EUROPE

THE DNA OF REAL ESTATE Fourth Quarter | 2015

MARKET INDICATORS Office Rental Growth (year-on-year) REGION

Q4 2013

Q4 2014

Q4 2015

All Countries

0.7%

0.3%

-1.3%

Western Europe

0.7%

2.0%

2.8%

EU Countries

0.7%

1.9%

2.8%

EMU Countries

0.3%

1.1%

2.4%

Eastern Europe

0.6%

-6.6%

-16.6%

Central Europe

-0.9%

-0.6%

-0.3%

SHORT TERM OUTLOOK

West EU EMU

10% 5%

East CEE

40% 20%

0%

0%

-5% -10%

60%

-20%

Dec- Dec- Dec- Dec- Dec- Dec05 07 09 11 13 15

-40%

Dec- Dec- Dec- Dec- Dec- Dec05 07 09 11 13 15

High Street Retail Rental Growth (year-on-year) REGION

Q4 2013

Q4 2014

Q4 2015

All Countries

4.0%

1.5%

-0.4%

Western Europe

4.0%

2.3%

4.4%

EU Countries

3.7%

1.9%

4.4%

EMU Countries

3.2%

2.5%

3.8%

Eastern Europe

3.9%

-1.8%

-18.0%

Central Europe

1.9%

-0.9%

2.6%

SHORT TERM OUTLOOK

West EU EMU

15% 10%

East CEE

40% 20%

5%

0%

0% -5%

60%

-20% Dec05

Dec07

Dec09

Dec11

Dec13

Dec15

-40%

Dec- Dec- Dec- Dec- Dec- Dec05 07 09 11 13 15

Logistics Rental Growth (year-on-year) REGION

Q4 2013

Q4 2014

Q4 2015

All Countries

0.5%

-1.7%

-2.7%

Western Europe

0.7%

1.1%

1.0%

EU Countries

0.3%

1.0%

1.0%

EMU Countries

0.3%

0.9%

0.6%

Eastern Europe

-0.6%

-12.7%

-16.6%

Central Europe

-2.0%

-1.1%

-0.4%

SHORT TERM OUTLOOK

West EU EMU

4% 2%

20%

0%

0%

-2%

-10%

-4%

-20%

-6%

Dec05

Dec07

Dec09

Dec11

Dec13

Dec15

East CEE

10%

-30%

Dec- Dec- Dec- Dec- Dec- Dec05 07 09 11 13 15

All sector Yield Aggregates and 10yr movements REGION

Q4 2013

Q4 2014

Q4 2015

All Countries

6.49%

6.39%

6.00%

Western Europe

5.84%

5.54%

5.08%

EU Countries

6.06%

5.77%

5.31%

EMU Countries

6.09%

5.80%

5.32%

Eastern Europe

9.20%

9.82%

9.68%

Central Europe

7.59%

7.49%

7.24%

SHORT TERM OUTLOOK

15.00%

10 yr yield range Current yield level

13.00% 11.00% 9.00% 7.00% 5.00% 3.00%

OFFRET IND OFFRET IND OFFRET IND OFFRET IND OFFRET IND OFFRET IND ALL

WEST

EAST

CEE

EU

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

EMU

KEY EUROPEAN OFFICE LOCATIONS IN FOCUS Prime rents COUNTRY

CITY

RENT FREQUENCY

LOCAL MEASURE

€ SQ.M/YR

Prime Yields

US$ SQ.FT/YR

Y/Y GROWTH

SHORT TERM OUTLOOK

CURRENT VALUES

Q/Q SHIFT

Y/Y SHIFT

Austria

Vienna*

sq.m/mth

€24.75

€297

$30.0

-1.0%

4.30%

-10 bp

-40 bp

Belgium

Brussels

sq.m/yr

€275

€275

$27.8

0.0%

5.70%

-5 bp

-35 bp

Bulgaria

Sofia*

sq.m/mth

€12.50

€150

$15.1

0.0%

8.50%

0 bp

-50 bp

Czech Republic

Prague

sq.m/mth

€19.50

€234

$23.6

0.0%

5.75%

0 bp

-50 bp

Denmark

Copenhagen*

sq.m/yr

Dkr1,800

€241

$24.3

0.0%

4.25%

-25 bp

-75 bp

Finland

Helsinki*

sq.m/mth

€34.00

€408

$41.2

3.0%

5.00%

0 bp

0 bp

France

Paris*

sq.m/yr

€775

€775

$78.2

3.3%

3.25%

-25 bp

-75 bp

Germany

Berlin*

sq.m/mth

€23.50

€282

$28.5

6.8%

4.10%

-10 bp

-40 bp

Germany

Frankfurt*

sq.m/mth

€37.00

€444

$44.8

0.0%

4.35%

0 bp

-35 bp

Germany

Hamburg*

sq.m/mth

€24.50

€294

$29.7

2.1%

4.15%

-5 bp

-35 bp

Germany

Munich*

sq.m/mth

€33.50

€402

$40.6

0.0%

3.70%

-15 bp

-30 bp

Germany

Dusseldorf*

sq.m/mth

€26.00

€312

$31.5

0.0%

4.35%

-5 bp

-25 bp

Greece

Athens*

sq.m/mth

€17.00

€204

$20.6

-10.5%

8.30%

0 bp

0 bp

Hungary

Budapest

sq.m/mth

€21.00

€252

$25.4

0.0%

7.00%

-25 bp

-25 bp

Ireland

Dublin*

sq.m/yr

€592

€592

$59.7

22.3%

4.25%

10 bp

-50 bp

Italy

Rome

sq.m/yr

€400

€400

$40.4

-2.4%

4.75%

0 bp

-25 bp

Italy

Milan

Luxembourg Macedonia

Luxembourg* Ci Skopje*

The Netherlands

Amsterdam

Norway

Oslo*

Poland

Warsaw

Portugal

Lisbon

Romania

Bucharest*

Russia

Moscow

Slovakia

Bratislava

sq.m/mth

€15.00

€180

Spain

Madrid

sq.m/mth

€28.50

€342

Spain

Barcelona

sq.m/mth

€19.75

€237

Sweden

Stockholm

sq.m/yr

Skr5,600

€611

Switzerland

Zurich*

sq.m/yr

Sfr750

Switzerland

Geneva*

sq.m/yr

Sfr800

Turkey

Istanbul

sq.m/mth

$45.00

€497

$50.2

Ukraine

Kiev*

sq.m/yr

$300

€276

$27.9

United Kingdom

London

sq.ft/yr

£125.00

€1,826

$184.2

sq.m/yr

€490

€490

$49.5

3.2%

4.50%

0 bp

-50 bp

sq.m/mth

€45.00

€540

$54.5

0.0%

5.10%

0 bp

-10 bp

sq.m/mth

€14.00

€168

$17.0

3.7%

9.25%

0 bp

0 bp

sq.m/yr

€370

€370

$37.3

0.0%

5.50%

-10 bp

-70 bp

sq.m/yr

Nkr4,800

€499

$50.4

0.0%

4.20%

0 bp

-55 bp

sq.m/mth

€24.00

€288

$29.1

-4.0%

5.75%

-25 bp

-50 bp

sq.m/mth

€18.50

€222

$22.4

0.0%

5.25%

0 bp

-100 bp

sq.m/mth

€18.50

€222

$22.4

-2.6%

7.50%

0 bp

-25 bp

sq.m/yr

$750

€690

$69.7

-25.0%

10.50%

-50 bp

-50 bp

$18.2

0.0%

7.00%

0 bp

-25 bp

$34.5

11.8%

4.00%

-25 bp

-125 bp

$23.9

11.3%

4.50%

0 bp

-100 bp

$61.7

12.6%

3.80%

-10 bp

-45 bp

€690

$69.6

0.0%

3.70%

0 bp

-10 bp

€736

$74.2

0.0%

4.00%

-25 bp

-25 bp

0.0%

6.80%

0 bp

0 bp

-19.4%

13.50%

0 bp

50 bp

8.7%

3.25%

0 bp

-50 bp

United Kingdom

Manchester

sq.ft/yr

£32.00

€467

$47.2

0.0%

5.00%

0 bp

-25 bp

United Kingdom

Birmingham

sq.ft/yr

£30.00

€438

$44.2

3.4%

5.00%

0 bp

-25 bp

United Kingdom

Edinburgh

sq.ft/yr

£32.50

€475

$47.9

8.3%

5.25%

-25 bp

-25 bp

United Kingdom

Glasgow

sq.ft/yr

£29.50

€431

$43.5

0.0%

5.50%

0 bp

0 bp

NOTES: Yields marked in red are calculated on a net basis to include transfer costs, tax and legal fees. To convert local rents to euros, exchange rates applicable at the last day of the quarter are used. (*) marked data reflect legacy Cushman & Wakefield information. Source: Cushman & Wakefield

SHORT TERM OUTLOOK

KEY EUROPEAN HIGH STREET LOCATIONS IN FOCUS Prime rents COUNTRY

CITY

RENT FREQUENCY

Prime Yields

LOCAL MEASURE

€ SQ.M/YR

US$ SQ.FT/YR

Y/Y GROWTH

SHORT TERM OUTLOOK

CURRENT VALUES

Q/Q SHIFT

Y/Y SHIFT

Austria

Vienna*

sq.m/mth

€300

€3,600

$363

0.0%

3.75%

-15 bp

-35 bp

Belgium

Brussels

sq.m/yr

€1,850

€1,850

$187

5.7%

3.75%

-10 bp

-40 bp

Bulgaria

Sofia*

sq.m/mth

€46

€552

$55.7

4.5%

8.50%

-25 bp

-50 bp

Czech Republic

Prague

sq.m/mth

€195

€2,340

$236

5.4%

4.75%

0 bp

-25 bp

Denmark

Copenhagen*

sq.m/yr

Dkr18,000

€2,412

$243

1.4%

3.60%

-15 bp

-50 bp

Finland

Helsinki*

sq.m/mth

€164

€1,968

$199

0.0%

5.00%

0 bp

0 bp

France

Paris*

sq.m/yr

€18,000

€13,255

$1,338

0.0%

3.00%

0 bp

-50 bp

Germany

Berlin*

sq.m/mth

€305

€3,660

$369

1.7%

3.80%

-10 bp

-30 bp

Germany

Frankfurt*

sq.m/mth

€315

€3,780

$381

0.0%

3.80%

0 bp

-20 bp

Germany

Hamburg*

sq.m/mth

€310

€3,720

$375

0.0%

3.80%

-10 bp

-30 bp

Germany

Munich*

sq.m/mth

€370

€4,440

$448

0.0%

3.30%

0 bp

-20 bp

Germany

Dusseldorf*

sq.m/mth

€280

€3,360

$339

1.8%

3.90%

0 bp

-20 bp

Greece

Athens*

sq.m/mth

€180

€2,160

$218

0.0%

7.00%

0 bp

0 bp

Hungary

Budapest

sq.m/mth

€100

€1,200

$121

5.3%

6.50%

-25 bp

-25 bp

Ireland

Dublin*

sq.m/yr

€5,500

€3,091

$312

22.2%

3.75%

0 bp

-25 bp

Italy

Rome

sq.m/yr

€11,000

€11,000

$1,110

37.5%

3.25%

-50 bp

-150 bp

sq.m/yr

€12,000

€12,000

$1,211

41.2%

3.25%

-50 bp

-150 bp

sq.m/mth

€137

€1,644

$166

9.6%

4.75%

0 bp

-25 bp

Italy

Milan

Luxembourg Macedonia

Luxembourg* Ci Skopje*

The Netherlands

Amsterdam

Norway

Oslo*

Poland

Warsaw

Portugal

Lisbon

sq.m/mth

Romania

Bucharest*

sq.m/mth

Russia

Moscow

sq.m/yr

Slovakia

Bratislava

sq.m/mth

Spain

Madrid

sq.m/mth

Spain

Barcelona

sq.m/mth

Sweden

Stockholm

sq.m/yr

Switzerland

Zurich*

sq.m/yr

Switzerland

Geneva*

sq.m/yr

Turkey

Istanbul

Ukraine

Kiev*

United Kingdom

London

United Kingdom

Manchester

sq.ft/yr

£265

€1,974

United Kingdom

Birmingham

sq.ft/yr

£225

€1,676

United Kingdom

Edinburgh

sq.ft/yr

£200

€2,008

United Kingdom

Glasgow

sq.ft/yr

£260

€2,611

sq.m/mth

€30

€360

$36

-14.3%

9.25%

0 bp

0 bp

sq.m/yr

€3,000

€3,000

$303

3.4%

4.10%

0 bp

0 bp

sq.m/yr

Nkr27,000

€2,808

$283

8.0%

4.20%

-5 bp

-55 bp

sq.m/mth

€85

€1,020

$103

0.0%

7.00%

0 bp

-50 bp

€98

€1,170

$118

2.6%

5.00%

0 bp

-100 bp

€42

€504

$50.9

-6.7%

9.00%

0 bp

0 bp

$3,800

€3,498

$353

-24.0%

12.50%

0 bp

0 bp

€44

€528

$53.3

10.0%

7.50%

0 bp

0 bp

€255

€3,060

$309

4.1%

3.75%

-25 bp

-65 bp

€275

€3,300

$333

1.9%

3.75%

-25 bp

-65 bp

Skr14,900

€1,627

$164

0.0%

3.90%

-10 bp

-35 bp

Sfr9,000

€8,277

$835

0.0%

3.20%

0 bp

-40 bp

Sfr4,000

€3,678

$371

0.0%

4.25%

0 bp

0 bp

sq.m/mth

$275

€3,038

$307

-1.8%

5.80%

0 bp

0 bp

sq.m/yr

$1,440

€1,326

$134

-40.0%

13.50%

0 bp

50 bp

sq.ft/yr

£1,500

€13,145

$1,327

20.0%

2.25%

0 bp

-25 bp

$199

6.0%

4.50%

-50 bp

-100 bp

$169

0.0%

4.75%

-50 bp

-75 bp

$203

5.3%

4.75%

-25 bp

-25 bp

$263

2.0%

4.50%

0 bp

-50 bp

NOTES: Rents in France, Ireland and the UK relate to Zone A. To convert local rents to euros, exchange rates applicable at the last day of the quarter are used. Yields marked in red are calculated on a net basis to include transfer costs, tax and legal fees. (*) marked data reflect legacy Cushman & Wakefield information. Source: Cushman & Wakefield

SHORT TERM OUTLOOK

KEY EUROPEAN LOGISTICS LOCATIONS IN FOCUS Prime rents COUNTRY

CITY

RENT FREQUENCY

LOCAL MEASURE

€ SQ.M/YR

US$ SQ.FT/YR

Prime Yields Y/Y GROWTH

SHORT TERM OUTLOOK

CURRENT VALUES

Q/Q SHIFT

Y/Y SHIFT

Austria

Vienna*

sq.m/mth

€4.75

€57

$5.75

0.0%

6.90%

-10 bp

-35 bp

Belgium

Brussels

sq.m/yr

€58

€58

$5.85

16.0%

6.90%

0 bp

-10 bp

Bulgaria

Sofia*

sq.m/mth

€3.80

€46

$4.60

1.3%

10.75%

-50 bp

-50 bp

Czech Republic

Prague

sq.m/mth

€3.85

€46

$4.66

1.3%

6.75%

0 bp

-50 bp

Denmark

Copenhagen*

sq.m/yr

Dkr550

€74

$7.44

10.0%

7.50%

0 bp

0 bp

Finland

Helsinki*

sq.m/mth

€7.50

€90

$9.08

0.0%

7.25%

0 bp

0 bp

France

Paris*

sq.m/yr

€55

€55

$5.55

1.9%

6.00%

-25 bp

-75 bp

Germany

Berlin*

sq.m/mth

€5.90

€71

$7.15

0.0%

6.15%

-5 bp

-75 bp

Germany

Frankfurt*

sq.m/mth

€6.95

€83

$8.42

0.0%

5.95%

-5 bp

-35 bp

Germany

Hamburg*

sq.m/mth

€5.90

€71

$7.15

1.7%

6.10%

-5 bp

-25 bp

Germany

Munich*

sq.m/mth

€7.00

€84

$8.48

0.0%

5.90%

-5 bp

-45 bp

Germany

Dusseldorf*

sq.m/mth

€5.70

€68

$6.90

0.0%

6.15%

-5 bp

-25 bp

Greece

Athens*

sq.m/mth

€3.50

€42

$4.24

-12.5%

12.00%

0 bp

100 bp

Hungary

Budapest

sq.m/mth

€3.50

€42

$4.24

2.9%

8.50%

-50 bp

-50 bp

Ireland

Dublin*

sq.m/yr

€75

€75

$7.57

7.1%

5.90%

-10 bp

-35 bp

Italy

Rome

sq.m/yr

€53

€53

$5.35

-3.6%

8.00%

0 bp

0 bp

Italy

Milan

Luxembourg Macedonia

Luxembourg* Ci Skopje*

sq.m/yr

€51

€51

$5.15

-3.8%

7.00%

-25 bp

-75 bp

sq.m/mth

€8.00

€96

$9.69

6.7%

8.00%

0 bp

-50 bp

The Netherlands

Amsterdam

sq.m/mth

€2.50

€30

$3.03

0.0%

13.00%

0 bp

0 bp

sq.m/yr

€88

€88

$8.88

0.0%

6.50%

-25 bp

-90 bp

Norway

Oslo*

Poland

Warsaw

sq.m/yr

Nkr1,200

€125

$12.60

4.3%

5.75%

0 bp

-50 bp

sq.m/mth

€5.40

€65

$6.54

-1.8%

7.00%

-25 bp

-50 bp

Portugal

Lisbon

sq.m/mth

€3.50

€42

$4.24

-6.7%

7.00%

0 bp

-100 bp

Romania

Bucharest*

Russia

Moscow

sq.m/mth

€3.40

€41

$4.12

6.3%

9.25%

0 bp

-50 bp

sq.m/yr

$63

€58

$5.85

-37.0%

12.75%

-25 bp

-25 bp

Slovakia Spain

Bratislava

sq.m/mth

€3.60

€43

$4.36

0.0%

8.00%

0 bp

-50 bp

Madrid

sq.m/mth

€5.25

€63

$6.36

5.0%

7.00%

0 bp

-50 bp

Spain

Barcelona

sq.m/mth

€5.50

€66

$6.66

10.0%

7.00%

0 bp

-75 bp

Sweden

Stockholm

sq.m/yr

Skr1,050

€115

$11.57

0.0%

6.25%

0 bp

0 bp

Switzerland

Zurich*

sq.m/yr

Sfr145

€133

$13.46

0.0%

5.60%

0 bp

0 bp

Switzerland

Geneva*

sq.m/yr

Sfr180

€166

$16.71

0.0%

6.00%

0 bp

0 bp

Turkey

Istanbul

sq.m/mth

$7.00

€77

$7.80

0.0%

8.75%

-25 bp

-25 bp

Ukraine

Kiev*

sq.m/yr

$60

€55

$5.57

-16.7%

14.00%

0 bp

0 bp

United Kingdom

London

sq.ft/yr

£13.75

€201

$20.27

5.8%

4.50%

-25 bp

-75 bp

United Kingdom

Manchester

sq.ft/yr

£6.25

€91

$9.21

0.0%

5.50%

0 bp

-25 bp

United Kingdom

Birmingham

sq.ft/yr

£6.50

€95

$9.58

8.3%

5.25%

0 bp

-25 bp

United Kingdom

Edinburgh

sq.ft/yr

£6.50

€95

$9.58

0.0%

6.00%

0 bp

-100 bp

United Kingdom

Glasgow

sq.ft/yr

£6.00

€88

$8.84

0.0%

6.50%

0 bp

-25 bp

NOTES: Yields marked in red are calculated on a net basis to include transfer costs, tax and legal fees. To convert local rents to euros, exchange rates applicable at the last day of the quarter are used. (*) marked data reflect legacy Cushman & Wakefield information. Source: Cushman & Wakefield

SHORT TERM OUTLOOK

TOP GROW TH MARKETS IN Q4 2015 Offices Rental Growth

Yield Compression

Vilnius (Non-CBD)

Berlin (Decentralised)

Milan (Semi Centre)

Stockholm (Decentralised)

Vienna (Within Gürtel)

Barcelona (Decentralised)

Hamburg (Decentralised)

Moscow (Central)

Sofia (Non-CBD)

Paris (CBD)

St Petersburg

Leipzig (Decentralised)

Madrid (CBD)

Katowice (CBD)

Dublin (Int.Fin>Centre)

Vienna (Within Gürtel)

Dresden (Decentralised)

Manchester (CBD)

Vilnius (Non-CBD)

Paris (CBD)

Brussels (Pentagon) 4%

Hamburg (Decentralised)

Budapest (South Buda)

Athens (Out of Town)

2%

Berlin (Decentralised)

Barcelona (Decentralised)

Stockholm (CBD)

0%

Capital Value Growth

Leipzig (Decentralised)

Madrid (CBD) 6%

8%

10%

-75

Q/Q growth

-50

-25

Milan (Semi Centre) 0

0%

5%

Basis point change

10%

15%

20%

Q/Q growth

High Street Shops Rental Growth

Yield Compression

Barcelona (Diagonal)

Capital Value Growth

Milan (Via Montenapoleone)

Milan (Via Montenapoleone)

Paris (Avenue George V/Rue François 1er )

Rome (Via Condotti)

Rome (Via Condotti)

Bourgas (Alexandrovska)

Florence (Via Roma)

Barcelona (Diagonal)

Plovdiv (Alexander Batenburg)

Venezia (Calle 22°Marzo/Calle S.Moisè)

Liege (Vinave d'Ille)

Bologna (Galleria Cavour)

London (West End)

Manchester (Market Square)

Varna (Kniaz Boris 1)

Bologna (Galleria Cavour) Manchester (Market Square)

Newcastle (Northumberland)

Antwerp (Meir)

Bourgas (Alexandrovska)

Oporto (Baixa (Rua de Santa Catarina))

Brussels (Rue Neuve) 2%

Florence (Via Roma)

Birmingham (High St)

Athens (Chaimanta)

0%

Venezia (Calle 22°Marzo/Calle S.Moisè)

4%

6%

Plovdiv (Alexander Batenburg)

Malmo (Sodra Forstadsgatan) 8%

10%

-75

Q/Q growth

-50

-25

Newcastle (Northumberland) 0

0%

5%

Basis point change

10%

15%

20%

Q/Q growth

Logistics Rental Growth

Yield Compression

Hasselt

Capital Value Growth Tilburg

Barcelona Brasov

Hasselt

Rotterdam

Tilburg

Constanta

Budapest

Timisoara

Sofia

Bucharest

Utrecht

Rotterdam

Eindhoven

Bristol London (Heathrow) 0%

2%

4% Q/Q growth

6%

8%

-75

-50

Rotterdam

Venlo

-25

Budapest Barcelona Sofia Brasov

Nijmegen

Constanta

Paris

Timisoara

Lyon

Bucharest 0

0%

Basis point change

NOTES: The above charts represent the top 10 growth locations of all monitored areas in Europe. If several locations are monitored within a city, the best performing submarket will be represented.

Source: Cushman & Wakefield

5%

10%

Q/Q growth

15%

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