Q2 2014

EUROPE
The DNA of Real Estate
MARKETBEAT
A Cushman & Wakefield Research Publication
OFFICE RENTAL GROWTH (YEAR-ON-YEAR)
Q2 2012 Q2 2013 Q2 2014 SHORT TERM
OUTLOOK

All Countries 0.6% 0.4% 0.9%
Western Europe -0.1% 0.2% 1.2%
Eastern Europe 3.3% 1.0% -0.4%
Central Europe 0.1% -1.2% -0.1%
EU Countries -0.3% 0.1% 1.1%
EMU Countries -0.6% -0.2% 0.6%

HIGH STREET RETAIL RENTAL GROWTH (YEAR-ON-YEAR)
Q2 2012 Q2 2013 Q2 2014 SHORT TERM
OUTLOOK

All Countries 4.3% 4.5% 2.7%
Western Europe 4.6% 4.0% 2.5%
Eastern Europe 2.7% 6.4% 3.9%
Central Europe -2.9% -1.6% 0.9%
EU Countries 4.0% 3.4% 2.2%
EMU Countries 5.2% 3.4% 2.1%

LOGISTICS RENTAL GROWTH (YEAR-ON-YEAR)
Q2 2012 Q2 2013 Q2 2014 SHORT TERM
OUTLOOK

All Countries 0.2% 0.6% -0.4%
Western Europe -0.2% 0.7% 0.1%
Eastern Europe 2.0% 0.3% -2.4%
Central Europe 0.5% -3.1% -1.1%
EU Countries -0.4% 0.2% -0.1%
EMU Countries -0.4% 0.5% -0.2%

ALL SECTOR YIELD AGGREGATES AND 10 YR MOVEMENTS
Q2 2012 Q2 2013 Q2 2014 SHORT TERM
OUTLOOK

All Countries 6.65% 6.59% 6.45%
Western Europe 6.02% 5.97% 5.77%
Eastern Europe 9.28% 9.18% 9.19%
Central Europe 7.56% 7.60% 7.49%
EU Countries 6.22% 6.17% 5.98%
EMU Countries 6.25% 6.22% 6.05%
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
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14
West
East
CEE
EU
EMU
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14
West
East
CEE
EU
EMU
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14
West
East
CEE
EU
EMU
4.00%
7.00%
10.00%
13.00%
16.00%
O
F
F

R
E
T

I
N
D

O
F
F

R
E
T

I
N
D

O
F
F

R
E
T

I
N
D

O
F
F

R
E
T

I
N
D

O
F
F

R
E
T

I
N
D

O
F
F

R
E
T

I
N
D

ALL WEST EAST CEE EU EMU
10 yr yield range
Current yield level


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
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KEY EUROPEAN OFFICES IN FOCUS
PRIME RENTS PRIME YIELDS
COUNTRY CITY RENT
FREQUENCY
LOCAL
MEASURE

SQ.M/YR
US$
SQ.FT/YR
ANNUAL
GROWTH
SHORT TERM
OUTLOOK
CURRENT
VALUES
QUARTERLY
SHIFT
ANNUAL
SHIFT
SHORT TERM
OUTLOOK
Austria Vienna sq.m/mth 25.00 300 $38.2 0.0% 4.75% 0 bp -15 bp
Belgium Brussels sq.m/yr 275 275 $35.0 -3.5% 6.25% 0 bp -10 bp
Bulgaria Sofia sq.m/mth 12.50 150 $19.1 0.0% 9.25% 0 bp -25 bp
Czech Republic Prague sq.m/mth 19.50 234 $29.8 -7.1% 6.25% 0 bp 0 bp
Denmark Copenhagen sq.m/yr Dkr1,800 241 $30.7 0.0% 5.00% 0 bp 0 bp
Finland Helsinki sq.m/mth 32.50 390 $49.6 1.6% 5.25% 0 bp 0 bp
France Paris sq.m/yr 750 750 $95.4 -8.5% 4.00% -25 bp -25 bp
Germany Berlin sq.m/mth 22.00 264 $33.6 0.0% 4.50% -25 bp -50 bp
Germany Frankfurt sq.m/mth 37.00 444 $56.5 1.4% 4.75% 0 bp -5 bp
Germany Hamburg sq.m/mth 24.00 288 $36.6 0.0% 4.50% -10 bp -35 bp
Germany Munich sq.m/mth 32.50 390 $49.6 3.2% 4.00% -20 bp -20 bp
Germany Dusseldorf sq.m/mth 27.50 330 $42.0 3.8% 4.60% -10 bp -35 bp
Greece Athens sq.m/mth 19.00 228 $29.0 -13.6% 8.80% -20 bp -70 bp
Hungary Budapest sq.m/mth 21.00 252 $32.1 0.0% 7.50% 0 bp 0 bp
Ireland Dublin sq.m/yr 414 414 $52.7 28.3% 4.90% -50 bp -210 bp
Italy Rome sq.m/yr 420 420 $53.4 -6.7% 5.00% 0 bp 0 bp
Italy Milan sq.m/yr 475 475 $60.4 0.0% 5.00% 0 bp 0 bp
Luxembourg Luxembourg City sq.m/mth 45.00 540 $68.7 9.8% 5.20% 0 bp -30 bp
Macedonia Skopje sq.m/mth 13.50 162 $20.6 0.0% 9.25% 0 bp 0 bp
The Netherlands Amsterdam sq.m/yr 370 370 $47.1 2.8% 6.25% 0 bp -5 bp
Norway Oslo sq.m/yr Nkr4,700 559 $71.2 4.4% 5.00% 0 bp -15 bp
Poland Warsaw sq.m/mth 25.00 300 $38.2 -2.0% 6.00% 0 bp -25 bp
Portugal Lisbon sq.m/mth 19.00 228 $29.0 2.7% 6.50% -50 bp -125 bp
Romania Bucharest sq.m/mth 19.00 228 $29.0 0.0% 8.50% 0 bp 0 bp
Russia Moscow sq.m/yr $1,100 803 $102.2 -8.3% 8.75% 0 bp 25 bp
Slovakia Bratislava sq.m/mth 14.50 174 $22.1 -3.3% 7.25% 0 bp 0 bp
Spain Madrid sq.m/mth 25.00 300 $38.2 2.0% 5.50% -25 bp -50 bp
Spain Barcelona sq.m/mth 17.75 213 $27.1 0.0% 5.75% -25 bp -50 bp
Sweden Stockholm sq.m/yr Skr4,750 519 $66.0 2.2% 4.50% 0 bp 0 bp
Switzerland Zurich sq.m/yr Sfr750 618 $78.6 -1.3% 3.80% 0 bp 5 bp
Switzerland Geneva sq.m/yr Sfr800 659 $83.8 0.0% 4.25% 0 bp 0 bp
Turkey Istanbul sq.m/mth $45.00 394 $50.2 2.3% 7.00% 0 bp 0 bp
Ukraine Kiev sq.m/yr $420 307 $39.0 -2.3% 12.00% 0 bp -50 bp
United Kingdom London sq.ft/yr 115.00 1,546 $196.6 7.0% 3.50% -25 bp -25 bp
United Kingdom Manchester sq.ft/yr 30.00 403 $51.3 0.0% 5.75% 0 bp -25 bp
United Kingdom Birmingham sq.ft/yr 27.50 370 $47.0 0.0% 5.75% 0 bp -25 bp
United Kingdom Edinburgh sq.ft/yr 29.50 397 $50.4 5.4% 5.75% 0 bp -50 bp
United Kingdom Glasgow sq.ft/yr 28.00 376 $47.9 3.7% 5.75% 0 bp -50 bp
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 unsubscribe@eur.cushwake.com 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
ANNUAL
GROWTH
SHORT TERM
OUTLOOK
CURRENT
VALUES
QUARTERLY
SHIFT
ANNUAL
SHIFT
SHORT TERM
OUTLOOK
Austria Vienna sq.m/mth 300 3,600 $458 0.0% 4.10% 0 bp -15 bp
Belgium Brussels sq.m/yr 1,750 1,750 $223 -2.8% 4.35% 0 bp 0 bp
Bulgaria Sofia sq.m/mth 44 528 $67.2 10.0% 9.25% 0 bp 0 bp
Czech Republic Prague sq.m/mth 185 2,220 $282 2.8% 5.00% -50 bp -75 bp
Denmark Copenhagen sq.m/yr Dkr17,750 2,381 $303 4.4% 4.50% 0 bp -50 bp
Finland Helsinki sq.m/mth 160 1,920 $244 0.0% 5.00% 0 bp 0 bp
France Paris sq.m/yr 18,000 13,255 $1,686 0.0% 3.50% -25 bp -25 bp
Germany Berlin sq.m/mth 295 3,540 $450 3.5% 4.40% -5 bp -10 bp
Germany Frankfurt sq.m/mth 310 3,720 $473 5.1% 4.20% 0 bp -20 bp
Germany Hamburg sq.m/mth 305 3,660 $466 3.4% 4.15% 0 bp 0 bp
Germany Munich sq.m/mth 365 4,380 $557 1.4% 3.50% 0 bp -30 bp
Germany Dusseldorf sq.m/mth 275 3,300 $420 3.8% 4.25% 0 bp -15 bp
Greece Athens sq.m/mth 165 1,980 $252 0.0% 7.00% -80 bp -80 bp
Hungary Budapest sq.m/mth 95 1,140 $145 5.6% 6.75% 0 bp -25 bp
Ireland Dublin sq.m/yr 4,300 2,417 $307 1.2% 4.75% -15 bp -185 bp
Italy Rome sq.m/yr 7,500 7,500 $954 7.1% 4.75% 0 bp 0 bp
Italy Milan sq.m/yr 8,000 8,000 $1,018 6.7% 4.75% 0 bp 0 bp
Luxembourg Luxembourg City sq.m/mth 125 1,500 $191 0.0% 5.00% 0 bp 0 bp
Macedonia Skopje sq.m/mth 35 420 $53.4 0.0% 9.25% 0 bp 25 bp
The Netherlands Amsterdam sq.m/yr 2,900 2,900 $369 0.0% 4.50% 0 bp -20 bp
Norway Oslo sq.m/yr Nkr25,000 2,976 $379 11.1% 4.75% 0 bp -50 bp
Poland Warsaw sq.m/mth 85 1,020 $130 2.4% 7.50% 0 bp -25 bp
Portugal Lisbon sq.m/mth 93 1,110 $141 5.7% 6.25% -25 bp -75 bp
Romania Bucharest sq.m/mth 50 600 $76.3 0.0% 9.25% 0 bp 0 bp
Russia Moscow sq.m/yr $5,000 3,652 $465 0.0% 12.00% 0 bp 0 bp
Slovakia Bratislava sq.m/mth 40 480 $61.1 -4.8% 7.50% 0 bp 25 bp
Spain Madrid sq.m/mth 240 2,880 $366 0.0% 4.65% -10 bp -20 bp
Spain Barcelona sq.m/mth 265 3,180 $405 0.0% 4.65% -10 bp -20 bp
Sweden Stockholm sq.m/yr Skr14,900 1,628 $207 1.4% 4.50% 0 bp 0 bp
Switzerland Zurich sq.m/yr Sfr9,000 7,412 $943 1.1% 3.80% 0 bp 0 bp
Switzerland Geneva sq.m/yr Sfr4,000 3,294 $419 0.0% 4.25% 0 bp 0 bp
Turkey Istanbul sq.m/mth $280 2,454 $312 24.4% 5.80% -10 bp -45 bp
Ukraine Kiev sq.m/yr $2,820 2,060 $262 -6.0% 12.00% 0 bp -50 bp
United Kingdom London sq.ft/yr 1,250 10,083 $1,283 8.7% 2.50% 0 bp -25 bp
United Kingdom Manchester sq.ft/yr 250 1,714 $218 0.0% 5.50% 0 bp -25 bp
United Kingdom Birmingham sq.ft/yr 250 1,714 $218 0.0% 5.75% 0 bp 0 bp
United Kingdom Edinburgh sq.ft/yr 190 1,756 $223 0.0% 5.00% 0 bp -50 bp
United Kingdom Glasgow sq.ft/yr 255 2,357 $300 0.0% 5.00% 0 bp -25 bp
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 unsubscribe@eur.cushwake.com 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
ANNUAL
GROWTH
SHORT TERM
OUTLOOK
CURRENT
VALUES
QUARTERLY
SHIFT
ANNUAL
SHIFT
SHORT TERM
OUTLOOK
Austria Vienna sq.m/mth 4.75 57 $7.25 0.0% 7.25% 0 bp -25 bp
Belgium Brussels sq.m/yr 47 47 $5.98 0.0% 7.00% -5 bp -35 bp
Bulgaria Sofia sq.m/mth 3.50 42 $5.34 0.0% 11.75% 0 bp 0 bp
Czech Republic Prague sq.m/mth 3.80 46 $5.80 0.0% 7.50% -25 bp -75 bp
Denmark Copenhagen sq.m/yr Dkr500 67 $8.53 0.0% 7.50% 0 bp 0 bp
Finland Helsinki sq.m/mth 7.50 90 $11.45 0.0% 7.50% 0 bp 0 bp
France Paris sq.m/yr 52 52 $6.61 0.0% 7.00% 0 bp -25 bp
Germany Berlin sq.m/mth 5.80 70 $8.85 0.0% 7.00% 0 bp -20 bp
Germany Frankfurt sq.m/mth 6.95 83 $10.61 0.0% 6.50% 0 bp -10 bp
Germany Hamburg sq.m/mth 5.80 70 $8.85 3.6% 6.50% 0 bp 0 bp
Germany Munich sq.m/mth 7.00 84 $10.68 0.0% 6.50% 0 bp 0 bp
Germany Dusseldorf sq.m/mth 5.70 68 $8.70 0.0% 6.60% 0 bp 0 bp
Greece Athens sq.m/mth 4.00 48 $6.11 0.0% 11.00% 0 bp -200 bp
Hungary Budapest sq.m/mth 3.40 41 $5.19 0.0% 9.25% 0 bp 25 bp
Ireland Dublin sq.m/yr 70 70 $8.90 7.7% 7.00% -25 bp -175 bp
Italy Rome sq.m/yr 55 55 $7.00 -5.2% 8.00% 0 bp 0 bp
Italy Milan sq.m/yr 53 53 $6.74 -3.6% 7.75% 0 bp 0 bp
Luxembourg Luxembourg City sq.m/mth 7.00 84 $10.68 0.0% 8.50% 0 bp 0 bp
The Netherlands Amsterdam sq.m/yr 88 88 $11.13 0.0% 7.60% 0 bp -10 bp
Norway Oslo sq.m/yr Nkr1,150 137 $17.41 4.5% 6.50% 0 bp 0 bp
Poland Warsaw sq.m/mth 5.50 66 $8.40 0.0% 7.50% 0 bp 0 bp
Portugal Lisbon sq.m/mth 3.75 45 $5.72 -6.3% 8.75% -50 bp -100 bp
Romania Bucharest sq.m/mth 3.20 38 $4.88 -5.9% 9.75% 0 bp 25 bp
Russia Moscow sq.m/yr $130 95 $12.08 -3.7% 11.00% 0 bp -50 bp
Slovakia Bratislava sq.m/mth 3.60 43 $5.50 0.0% 8.50% 0 bp -25 bp
Spain Madrid sq.m/mth 5.25 63 $8.01 5.0% 8.00% -25 bp -25 bp
Spain Barcelona sq.m/mth 5.00 60 $7.63 0.0% 8.00% -25 bp -50 bp
Sweden Stockholm sq.m/yr Skr1,050 115 $14.59 0.0% 6.50% 0 bp 0 bp
Switzerland Zurich sq.m/yr Sfr145 119 $15.19 -3.3% 5.60% 0 bp 10 bp
Switzerland Geneva sq.m/yr Sfr180 148 $18.86 5.9% 6.00% 0 bp 0 bp
Turkey Istanbul sq.m/mth $7.70 67 $8.58 0.0% 9.00% 0 bp 0 bp
Ukraine Kiev sq.m/yr $72 53 $6.69 0.0% 11.00% 0 bp 0 bp
United Kingdom London sq.ft/yr 12.75 171 $21.80 0.0% 5.25% -25 bp -25 bp
United Kingdom Manchester sq.ft/yr 5.75 77 $9.83 4.5% 6.00% 0 bp -50 bp
United Kingdom Birmingham sq.ft/yr 5.75 77 $9.83 0.0% 6.00% 0 bp -50 bp
United Kingdom Edinburgh sq.ft/yr 7.25 97 $12.40 0.0% 8.25% 0 bp -50 bp
United Kingdom Glasgow sq.ft/yr 6.25 84 $10.69 0.0% 8.00% 0 bp -50 bp
NOTES:
Yields marked in red are calculated on a net basis to include transfer costs, tax and legal fees.

Source: Cushman & Wakefield


Q2 2014








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