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EUROPE: "The Central and Eastern European automotive market" report

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back to index backEUROtalk February,  2017


CEE outperforms rest of Europe (real estate)

CEE REGION The total commercial real estate investment volume across Central and Eastern Europe grew 11 pct to EUR 11 bln in 2016, bucking the wider trend across Europe, where volumes shrank year-on-year, according to Cushman & Wakefield. In Q4 2016 alone, the total investment across the region reached EUR 4.4 bln, a 27 pct increase on a year ago.

The significant increase in Q4 2016 activity demonstrates that the CEE market is picking up momentum with growing depth and diversity,” commented James Chapman, a CE partner for capital markets at Cushman & Wakefield.

Poland remains the powerhouse in the region, attracting close to half the capital invested in the region over 2016 as activity grew 5 pct over the year to EUR 5.2 bln. The Czech Republic attracted a further 30 pct of investment as activity grew 30 pct to EUR 3.3 bln in 2016. Hungary saw investment more than double to EUR 1.2 bln.

2017 will be characterised by scarcity of stock across Europe relative to large equity allocations. Investors will follow occupier trends in search of sustainable value so CEE offices and logistics look particularly attractive with absorption exceeding supply and rents bottoming out in core locations,” added James Chapman.

Offices overtook retail as the most sought after asset class. Office investment grew 43 pct to over EUR 4 bln in 2016 and focused on the Czech Republic and Poland. Retail volumes slowed over the year, down 14 pct to EUR 3.6 bln. Shopping centres, mostly across Poland, remained in demand, but weaker sales in the rest of the region dragged sales lower. The sale of P3 contributed to strong investment in the logistics sector, which was up by more than 20 pct to EUR 2.3 bln in 2016.

With investor demand remaining strong, we expect further yield compression across the region providing further capital growth ranging from 2 pct in Poland to 7 pct in the Czech Republic and the low double digits in Hungary. Although weaker than 2016, all markets in the region are expected to outperform the European average – including the UK – of just over 1 pct,” predicted Jeff Alson, a CE partner for capital markets at Cushman & Wakefield.

Source: Eurobuild - GAI






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