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Show of Strength Berlin’S Office Market Is Picking up – and Is Benefiting from the German Capital’S Increasing Economic Power

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Show of Strength Berlin’S Office Market Is Picking up – and Is Benefiting from the German Capital’S Increasing Economic Power No. 2 | 2015 places spaces The Real Estate Magazine of Union Investment The Emerald Isle is recovering Ireland has overcome the crisis that sent its property markets plummeting Bustling office districts A look at successful office districts with an urban feel The euro falters The impact of exchange-rate fluctuations on investors Show of strength Berlin’s office market is picking up – and is benefiting from the German capital’s increasing economic power No. 1 | 2015 places spaces The Real Estate Magazine of Union Investment Early bird Why it is worthwhile to invest in hotel projects Premier league What unites the office cities of London, New York and Tokyo CONTENTS Constant flow How data management fits into the real estate business places No. 2 | 2015 COVER STORY No. 2 | 2014 spaces The Real Estate Magazine of Union Investment The Emerald Isle is recovering spaces Ireland has overcome the crisis that sent its property markets plummeting places Bustling office districts 4 Berlin The office market of the German capital has been The Real Estate Magazine of Union Investment A look at successful office districts with an urban feel The euro falters Silent stars The impact of exchange-rate fluctuations on investors What makes secondary cities so attractive sidelined in recent years. This is no longer the case Tax law Bridging What to expect in the way of changes New kids on the block Why serviced apartments are so popular the gap The strategies property investors 9 Expert opinion Olaf Janßen, Head of Research at Union Invest- follow to balance security and risk ment, on the opportunities for the Berlin office property market Global MARKETS prospects Why European investors are venturing once more into international property markets Show of strength 10 Office districts The perfect combination of mixed-use buildings is Berlin’s office market is picking up – and is benefiting from the German capital’s increasing economic power the key to a successful office district. The more variety, the better 16 The euro falters Why property investors are remaining calm during times of upheaval for the single currency Dear readers, 18 Ireland The country’s economy has made a comeback. The real estate market also profits from this recovery Welcome to this new edition of places & spaces! 29 Investment climate survey How European asset managers rate The Real Estate Magazine of Union Investment, published the current situation on the investment market twice a year, keeps you abreast of trends, products and CONCEPTS developments in national and international investment 22 Infographic An overview of national and international real and letting markets. estate associations and organisations What’s new this year is our anniversary website where 24 Digitalisation The real estate sector is developing from a business driven by investment into one driven by information we would like to invite you to join us on an interactive 28 Interview Martin Brühl, the new president of the RICS, on the journey through 50 years of real estate investments. key aspects of digitalisation Our time-lapsed overview gives you insights into Union 30 Change of use The time is right for investments in repurposed Investment – with new milestones being added all the time. office and industrial buildings www.marking-milestones-together.com 36 Urban gardening A community movement of fruit and vegetable farming is positively impacting city development You will also find ordering and download options for PORTFOLIO places & spaces as well as up-to-date information about 34 Risk management Safeguarding fund portfolios against Union Investment on our website. potential risks is a complex management task www.union-investment.com/realestate WIDE ANGLE 42 Rooftops Coveted open spaces in cities that offer magnificent views and experiences I wish you an interesting read and look forward to your views and suggestions. 3 TO THE POINT 14 NEWS 29 IMPRINT & CONTACT 43 ACQUISITIONS Kind regards, Cover picture Fabian Hellbusch Molecule Man is a large aluminium structure in Berlin created by American sculptor Jonathan Borofsky. The artwork, composed of three Head of Marketing and Communication human figures and standing 30 metres tall, was installed in 1999 in [email protected] the Spree River and represents the coming together of the three districts of Berlin following the reunification of Germany. places & spaces 2|2015 places & spaces 2|2015 TO THE POINT Especially crisis-proof Frank Billand on Germany’s role in international investment markets t was the second-best quarter ever: between the beginning estate by investors from other currency zones. If the euro falls of April and the end of June, investors put €14.5 billion into again, this may well give a further boost to demand. On the other German commercial real estate. The only other time the market hand, US bonds could become more attractive as an alternative Isaw more capital than this was in the second quarter of 2007. to investments in property. The picture for the half-year looks similarly good: €24 billion – This also applies to German federal bonds. The yield on 42 percent more than in the same period last year and double ten-year bonds shot up surprisingly in June 2015 from 0.1 to the average for the past five years (€12 billion) – flowed into a good 1 percent and ended on an average of 0.8 percent for the purchase of German office towers, shopping centres, retail the month as a whole. Some were quick to interpret this as the premises, logistics depots and hotel buildings. Berlin rose to European interest-rate upturn. However, the slight narrowing of become the new favourite among investors, but business was the yield differential between federal bonds and real estate is booming in all seven of Germany’s major cities: together, they unlikely to do much to reduce the attractiveness of the German accounted for €13 billion, or about 54 percent of all the capital. property market. These are impressive figures on a European scale, too: in the Berlin is catching up Ireland is recovering second three-month period, property investors placed more than Low rents and high vacancy rates The consequences of the financial crisis hit one-quarter of their European investments in Germany. Therefore, are a thing of the past. Berlin’s the country and its property market hard. all observers are agreed that Germany remains one of the safest office market is flourishing. Now, investors are returning to the island. and most popular property investment markets in the world. Germany’s special role on the European property investment Page 4 Page 18 stage seems to be continuing. This role had fallen to Europe’s largest economy very soon after the start of the financial crisis, because the country’s broad-based economic structure was already having a stabilising effect. The National Association of German Cooperative Banks now expects growth of 1.8 percent for 2015 and 1.7 percent for 2016. One beneficiary of this is the commercial real estate market, which counts its diversity among its great advantages: investor interest is directed at seven major cities, each of which is attracting high transaction volumes. Frank Billand is a Member of the Management Board at A further strong argument for investing in Germany is the lack Union Investment Real Estate GmbH. of volatility in yields. However, this economic strength is no longer unique to The same is true of what is known as Brexit, meaning Germany: the French economy is likewise improving, and even a possible “No” vote in Britain on EU membership. In this the former crisis-hit countries of Ireland, Spain and Italy are on eventuality, many financial service providers would turn their a growth trajectory. It is no surprise, therefore, that investors are backs on the British capital, and Frankfurt’s office market would extending their feelers towards southern Europe and Ireland. also benefit. This leaves the Greek debt crisis. Negotiations on Of course, current global risks are also influencing a third EU aid programme for Greece have been successfully developments in Germany’s property markets. What risks do concluded, but whether it will be the last one is uncertain. Actors we mean? The first is an upturn in US interest rates. By the time on the financial markets have to stay on their guard – and will, if you see this edition of places & spaces, we will know whether, there is any doubt, steer their capital towards the “safe haven” The euro falters and by how much, the US Federal Reserve has raised its key of the German property market. Property investors are reacting interest rates and how global financial markets are responding. In summary, Germany as a real estate centre cannot detach to the weakened single currency As of the middle of this year, most observers are expecting the itself from current risks. However, this market is better able Fed’s zero-interest-rate policy to end in September. to mitigate their negative impact than those of many of our with relative calm. A keen eye will be kept on whether the US dollar continues neighbours. For this reason, Germany is likely to keep its special Urban gardening to appreciate against the euro. The euro’s current weakness is role as one of the safest investment destinations in Europe for Page 16 Fruit and vegetable farming on Cover photo: Thomas Kierok; Photos: David Bagnall/Alamy, Hon Lau-Dublin/Alamy, Getty Hon Lau-Dublin/Alamy, David Bagnall/Alamy, Photos: Kierok; Thomas Cover photo: Karsten Petrat Illustration: BEAR BERLIN GmbH; BUDDY Union Investment, Images, one reason behind the interest being shown in German real some time to come. • rooftops and wasteland inspires people and changes cities.
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