Savills World Research Germany Investment

Market in Minutes Germany commercial investment market

Q4 2016

The market at a glance German investors become net vendors. Demand for commercial property remains high ■ Property in the German commercial investment market changed hands for a total of around €52.7bn in 2016. This represents a decline of 9% compared with the previous year but, nevertheless, the third highest transaction volume on record. ■ For the first time in the current investment cycle, German investors contributed a negative net investment volume of €4.3bn. In the previous years, their acquisition volume was at least hundreds of millions greater than their disposal volume. The fact that prime yields have reached fresh lows may be an indication that some

domestic investors have reached the limits of what they are willing to pay. In fact, conversely, they are using the highly-priced market to make disposals. German special funds increased their acquisition volume by 22% compared with 2015 while, at the same time, their disposal volume more than tripled. In total, 62% of the transaction volume was attributable to German vendors, the highest proportion in the current cycle, i.e. since 2009.

attractive in the prevailing low interest rate environment and, secondly, Germany continues to enjoy a safe haven status among investors. In view of the even more pronounced supply shortage, however, the transaction volume in 2017 is likely to show a moderate decline.

■ Demand for German commercial property is also set to remain very high this year. Firstly, real estate remains

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Market in Minutes | Germany Commercial Investment Market

Q4 2016

Commercial investment market Germany Transaction volume: -9% against last year | Forecast 2017: approx.€50bn TABLE 1

Key investment market figures Transaction volume (€m)

Share of domestic investors

Office prime net initial yield

High Street prime net initial yield

Q1 - Q4 16

against Q1 - Q4 15

against Q4 15 - Q3 16

Q1 16 Q4 16

against Q4 15 - Q3 16

Q4 16

against Q3-16

Q4 16

against Q3-16

Berlin

4,867

-40%

-27%

45%

-23%

3.5%

-20bps

3.0%

+/-0bps

Düsseldorf

2,310

-18%

+9%

40%

-33%

4.0%

-10bps

3.7%

-10bps

Frankfurt

6,341

+12%

+42%

50%

-2%

3.9%

-10bps

4.0%

+/-0bps

Hamburg

4,728

+11%

+26%

56%

-5%

3.6%

-30bps

4.0%

+/-0bps

Cologne

1,797

-18%

-13%

60%

-29%

3.9%

+/-0bps

4.0%

+/-0bps

Munich

5,855

+/-0%

+14%

47%

+14%

3.3%

-20bps

3.2%

-20bps

Stuttgart

1,814

+1%

+12%

25%

-68%

3.5%

-10bps

3.8%

-10bps

52,691

-9%

+4%

53%

-11%

3.7%

-14bps

3.5%

-6bps

Germany

*

Source: Savills / * prime yields = average of Top 7 markets

GRAPH 1

Regional distribution of rolling transaction volume of past 12 months

up to €10m up to €100m up to €1bn more than €1bn

Source: Savills / map source: BKG

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Market in Minutes | Germany Commercial Investment Market

Q4 2016

Commercial investment market Germany Retail transaction volume declined by 38% | Special funds by far most active buyers GRAPH 2

GRAPH 3

Transaction volume

Transaction volume by sector

2012 Q1

2012 Q3

2013 Q1

2013 Q3

2014 Q1

2014 Q3

2015 Q1

2016 Q1

20.09

14.28

9.21

18.05

2015 Q3

9.12

9.64

5.91

0

14.63

€bn

10

2

15.43

15

4 15.04

20

6

8.18

25

8

10.49

30

10

7.49

35

12

12.56

40

14

6.67

45

16

11.12

50

18

7.00

55

20

5.21

60

22

3.99

24

5.07

€bn

transaction volume, quarterly (left axis) transaction volume, past 12 months rolling (right axis)

5 0

2016 2017* Q3

Source: Savills / * forecast

Source: Savills

GRAPH 4

GRAPH 5

Transaction volume by type of investor Purchases, past 12 months Net investments, Ø past 5 years Open-ended special fund Other asset manager Listed property company Private-equity fund Insurance company / Pension fund Sovereign wealth fund Open-ended public fund Housing association Leasing company Public administration Other Bank Corporate Private investor / Family office Closed-ended fund Developer -15

-10

Prime yields**

Sales, past 12 months Net investments, past 12 months

Office

8%

Prime High Street

Logistics

7% 6% 5% 4% 3% 2% 1% 0% -5

0 €bn

5

10

15

2007

Source: Savills

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017*

Source: Savills / * forecast / ** average of Top 7 markets

TABLE 2

The largest transactions in Q4 2016 at a glance* Property / Portfolio

Type of use

Location(s)

Volume

Buyer

Vendor

OfficeFirst Portfolio (97 properties)

Office

across Germany

approx. €3,300m

Blackstone Group Deutschland GmbH

IVG Immobilien AG

Portfolio (42 properties)

Cash & carry market

across Germany

approx. €780m

Aroundtown Property Holdings Plc.

Cerberus Group Beteiligungsberatung GmbH

Taunusturm

Office

Frankfurt am Main

undisclosed

Commerz Real AG

KanAm Grund

Portfolio (17 properties)

Office

across Germany

approx. €630m

WealthCap

Savills Investment Management

Highlight Towers

Office

Munich

undisclosed

Zurich Deutscher Herold Lebensversicherung

LIP, ABG Gruppe

Source: Savills / * only published transactions are shown

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Market in Minutes | Germany Commercial Investment Market

Q4 2016

Commercial portfolio investment market Germany Significant plus of industrial and logistics | Jump in sales with nursing homes TABLE 3

Key investment market figures Transaction volume (€m)

Number of transactions

Ø Deal size (€m)

Q1 - Q4 16

against Q1 - Q4 15

against Q4 15 Q3 16

Q1 16 Q4 16

against Q4 15 Q3 16

Q1 16 Q4 16

against Q4 15 Q3 16

Office

5,944

+12%

+29%

33

-13%

180

+48%

Retail

5,172

-48%

+3%

66

+/-0%

78

+3%

Industrial/Logistics

2,081

+37%

+6%

22

-12%

95

+20%

Other

4,872

+8%

-22%

52

-10%

94

-13%

Total

18,068

-15%

+1%

173

-7%

104

+8%

Source: Savills

GRAPH 6

GRAPH 7

Transaction volume

Transaction volume by sector

8

24

7

21

6

18

5

15

4

12

3

9

2

6

2012 Q1

2012 Q3

2013 Q1

2013 Q3

2014 Q1

2014 Q3

2015 Q1

2015 Q3

2016 Q1

8.46

4.63

2.83

2.14

8.28

3.51

6.47

2.93

5.32

1.91

1.90

5.44

3.99

1.10

2.34

4.01

0.95

0

0.84

1

€bn

27

0.73

9

1.29

€bn

transaction volume, quarterly (left axis) transaction volume, past 12 months rolling (right axis)

3 0

2016 2017* Q3

Source: Savills / * forecast

Source: Savills

GRAPH 8

GRAPH 9

Transaction volume by origin of buyer

Transaction volume by type of investor Purchases, past 12 months Net investments, Ø past 5 years Other asset manager Private-equity fund Listed property company Sovereign wealth fund Open-ended public fund Insurance company / Pension fund Bank Public administration Leasing company Housing association Other Corporate Developer Open-ended special fund Private investor / Family office Closed-ended fund -6

Source: Savills

-4

Sales, past 12 months Net investments, past 12 months

-2

0 €bn

2

4

6

Source: Savills

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Market in Minutes | Germany Commercial Investment Market

Q4 2016

Commercial investment market Berlin Turnover

decline

due

to

less

megadeals

GRAPH 10

|

Strong

start

2017

expected

GRAPH 11

Transaction volume

Transaction volume by sector

2011 Q4

2012 Q2

2012 Q4

2013 Q2

2013 Q4

2014 Q2

2014 Q4

2015 Q2

2015 Q4

2016 Q2

1.50

1.58

1.00

0.79

0.0

3.30

€bn

1.0

1.84

2.0

0.5

1.49

1.0 1.49

3.0

1.89

1.5

1.16

4.0

0.63

2.0

0.62

5.0

1.53

6.0

2.5

0.82

3.0

0.81

7.0

0.64

3.5

3.33

8.0

0.62

4.0

0.53

9.0

0.64

4.5

1.18

€bn

transaction volume, quarterly (left axis) transaction volume, past 12 months rolling (right axis)

0.0

2016 Q4

Source: Savills

Source: Savills

GRAPH 12

GRAPH 13

Transaction volume by origin of buyer

Transaction volume by type of investor Purchases, past 12 months Net investments, Ø past 5 years Other asset manager Insurance company / Pension fund Listed property company Open-ended special fund Corporate Open-ended public fund Leasing company Sovereign wealth fund Housing association Other Public administration Bank Private-equity fund Private investor / Family office Closed-ended fund Developer -1.5

Source: Savills

-1.0

Sales, past 12 months Net investments, past 12 months

-0.5

0.0 €bn

0.5

1.0

1.5

Source: Savills

Berlin market in minutes Rental growth expectations to remain the decisive factor in 2017 •

With a transaction volume of €4.9bn, activity in Berlin’s commercial property investment market was 40% lower than in the record year of 2015. However, rather than indicating weakening demand, this is primarily a consequence of the lack of (high-value) product. Furthermore, a number of large transactions could not be completed in 2016, promising a very buoyant start to 2017.

•

Commercial property in Berlin remains highly sought-after by domestic and foreign investors alike. Foreign purchasers accounted for approximately 55% of the transaction volume in 2016, which was in line with the five-year average.

•

A principal factor in many investment plans is and remains expectations of above-average rental growth. Such scenarios are also likely to result in increasing investor demand in 2017, particularly in B locations, which should lead to further yield compression in some of these locations.

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Market in Minutes | Germany Commercial Investment Market

Q4 2016

Commercial investment market Düsseldorf Transaction

volume

of

€2.3bn

|

GRAPH 14

Declining

size

of

transactions

GRAPH 15

Transaction volume

Transaction volume by sector

2011 Q4

2012 Q2

2012 Q4

2013 Q2

2013 Q4

2014 Q2

2014 Q4

2015 Q2

2015 Q4

2016 Q2

0.98

0.63

0.39

0.31

0.79

1.33

0.0

0.58

€bn

0.5 0.14

0.2 0.45

1.0

0.19

0.4

0.70

1.5

0.52

0.6

0.85

2.0

0.17

0.8

0.35

2.5

0.65

1.0

0.29

3.0

0.04

1.2

0.19

3.5

0.05

1.4

0.47

€bn

transaction volume, quarterly (left axis) transaction volume, past 12 months rolling (right axis)

0.0

2016 Q4

Source: Savills

Source: Savills

GRAPH 16

GRAPH 17

Transaction volume by origin of buyer

Transaction volume by type of investor Purchases, past 12 months Net investments, Ø past 5 years Open-ended special fund Private-equity fund Other asset manager Listed property company Closed-ended fund Leasing company Public administration Sovereign wealth fund Housing association Other Open-ended public fund Private investor / Family office Insurance company / Pension fund Bank Corporate Developer -1.0

Source: Savills

-0.5

Sales, past 12 months Net investments, past 12 months

0.0 €bn

0.5

1.0

Source: Savills

Düsseldorf market in minutes High investment activity on smaller properties •

Commercial property in Düsseldorf changed hands for approximately €2.3bn last year. While this meant an 18% decline in the transaction volume compared with the previous year, the number of assets sold fell by just 7%. The sustained high number of transactions reflected unabated high demand for property in Düsseldorf, leading us to expect continued high levels of investment activity in 2017.

•

Investment in 2016 was boosted in the fourth quarter by the acquisition of the future L’Oreal headquarters, which represented the largest transaction of the year. The acquisitions of the Karstadt department store and Hyatt Regency hotel followed in second and third places.

•

Faced with the lack of supply in the CBD, competition for properties in the immediate vicinity is intensifying. As a result, such assets are being purchased more frequently before undergoing a refurbishment or change of use. Consequently, such surrounding locations are expected to register increasing values.

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Market in Minutes | Germany Commercial Investment Market

Q4 2016

Commercial investment market Frankfurt Frankfurt again the capital of property investment | Biggest deal: Commerzbank Tower GRAPH 18

GRAPH 19

Transaction volume

Transaction volume by sector

2011 Q4

2012 Q2

2012 Q4

2013 Q2

2013 Q4

2014 Q2

2014 Q4

2015 Q2

2015 Q4

2016 Q2

3.42

1.46

0.78

0.68

1.53

0.57

0.0

1.38

€bn

1.0 1.78

0.5 0.97

2.0

2.40

1.0

1.14

3.0

0.38

1.5

0.72

4.0

1.05

2.0

0.60

5.0

0.93

2.5

0.86

6.0

1.61

3.0

0.09

7.0

0.46

3.5

0.81

€bn

transaction volume, quarterly (left axis) transaction volume, past 12 months rolling (right axis)

0.0

2016 Q4

Source: Savills

Source: Savills

GRAPH 20

GRAPH 21

Transaction volume by origin of buyer

Transaction volume by type of investor Purchases, past 12 months Net investments, Ø past 5 years Private-equity fund Insurance company / Pension fund Listed property company Other asset manager Sovereign wealth fund Open-ended special fund Other Public administration Housing association Leasing company Corporate Private investor / Family office Developer Open-ended public fund Closed-ended fund Bank -1.5

Source: Savills

-1.0

Sales, past 12 months Net investments, past 12 months

-0.5

0.0 0.5 €bn

1.0

1.5

2.0

Source: Savills

Frankfurt market in minutes Megadeals drive increase in transaction volume •

Frankfurt reclaimed its status as the German property investment capital in 2016. The transaction volume of €6.3bn represented an increase of 12% on the previous year’s total. The Frankfurt commercial investment market was particularly driven by a number of major transactions for landmark buildings, such as the Commerzbank Tower, the Taunusturm and the Squaire as part of the OfficeFirst portfolio.

•

Office property dominated investment activity in Frankfurt with 76% of the overall transaction volume. While the transaction volume for hotels rose significantly compared with the previous year (+116%), a lack of supply dictated that deals for retail property were scarce (-59% compared with 2015).

•

Investors also increasingly turned to properties in satellite and back-office locations last year, such as Eschborn and Neu-Isenburg (not included in the statistics for the Frankfurt market). As a result, properties in surrounding areas changed hands for around €1bn. These surrounding locations are also expected to remain in demand in 2017.

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Market in Minutes | Germany Commercial Investment Market

Q4 2016

Commercial investment market Hamburg Investment volume of €4.7bn | Private investors and family offices sell significantly more GRAPH 22

GRAPH 23

Transaction volume

Transaction volume by sector

2011 Q4

2012 Q2

2012 Q4

2013 Q2

2013 Q4

2014 Q2

2014 Q4

2015 Q2

2015 Q4

2016 Q2

1.88

0.90

1.03

0.92

0.91

1.38

€bn

0.5

0.0

1.05

0.2

0.90

1.0 1.47

1.5

0.4 0.63

2.0

0.6

0.75

0.8

0.53

2.5

1.26

3.0

1.0

0.48

1.2

0.58

3.5

0.49

4.0

1.4

0.75

4.5

1.6

0.40

1.8

0.19

5.0

0.52

2.0

0.46

€bn

transaction volume, quarterly (left axis) transaction volume, past 12 months rolling (right axis)

0.0

2016 Q4

Source: Savills

Source: Savills

GRAPH 24

GRAPH 25

Transaction volume by origin of buyer

Transaction volume by type of investor Purchases, past 12 months Net investments, Ø past 5 years Open-ended special fund Private-equity fund Other asset manager Listed property company Open-ended public fund Public administration Sovereign wealth fund Housing association Other Corporate Leasing company Bank Closed-ended fund Insurance company / Pension fund Developer Private investor / Family office -1.5

Source: Savills

-1.0

Sales, past 12 months Net investments, past 12 months

-0.5

0.0 €bn

0.5

1.0

1.5

Source: Savills

Hamburg market in minutes Highest transaction volume since 2007 •

The transaction volume in the Hamburg commercial investment market reached almost €4.7bn last year, representing the second highest total on record. Only in 2007 was a higher volume achieved. The Hamburg properties in the OfficeFirst portfolio alone contributed around half a billion euros to the total and ensured a very strong final quarter (approx. €1.9bn).

•

Office properties provided for the majority of the investment volume with a share of 65%. Retail properties and hotels followed in second and third places with 14% and 5% respectively.

•

Open-ended special funds represented by far the most active investor group, accounting for 39% of the acquisition volume. From the perspective of these funds, which normally invest for the long term, Hamburg offers a relatively safe haven owing to its diversified and stable occupier market. Consequently, special funds are also expected to be the largest purchasers of commercial property in Hamburg in 2017.

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Market in Minutes | Germany Commercial Investment Market

Q4 2016

Commercial investment market Cologne Transaction volume again above average | Biggest deals outside the city GRAPH 26

GRAPH 27

Transaction volume

Transaction volume by sector

2011 Q4

2012 Q2

2012 Q4

2013 Q2

2013 Q4

2014 Q2

2014 Q4

2015 Q2

2015 Q4

2016 Q2

0.67

0.78

0.15

0.20

0.94

0.45

0.66

0.14

0.0

0.79

€bn

0.4 0.19

0.2

0.12

0.8

0.30

0.4

0.43

1.2

0.09

0.6

0.03

1.6

0.25

0.8

0.17

2.0

0.03

1.0

0.26

2.4

0.15

1.2

0.12

€bn

transaction volume, quarterly (left axis) transaction volume, past 12 months rolling (right axis)

0.0

2016 Q4

Source: Savills

Source: Savills

GRAPH 28

GRAPH 29

Transaction volume by origin of buyer

Transaction volume by type of investor Purchases, past 12 months Net investments, Ø past 5 years Private-equity fund Open-ended special fund Listed property company Insurance company / Pension fund Open-ended public fund Bank Housing association Leasing company Sovereign wealth fund Private investor / Family office Closed-ended fund Public administration Other asset manager Corporate Other Developer -0.6

Source: Savills

-0.4

Sales, past 12 months Net investments, past 12 months

-0.2

0.0 €bn

0.2

0.4

0.6

Source: Savills

Cologne market in minutes Transaction activity was predominantly outside the city centre •

Cologne’s commercial investment market achieved a high transaction volume once again last year with investment deals totalling around €1.8bn (five-year average: €1.4bn). In a repeat of the previous year, which included the sale of the Lanxess Arena, there was also an exceptional major deal in 2016 in the form of the acquisition of the Zurich headquarters. Demand from investors will continue to far exceed supply in 2017.

•

The Cologne market has retained its local character in terms of investment. Accordingly, German purchasers accounted for 60% of the transaction volume. Owing to the piecemeal ownership structure in the city centre, it is difficult for foreign investors to secure appropriate properties.

•

However, a large proportion of transaction activity last year took place outside the City submarket. Of the five largest disposals, three were in Deutz, while Niehl and Ehrenfeld each accounted for a single deal. All of these situated outside the city centre.

savills.de/research

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Market in Minutes | Germany Commercial Investment Market

Q4 2016

Commercial investment market Munich Investment turnover like last year | Price rally spreads to surrounding region GRAPH 30

GRAPH 31

Transaction volume

Transaction volume by sector

2011 Q4

2012 Q2

2012 Q4

2013 Q2

2013 Q4

2014 Q2

2014 Q4

2015 Q2

2015 Q4

2016 Q2

2.62

1.30

0.95

0.99

1.90

1.54

0.0

1.55

€bn

1.0 0.89

0.5 1.43

2.0

1.20

1.0

0.60

3.0

1.12

1.5

2.26

4.0

0.88

2.0

0.57

5.0

0.74

2.5

1.14

6.0

0.55

3.0

0.68

7.0

0.34

3.5

0.86

€bn

transaction volume, quarterly (left axis) transaction volume, past 12 months rolling (right axis)

0.0

2016 Q4

Source: Savills

Source: Savills

GRAPH 32

GRAPH 33

Transaction volume by origin of buyer

Transaction volume by type of investor Purchases, past 12 months Net investments, Ø past 5 years Open-ended public fund Insurance company / Pension fund Private-equity fund Other asset manager Other Bank Leasing company Sovereign wealth fund Housing association Listed property company Private investor / Family office Public administration Corporate Developer Open-ended special fund Closed-ended fund -2.0

Source: Savills

-1.5

-1.0

Sales, past 12 months Net investments, past 12 months

-0.5

0.0 €bn

0.5

1.0

1.5

2.0

savills.de/research

10

Source: Savills

Munich market in minutes Large transactions drive investment to previous year’s level •

Investment in Munich commercial property totalled more than €5.8bn last year, which was approximately in line with the previous year’s figure. A number of large transactions in particular ensured that the Bavarian capital posted the second highest volume across the top seven markets. The Highlight Tower, BayWa headquarters and the Karstadt at the main train station, for example, all changed hands.

•

Many investors are also anticipating rising rents and are pricing these into their purchase price bids accordingly. As a result, yields on assets with rental growth potential may harden further.

•

Faced with a shortage of space and product within the city boundaries, more and more investors are considering properties in surrounding locations, which are not included in the statistics for the Munich market. Consequently, yields in surrounding areas will continue to harden, allowing owners to benefit significantly from the spillover effects of the Munich price rally.

Market in Minutes | Germany Commercial Investment Market

Q4 2016

Commercial investment market Stuttgart Strongest decrease in yields of all top 7 markets | Satellite locations increasingly asked GRAPH 34

GRAPH 35

Transaction volume

Transaction volume by sector

transaction volume, quarterly (left axis) transaction volume, past 12 months rolling (right axis) 2.5

0.8

2.0

0.6

1.5

0.4

1.0

0.2

0.5

2011 Q4

2013 Q2

2013 Q4

2014 Q2

2014 Q4

2015 Q2

2015 Q4

2016 Q2

0.88

0.34

0.25

0.34

0.68

0.43

0.45

0.23

0.14

0.20

0.43

0.13

0.19

0.32

0.08

2012 Q4

0.17

0.21

0.05

2012 Q2

0.46

0.16

0.0

0.14

€bn

€bn

1.0

0.0

2016 Q4

Source: Savills

Source: Savills

GRAPH 36

GRAPH 37

Transaction volume by origin of buyer

Transaction volume by type of investor Purchases, past 12 months Net investments, Ø past 5 years Private-equity fund Listed property company Private investor / Family office Corporate Bank Leasing company Open-ended public fund Public administration Other Sovereign wealth fund Other asset manager Housing association Closed-ended fund Insurance company / Pension fund Developer Open-ended special fund -0.6

Source: Savills

-0.4

Sales, past 12 months Net investments, past 12 months

-0.2

0.0 €bn

0.2

0.4

0.6

Source: Savills

Stuttgart market in minutes New record investment volume as yields harden significantly •

Stuttgart’s commercial investment market saw properties change hands for more than €1.8bn last year. This represents a modest increase on the previous year’s total (+1% compared with 2015) and a new record transaction volume. The high demand for property in Stuttgart also resulted in appreciable yield compression. Prime yields on office property fell by 80 basis points from the end of 2015, which was higher than in any other top-seven market.

•

While interest from international purchasers has been primarily focused on Stuttgart itself to date, these are also increasingly considering satellite locations, such as Böblingen/Sindelfingen, Ludwigsburg and Esslingen, whose investment totals are not reflected in the transaction volume for Stuttgart.

•

For purchasers seeking investment opportunities in Stuttgart’s city centre, however, the existing supply is scarce. Accordingly, early acquisition of development projects represents an increasingly significant alternative.

savills.de/research

11

Market in Minutes | Germany Commercial Investment Market

Q4 2016

Savills Germany Savills is present in Germany with around 200 employees with seven offices in the most important estate sites Berlin, Dusseldorf, Frankfurt, Hamburg, Cologne, Munich and Stuttgart. Today Savills provides expertise and market transparency to its clients in the following areas of activity:

HH

B

D

Our services

C

»» Purchase and sale of single assets and portfolios »» Corporate Finance - Valuation »» Leasing of office and retail buildings »» Leasing and sale of industrial and warehouse properties »» Landlord and Occupier Services

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S M

www.savills.de Savills Germany Please contact us for further information

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Matthias Pink Research Germany +49 (0) 30 726 165 134 [email protected]

Sascha Hanekopf Investment Hamburg +49 (0) 40 309 977 141 [email protected]

Savills is a leading global real estate service provider listed on the London Stock Exchange. The company, established in 1855, has a rich heritage with unrivalled growth. It is a company that leads rather than follows and now has over 700 offices and associates throughout the Americas, Europe, Asia Pacific, Africa and the Middle East with more than 30,000 employees worldwide. Savills is present in Germany with around 200 employees with seven offices in the most important estate sites Berlin, Dusseldorf, Frankfurt, Hamburg, Cologne, Munich and Stuttgart. This bulletin is for general informative purposes only. Whilst every effort has been made to ensure its accuracy, Savills accepts no liability whatsoever for any direct or consequential loss arising from its use. The bulletin is strictly copyright and reproduction of the whole or part of it in any form is prohibited without written permission from Savills Research. © Savills January 2017

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