CBRE EMEA - e-biurowce.pl · 2014-04-14 · Source: CBRE European Investor Intentions Survey 2014 Investing Outside Europe In 2014 0% 10% 20% 30% 40% 50% 60% 70% Yes, more than in

EXECUTIVE SUMMARY

• Therewere387respondentstothe2014CBREonlinesurveyofEuropeaninvestorintentions,drawnfromacrossthepropertyinvestmentcommunity.Comparisonswiththe2013surveyresultshighlightsignificantshiftsininvestorsentimentandpreferences,againstthebackgroundofimprovingeconomicconditionsandhigherinvestmentactivityinEuropeanmarkets.

• InvestorconfidenceinEuropeisupsharplythisyear,withover70%ofinvestorschoosingWesternEuropeasthemostattractiveglobalregionforinvestmentpurchases.

• Thirty-sixpercentofinvestorswillinvestoutsideEuropethisyear,mainlyinNorthAmericaandDevelopedAsia.

• WithinEurope,theUKhasregaineditspositionasthemostpopularcountryforinvestmentthisyearwithafallintheproportionfavouringGermany,lastyear’sfirstchoice.

• The2014surveyshowsastrikingincreaseintheproportionofinvestorsviewingSpainasmostattractiveforpurchases,puttingitinthirdplace.

• Londonisagainthemostattractivecityforinvestment,withMadridinsecondplacethisyear;Barcelonaalsomakesthelistoftoptenchoices.

• Germanyhasthreecitiesinthetopten(Berlin,Munich,Hamburg)togetherwithParis,Amsterdam,DublinandWarsaw.

• Investorpreferencesforofficesasthemostattractivesectorincreasedsignificantlythisyear.Logisticswasthesecondmostpopularsector.Fewerinvestorsfavouredshoppingcentresandretailwarehousescomparedwith2013.

• Investorsaremovinguptheriskcurve.Twooutofthreerespondentssaidthemostattractivetypesofassetstopurchasewereoutsidetheprime/corecategory.Almosthalfsaidtheirriskappetiteforsecondarywashigherthanin2013.

• Thesurveyfoundwide-rangingexposureto‘alternative’sectorswith51%ofrespondentsalreadyinvestedinoneormorealternativesectors;leisurepropertyandstudenthousingwerethemostpopular.

• InvestorsarecommittingmorecapitaltoEuropeanrealestate.Overhalf(56%)expecttheirpurchasingactivityin2014tobemorethan10%highercomparedwith2013.Three-quarterswillbenetinvestors.

• ThebiggestobstaclestomakingacquisitionsinEuropefacinginvestorsaretheavailabilityofassets,assetpricingandcompetitionfromotherinvestors.

• ThegreatestthreattoEuropeanpropertymarketsistheperceptionthatpropertyhasbecomeover-priced.OthersignificantthreatsidentifiedwereUStapering/risinginterestratesandgovernmenteconomicmeasures/austeritypolicies.

• Over60%ofinvestorssaidiftheUKvotedtoleavetheEUitwouldmaketheUKlessattractiveasalocationforinvestment.

www.cbre.com/research MARCH 2014

©2014,CBRELimited

EMEACBRE

EUROPEAN REAL ESTATE INVESTOR INTENTIONS 2014by Dr Peter Damesick, Chairman, EMEA Research

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int WHICH GLOBAL REGION IS MOST ATTRACTIVE?

Respondentstothe2014surveyoverwhelminglyfavouredWesternEuropeoverotherglobalregionsasmostattractiveforinvestmentpurchasesthisyear.WiththemajorityofrespondentsbasedinEurope,astrongpreferenceforthehomeregionisnotsurprisingbutitisnotablethatinvestors’confidenceinWesternEurope,chosenby71%ofrespondentsasmostattractive,appearsfarhigherthanthe2013survey.ThemuchstrongersentimenttowardsWesternEuropehasemergedagainstabackgroundofimprovingeconomicconditionsandreduceduncertaintyoverthepastyear.CentralandEasternEurope(CEE)wasinsecondplacewith14%ofthevote,similartolastyear.TherewerecorrespondingfallsisthepopularityofbothNorthAmericaandAsiacomparedwiththe2013survey.

Justoveronethird(36%)ofinvestorssaidtheyintendedtoinvestoutsideEuropein2014.Theproportionwaslower(24%)amonginvestorsbasedintheUKandhigheramongthosedomiciledoutsideEurope(72%).MostoftheinvestorsintendingtoinvestoutsideEuropein2014indicatedtheywouldinvestthesameoragreateramountoutsidetheregionthanin2013.Overall,20%ofrespondentssaidtheyintendedtoinvestagreateramountoutsideEuropein2014thanin2013.

Percent

Which Global Region Is Most Preferred For Investment?

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10

20

30

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802013 2014

Western Europe Cen & Eastern Europe North America Asia South America Pacific Africa/Middle East

Source: CBRE European Investor Intentions Survey 2014

Investing Outside Europe In 2014

10% 20% 30% 40% 50% 60% 70%0%

Yes, more thanin 2013

Yes, same amountas in 2013

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FouroutoffiverespondentsintendingtoinvestoutsideEuropeindicatedtheywouldbeinvestinginNorthAmerica.MarketsinDevelopedAsiawerenextmostpopular,chosenby50%ofthoseinvestingoutsideEurope.EmergingAsiaandthePacificregionwereeachattractivetojustover20%.

MOST ATTRACTIVE COUNTRY IN EUROPE FOR INVESTMENT PURCHASES The2014surveyrevealssomenotableshiftsininvestorsentimenttowardsdifferentnationalmarketsacrossEuropecomparedwithtwelvemonthsago.TheUKregainsitspositionthisyearasthesinglemostattractivecountryformakingpurchases,selectedby29%ofinvestors.TheUKeconomicrecoveryhasgatheredpaceoverthepastyearandiseasilyoutpacingtheeurozone.

Germanywasinsecondplaceininvestors’preferencesthisyearwith21%ofthevote,downfrom35%inthe2013surveywhenitwasfirstchoice.Poland,FranceandtheNordicsalsoallregisteredreductionsintheirrelativeattractivenessinthisyear’ssurveycomparedwiththe2013results.

Percentage of respondents who will invest outside Europe

Most Attractive Regions For Investment Outside Europe In 2014

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

North America Developed Asia Emerging Asia Pacific South America Africa Middle East

Source: CBRE European Investor Intentions Survey 2014. Respondents could choose more than one region.

Most Attractive Country In Europe For Investment Purchases

0

5

10

15

20

25

30

35

40

UK Germany Spain Poland Netherlands France Italy Nordics Other CEE Other

2013 2014


Percent


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int Themoststrikingshiftininvestors’countrypreferencesrevealedinthisyear’ssurveyisthemarkedlyincreased

proportion(19%)ofinvestorsselectingSpainasthemostattractivemarketforpurchases,puttingitinthirdplacecloselybehindGermany.ThesharpincreaseininvestorinterestinSpainfollowsaverystrongproportionateriseinturnoverintheSpanishinvestmentmarketoverthecourseofthepastyear,withsalestotalling€5.0billionin2013overall,morethandoublethelevelin2012.ResurgentinvestmentdemandinSpainreflectstheabatementoftheeurozonesovereigndebtcrisisandpositiveinvestorperceptionsofrecoverypotentialintheSpanishmarket,includingrecentlyimprovingemploymentindicators.

Alsonoteworthy,althoughmuchlessdramatic,aretheincreasedproportionsofinvestorsinthe2014surveyidentifyingtheNetherlandsandItalyasmostattractive.Boththesemarketssawincreasedinvestmentactivityoverthepastyearasinvestorstookamoreconfidentviewoftheirrelativevalueandrecoveryprospects.

MOST ATTRACTIVE CITY FOR INVESTMENT PURCHASESRespondentwereaskedtoidentifywhichindividualcityinEuropetheyconsidermostattractiveforinvestmentin2014.Investors’choiceswererelativelyconcentratedandtencitesaccountedfor82%ofthetotalresponses.Londonwasagaintheclearfavourite,with30%ofthevote,verysimilartolastyear’sresult.TheLondoninvestmentmarketsawexceptionallystrongactivityin2013,withstronginflowsofglobalcapitaltakingdealvolumeabovethepreviouspeakof2007.

WhileLondon’stop-rankingpostioncontinuesprevioustrends,thepositionsofothercitiesinthetoptenchoicesshowsomenotablechanges.Madridnowtakessecondplace,upfromninthlastyearandinlinewiththesignificantriseinSpain’sattractivenessforinvestmentrecordedinthisyear’ssurvey.Barcelonaalsomakesitintothetoptenthisyear.Investorappetiteforopportunitiesin‘recoverymarkets’isfurtherevidencedbytheinclusionofAmsterdamandDublinamongthetopten.

RisinginvestorinterestinMadridappearspartlytohavebeenattheexpenseofcertainnorthernEuropeanmarkets.Berlinagainoccupiesthirdplaceintherankingwithaverysimilarshareofthevotetolastyear,butMunichandHamburgsawsomeslippageintheirpositions,asdidParisandWarsaw.

Most Attractive City For Investment In 2014

5%

Barcelona

Hamburg

Warsaw

Dublin

Amsterdam

Paris

Munich

Berlin

Madrid

London

10% 15% 20% 25% 30% 35%0%

2013

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WHICH PROPERTY SECTORS ARE MOST ATTRACTIVE?Officeswerethemostattractivesectortoinvestorsinthisyear’ssurvey,recordinganotablyhighershareofthevote(39%)thanin2013(29%).Theincreasedpreferenceforofficesin2014seemstobeattheexpenseoflogisticspropertyandshoppingcentres.Lastyear’sstrongsurveyresultontheattractivenessoflogisticspropertypresagedamajorincreaseininvestmentactivityinthesectorduring2013comparedwiththepreviousyear.Logisticsremainsthesecondmostpopularsectorthisyear,albeitwithasomewhatlowervote(16%)thanin2013(20%)Theproportionofinvestorschoosinglightindustrialpropertyasmostattractiveincreasedto8%thisyear.

Theproportionofrespondentsviewingshoppingcentresasmostattractivethisyeardroppedto11%from17%lastyearandtherewasfurthershrinkageintheproportionfavouringretailwarehousestoonly2%(downfrom9%twoyearsago).HighStreetRetailheldontoabout9%ofthevote.CautionamonginvestorstowardsshoppingcentresandretailwarehousescanberelatedtotheheadwindsforretailpropertycreatedbyweaknessinretailsalesinmanyEuropeanmarketsoverrecentyearsandtheimpactofgrowthinonlinesales.InmostWesternEuropeanmarketsoutsidetheUK,retailsalesgrowthremaineddisappointingoverthelatestChristmastradingperiod.Itwouldseemthatinvestorscurrentlyseemoreevidenceofeconomicrecoverybringingimprovementtooccupiermarketsforofficesrelativetoretail.

Residentialpropertywasagainselectedby11%respondentsasmostattractiveforpurchases,thisyearonaparwithshoppingcentres.

Most Preferred Sector For Investment Purchases

50%

Other

Retail Warehouses

Hotels

Light Industrial

Retail High St

Residential

Shopping Centres

Logistics

Office

0%

20132014

10% 20% 30% 40%



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int WHAT TYPE OF ASSETS IS MOST ATTRACTIVE?

Respondentswereaskedwhattypesofpropertyassetsbyqualityandriskcharacteristicsweremostattractivetopurchase.Investors’responsesindicatedageneralmoveuptheriskcurvecomparedwithlastyear’ssurvey.Thereisstillsubstantialdemandforprimeorcoreassetsbuttheproportionofinvestorssayingtheseweretheirmostpreferredassettypedecreasedfrom42%to35%,whilethoseviewing‘goodsecondary’asmostattractiveincreasedto33%from25%lastyear.Therewasalsoanincreaseintheattractivenessof‘opportunistic/value-add’assets.Aclearmajority(65%)ofinvestorsinthisyear’ssurveyseethemostattractivetypesofassetsoutsideprime/core.

Furtherevidenceofinvestorsmovinguptheriskcurvecameinanswerstothequestion:“Whatisyourriskappetiteforsecondaryassetscomparedto2013?”Almosthalf(49%)oftherespondentsindicatedthattheirriskappetiteforsecondarywashigherthanin2013.Only7%saiditwaslower.Theevidenceofgreaterrisktoleranceandstrongerappetiteforsecondaryassetscanbeattributedtoacombinationoffactors.First,investorsarelikelytoviewsecondarymorepositivelyaseconomicrecoverybringsgeneralimprovementtooccupationalmarkets.Second,othersurveyevidencepointstocoremarketsbecomingmorecompetitiveandexpensive,promptinginvestorstotargetawiderrangeofopportunities.

Most Preferred Asset Type For Purchases

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40%

45%

Prime or core assets Good secondary Opportunist/value-added Distressed assets

2013 2014


Risk Appetite For Secondary Assets In 2014 Compared With Last Year

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INVESTMENT AND INTEREST IN ALTERNATIVE SECTORSThe2014surveyexploredinvestors’exposuretoandinterestinarangeofalternativerealestatesectorsoutsidethemainstreamcommercialcategories.Investmentexposuretoalternativesectorsprovedtobewidespreadamonginvestorsinthesurvey;justoverhalf(51%)werealreadyinvestedinoneormoreofsevenalternativesectors.Thetwomostcommonlyinvestedsectorswereleisureproperty(27%)andstudentaccommodation(25%),followedbyautomotive/carparksandhealthcareproperty,bothwitharound17%ofrespondentsalreadyinvested.

Respondentswerealsoaskediftheywereactivelyinterestedineachofthealternativesectors.Therewerefewerresponsesbyinvestorsactivelyinterestedbutnotalreadyinvestedinthedifferentsectors,suggestingthatinterestinthealternativeswassomewhatlimitedbeyondthoseinvestorswhoalreadyhadexposure.Studentlivingwasthemostpopularofthealternativesectorsoverall,witharound12%ofinvestorsinthe’activelyinterestedbutnotyetinvested’category.Healthcare,infrastructureandretirementlivingwererecordedassectorsofactiveinterestby8%–10%ofrespondents.

EXPECTED PURCHASING ACTIVITY IN 2013TotalinvestmentturnoverinEuropeanrealestatemarketsin2013was30%higherthanthepreviousyear.AverystrongfinalquartersawgrowthintransactionsconcentratedintheUKandtheperipheryoftheeuroarea.The2014surveypointstoincreasedpurchasingactivitythisyearcomparedto2013.Alargemajority(67%)ofinvestorsexpecttheirpurchasingactivitytobehigherin2014,upfrom59%inresponsetothesamequestioninlastyear’ssurvey.Asmanyas35%ofthisyear’ssurveyrespondentsexpecttheirpurchasestobemorethan20%higherthanin2013.Only5%ofinvestorsexpecttobespendinglessin2014.

Investorswerealsoaskediftheirpurchaseswouldexceedtheirsalesin2014.Seventy-fivepercentanswered‘yes’,indicatingtheywouldbenetinvestorsandconfirmingthepictureofinvestorscommittingmorecapitaltoEuropeanmarketsthisyear.

Investment And Interest In Alternative Sectors

5%0%

Self Storage

Retirementliving

Infrastructure

Automotive/Car Parks

Healthcare

StudentLiving

Leisure

10% 15% 20% 25% 30%

Actively InterestedInvested



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OBSTACLES TO ACQUIRING ASSETS IN EUROPEInaclearreflectionofthegatheringstrengthofinvestmentdemandandcapitalcommitmentsdirectedatEuropeanrealestate,investorsidentifiedtheavailabilityofstockasthesinglebiggestobstacletoacquisitions,followedbyassetpricingandcompetitionfromotherinvestors.Theseobstaclestoinvestmentaresymptomaticofcrowdedandkeenlypricedmarkets.Thefindingsarealsoconsistentwiththesurveyevidenceofinvestorsshowinggreaterriskappetiteandviewingassetsoutsidetheprime/corespaceasmostattractive.

Otherobstaclestoacquisitionswereselectedbyrelativelysmallproportionsofinvestors.Itisnoteworthythatonly7%ofrespondentsthisyearcitedthecostoravailabilityofdebtasthegreatestobstacle.Thisisasignificantchangefromoursurveyevidenceoverthepasttwoyearswhentheabilitytosourcedebtwasamorepotentconstraintonactivity.ThisfindingisreinforcedbyotherrecentCBREresearchwhichhasshownanincreasingnumberoflendersbecomingactiveinEuropeanmarketsandsignificantrelaxationinlendingtermsoverthepasttwelvemonthsbothintermsoflendingmarginsandavailableloantovalueratios.

Expected Purchasing Activity This Year Compared With Last Year

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2013 2014


What Is The Biggest Obstacle To Acquiring Assets In Europe?

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Low markettransparency

Transactioncosts / time

Lack of investmentpartners

Cost / availabilityof debt

Competition fromother investors

Asset pricing

Availabilityof assets

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THREATS TO EUROPEAN PROPERTY MARKETS Inlinewiththeevolvingeconomicbackdropandshiftinmarketconditions,itisnotsurprisingthatinvestors’perceptionsthisyearofthegreatestthreatstothehealthofEuropeanpropertymarketsshowmarkedchangesfrompreviousconcerns.Twoyearsagoapotentialbreak-upoftheeurozoneandalackofdebtwereamongthebiggestperceivedthreatstothemarket.Inearly2013recessionwasinvestors’biggestconcern.

Thisyeartheperceptionthatpropertyhasbecomeover-pricedisatthetopofinvestors’collectivelistofthreatstothemarket,citedby32%ofrespondents.Thisclearlyechoesinvestors’concernsoverstockavailability,assetpricingandcompetitionasobstaclestoinvestmentin2014.

Thenextmostfrequentlyidentifiedthreatsarerelatedtoeconomicpolicy–essentiallythewithdrawalofmonetarystimulusandtheongoingneedtoreducefiscaldeficits.TheUSFederalReservehasbegunreducingitsassetpurchasesandhigherinterestratesareanticipated,althoughwithmajoruncertainlyovertheirtimingandpace.Around15%ofinvestorsviewedtheUStaperandhigherinterestratesasthebiggestthreattotheEuropeanpropertymarket.Asimilarproportionidentifieddomesticeconomicpolicies/austeritymeasuresasthemainthreat.

Lessspecificconcernsaboutpossiblefinancial/politicalcrisesoreconomicslowdownelsewherewereregisteredbysmallerproportionsofrespondents.Abreak-upoftheeurozoneandtheinabilitytosourcenewdebthavebeenrelegatedtothelowerranksofinvestors’concernsthisyear.

IMPLICATIONS OF A UK EXIT FROM THE EU TheUKisattemptingtoembarkonarenegotiationofthetermsofitsEUmembershipandthecurrentPrimeMinisterhascommittedtoholdingan‘in/out’referendumonEUmembershipafterthenextgeneralelectionduein2015,assuminghispartyisingovernment.TherehavebeengrowingsignsofuneasinessamongbothdomesticandforeignbusinessintheUKregardingthepotentialconsequencesofexitfromtheEU.OursurveyaskedinvestorsfortheirviewsonwhateffectitwouldhaveontheUK’sattractivenessasapropertyinvestmentlocationiftheUKvotedtoleavetotheEU.

What Is The Greatest Threat To European Property Markets?

Increased forced sales by banks or others

Economic slowdown/weaknessin Asia Pacific

Inability of investors to source new debt

A break-up of the euro zone

Government policy measures relatingto property

Economic slowdown/weaknesselsewhere in the world

Other financial/political crisis

Domestic economic measures/government austerity policies

US tapering, rising interestrates and/or threat of inflation

Perception that property has becomeover-priced

5% 10% 15% 20% 25% 30% 35%0%



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ResponsesshowedclearlythatavotetoleavetheEUwouldbenegativefortheUK’sattractivenessasalocationforinvestment.Over60%ofbothUKandnon-UKinvestorsindicateditwouldmaketheUKlessattractiveforinvestment.Asmanyas36%ofnon-UK-basedinvestorssaiditwouldmaketheUK‘muchlessattractive’,with22%ofUK-basedinvestorstakingthesameview.UK-basedinvestorsweremorelikelytojudgethatanEUexitwouldmaketheUK‘slightlylessattractive’.

ThesurveyfindingsimplythataUKvotetoleavetheEUwouldposeapotentiallysignificantdownsiderisktoinvestmentdemandintheUK.ThisisunderlinedbythehighproportionofUKpropertyinvestmentactivityaccountedforbyforeigncapital.In201348%ofallinvestmentsalesintheUKweretoforeignbuyers,with38%toglobalinvestorsfromregionsoutsideEurope.

CONCLUSIONSThe2014surveyfindingsrevealamarkedchangeintoneandsentimentintheEuropeancommercialpropertyinvestmentmarketcomparedwithayearago.InvestorsshowamuchhigherlevelofconfidenceinEuropeanrealestateandasubstantiallygreaterriskappetite.Moreinvestorsthisyearseegoodsecondaryandopportunistic/value-addassetsasmostattractiveforpurchaseThesurveyalsohighlightsthetransformationininvestorinterestinSpainoverthepastyear,puttingMadridinsecondplacetoLondonasthemostattractivecityforinvestment.

ThesurveyfindingspointtowardsincreasedinvestmentactivityinEuropeanrealestatein2014.Alargemajorityofinvestorsexpecttheirpurchasingactivitytobehigherin2014thanin2013,withoneinthreelookingtospendover20%morethisyearthanin2013.Thewideningspreadofdemandacrossmarketsandassettypeswillseethetrendtowardsreducedmarketpolarisationthatbeganduring2013gatherpacefurtherinthecomingyear.Asinvestorsadvancefurtherontheriskcurve,developmentfundingislikelytobemoreactivelyconsidered.

Thereremainareasofcaution.Investorshowincreasedreadinesstoplacetheirbetsontheofficesectorthisyear,withretailpropertygettingfewervotesintheattractivenessstakes.Relativetoitsmarketsize,currentinvestorsentimenttowardsFranceappearssomewhatmuted.

Thegatheringtempoofinvestmentdemandhasbroughtfreshchallengesandconcernsforinvestors.Theavailabilityofandcompetitionforassetsarenowtestinginvestors’abilitytomakeacquisitions.Thereisevidentconcernthatatleastsomepartsofthemarkethavebecomeovercrowdedandfullypriced,whichinturnispushinginvestorstotargetawiderrangeofopportunities,bylocationandassettype.Europeanmarketscontinuetoshowwidevariabilityineconomicconditionsandrisks.Findingvalueanddeterminingwhatriskstotakeinwhichmarketswillbekeychallengesforinvestorsin2014.

What Effect Would UK Exit From EU Have On UK’s Attractiveness For Investment

5% 10% 15% 20% 25% 30% 35% 40%

Makes UK a much lessattractive location

Makes UK a slightlyless attractive location

Makes no difference

Makes UK a slightlymore attractive location

Makes UK a much moreattractive location

45%0%

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SURVEY METHOD AND COMPOSITION OF RESPONDENTS Thesurveywascarriedoutonlinebetween27Januaryand6February2014withatotalof387respondentsspreadacrossarangeoftypesofrealestateinvestors.Themostnumerouswerefund/assetmanagersaccountingfor43%ofsurveyparticipants.Afurther11%werepensionfunds,insurancecompaniesandsovereignwealthfunds.Theothermostnumerousgroupswereprivatepropertycompanies(14%),listedpropertycompanies/REITs(11%)andprivateequity/venturecapitalfirms(10%).

SurveyrespondentswerepredominantlyfromorganisationsdomiciledinEurope(88%).UK-basedinvestorswerethemostnumerous,makingup38%ofthetotal.RespondentsbasedinGermanymadeup23%ofthetotal,withasimilarproportion(22%)domiciledelsewhereinWesternEurope.RespondentsdomiciledoutsideEuropeweremainlybasedinNorthAmerica(%ofthetotal).

Survey Respondents By Type Of Organisation

Survey Respondents By Domicile


Pension fund/insurance company/soverign wealth

Fund/asset manager

Private equity firm/venture capital

Private property company

Listed property company/REIT

Bank

Other

UK

Germany

France

Netherlands

Other Western Europe

Cen & Eastern Europe

North America

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DISCLAIMER 2014 CBRE

CBRELimitedconfirmsthatinformationcontainedherein,includingprojections,hasbeenobtainedfromsourcesbelievedtobereliable.Whilewedonotdoubttheiraccuracy,wehavenotverifiedthemandmakenoguarantee,warrantyorrepresentationaboutthem.Itisyourresponsibilitytoconfirmindependentlytheiraccuracyandcompleteness.ThisinformationispresentedexclusivelyforusebyCBREclientsandprofessionalsandallrightstothematerialarereservedandcannotbereproducedwithoutpriorwrittenpermissionofCBRE.

Peter Damesick Chairman,EMEAResearchCBREHenriettaHouseHenriettaPlaceLondonW1G0NBt:+442071823163e:[email protected]

Neil Blake HeadofUKandEMEAResearchCBREHenriettaHouseHenriettaPlaceLondonW1G0NBt:+442071822133e:[email protected]

Michael Haddock SeniorDirector,EMEAResearchCBREHenriettaHouseHenriettaPlaceLondonW1G0NBt:+442071823274e:[email protected]

For more information regarding the ViewPoint, please contact:

EMEA Research

CBRE GLOBAL RESEARCH AND CONSULTINGThis report was prepared by the CBRE EMEA Research Team, which forms part of CBRE Global Research and Consulting – a network of preeminent researchers and consultants who collaborate to provide real estate market research, econometric forecasting and consulting solutions to real estate investors and occupiers around the globe.

Richard Holberton Director,EMEAResearchCBREHenriettaHouseHenriettaPlaceLondonW1G0NBt:+442071823348e:[email protected]


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CBRE EMEA - e-biurowce.pl · 2014-04-14 · Source: CBRE European Investor Intentions Survey 2014 Investing Outside Europe In 2014 0% 10% 20% 30% 40% 50% 60% 70% Yes, more than in