as Europlaza), MTH YR YR CAGR because of the good accessibility of the locations and also the Vienna (Central) 26.00 312 34.8 4.0 1.2 amenities in place. After long scarcity in availability of space in Vienna (within Gürtel) 16.00 192 21.4 16.4 4.2 excess of 5,000 sq.m various large flexible projects are getting Graz 11.25 135 15.1 0.0 1.4 finalized in the popular office clusters. Occupier activity was Linz 11.00 132 14.7 0.0 0.0 higher than in previous periods and marked at around 144,100 Salzburg 11.00 132 14.7 0.0 0.9 sq.m in Q4 year to date figures. Innsbruck 11.25 135 15.1 0.0 0.5 Prime Office yields – December 2017 Investment focus LOCATION CURRENT LAST LAST 10 YEAR 2017 saw strong trading activity with about €4.8bn invested (FIGURES ARE GROSS, %) Q Q Y HIGH LOW into the Austrian real estate market, in total, out of that about Vienna (Central) 2.90 2.90 3.00 5.50 2.90 60% (€3bn) in the office sector – deals closed were mainly in Vienna (within Gürtel) 4.75 4.75 4.75 6.80 4.75 Vienna. The most significant deals were the acquisition of The Graz 6.25 6.25 6.25 7.80 6.25 Icon Vienna by Allianz and Galcap for €500m, Austria Campus Linz 6.30 6.30 6.30 7.80 6.30 offices by PGIM for €417m and Millenium Tower for €116 m by Salzburg 5.75 5.75 5.75 7.60 5.75 Art Invest and Rheinische Versorgungskassen. Healthy Innsbruck 6.30 6.30 6.30 7.60 6.30 investment market is keeping yields well below their long-term With respect to the yield data provided, in light of the changing nature of the market and the costs implicit in trends. any transaction, such as financing, these are very much a guide only to indicate the approximate trend and direction of prime initial yield levels and should not be used as a comparable for any particular property or transaction without regard to the specifics of the property. Outlook Recent performance The previous imbalance between low supply and high demand Yield - Country Average Yield - Prime is expected to change soon with a lot more space coming to Rental Growth - Prime Rental Growth - Country Average the market. Therefore pressure is expected on rental values. 7.00% 15.0% Rental growth ( Investors will continue to look for opportunities and activity will 6.00% 10.0% be driven by domestic as well as international investors. 5.00% 5.0% Yields 4.00% 0.0% y / y 3.00% -5.0% ) Dec-07 Dec-09 Dec-11 Dec-13 Dec-15 Dec-17 cushmanwakefield.com AUSTRIA Office Market Snapshot Fourth Quarter | 2017 BUILT VACANCY TAKE-UP UNDER LOCATION AVAILABILITY TAKE-UP STOCK RATE YTD CONSTRUCTION (SQ.M) (SQ.M) (%) (SQ.M) (SQ.M) (SQ.M) Vienna (CBD) 33.270 12.050 30.310 12.000 Vienna (Overall) 10.970 281.020 2.6 58.710 144.100 407.100 Source: Cushman & Wakefield Key Occupier Transactions PROPERTY SUBMARKET TENANT SIZE TRANSACTION (SQ.M) TYPE 1030, Thomas Klestil Platz 12-13 Erdberg - St. Marx 8900 New lease 1100, Gertrude Fröhlich Sandtner Straße 2 Suburban 6080 Pre lease 1010, Schwarzenbergplatz 3 Central 5285 New lease 1010, Hohenstaufengasse 6 Central 2810 New lease 1110, Leopold Böhm Straße 12 Erdberg - St. Marx 2200 New lease Source: Cushman & Wakefield Key Investment Transactions PROPERTY SUBMARKET SELLER / BUYER YIELD PRICE € MILLIONS The Icon Vienna Hauptbahnhof Signa / Allianz RE Germany, GalCap Europe 500 Austria Campus offices Donaucity Signa / PGIM Real Estate 417 Donau City - Millennium Tower Morgan Stanley, CC Real / Rhein. VK, Art Invest 116 Lassallestraße Porr Tower Suburban HPM Privatstiftung / JR AMC, PEMA Group 60 Donau City - Big Biz C 52 Lassallestraße Source: Cushman & Wakefield, Real Capital Analytics This report has been produced by Cushman & Wakefield LLP for use by those with an interest in commercial Cornelia Kluger 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 & Executive Director Wakefield LLP believe to be reliable, but we have not verified such information and cannot guarantee that it is Leopold-Moses-Gasse 4, A-1020 accurate and complete. No warranty or representation, express or implied, is made as to the accuracy or Wien, Austria completeness of any of the information contained herein and Cushman & Wakefield LLP shall not be liable to any Tel: +43 01 205 215 reader of this report or any third party in any way whatsoever. All expressions of opinion are subject to change. Our [email protected] prior written consent is required before this report can be reproduced in whole or in part. ©2018 Cushman & cushmanwakefield.com / bar.at Wakefield LLP. All rights reserved. BRUSSELS Office Market Snapshot Fourth Quarter | 2017 MARKET INDICATORS Overview Market Outlook GDP in 2017 grew at its fastest pace since 2011 at 1.7%. Prime Rents: Prime rents experience strong upward movement Upbeat economic, consumer and business confidence suggest recently and further slight increases is still expected. that robust economic momentum is set to continue in 2018 Prime Yields: Prime yields are still at historically low and further with a GDP growth at 1.6%. Unemployment continues to slight compressions are forecasted before stabilisation in the second half of 2018. decrease, reaching 7.2%, its lowest level since 2008. Furthermore, the monetary policy should remain Supply: Important pipeline awaited in the future, both accommodative with no interest rate uptick before 2019. committed and speculative. Relocations could increase the supply in less qualitative office spaces. Occupier focus Demand: Demand is expected to increase in 2018, especially from the public sector. Demand will be oriented Activity in 2017 reached 393,000 sq m, a 15% decrease towards the CBD and qualitative office spaces. compared to 2016, due to the relatively low level of large demand and a decrease in the number of transactions (-14% Prime Office rents – December 2017 compared to 2016 and the lowest level since 2011). We have LOCATION € US$ GROWTH % SQ.M SQ.FT 1YR 5YR not seen any positive impact from Brexit so far. YR YR CAGR Brussels (Leopold) 305 34.0 10.9 1.4 The vacancy rate is still on the decrease, reaching 9.1%, its Brussels (Centre) 260 29.0 10.6 4.9 lowest level since mid-2007, with important disparities between Brussels (Decentralised) 190 21.2 -2.6 1.1 districts. The central districts perform the best with a vacancy Brussels (Periphery) 185 20.6 5.7 2.3 rate around 6.1% while the Decentralised districts and the Periphery stands respectively at 13.7% and 15%. Prime Office yields – December 2017 LOCATION CURRENT LAST LAST 10 YEAR Competition between occupiers for the most modern and (FIGURES ARE NET, %) Q Q Y HIGH LOW flexible office spaces available pushed the prime rent up to Brussels (Leopold) 4.40 4.40 4.50 6.30 4.40 305€/sq m/year in 2017, its highest level ever while the Brussels (Centre) 4.80 4.80 5.00 6.50 4.80 available spaces in grade A buildings are at a low 40,000 sq Brussels (Decentralised) 7.40 7.40 7.50 8.10 5.85 m. Brussels (Periphery) 7.25 7.25 7.25 8.25 6.00 NOTE: The above yields are for typical 6/9 leases. Investment focus With respect to the yield data provided, in light of the changing nature of the market and the costs implicit in any transaction, such as financing, these are very much a guide only to indicate the approximate trend and Investment activity has been dynamic all over 2017 with direction of prime initial yield levels and should not be used as a comparable for any particular property or transaction without regard to the specifics of the property. investors’ appetite for every asset class, from long-term core to value-add. More than EUR 1.4bn has been recorded in 2017 Recent performance with significant transactions such as the purchase of the Engie Yield - Country Average Yield - Prime HQ in Q4 by a Korean investor.
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