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Europe - CRE 360 report - February 2021

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2021 will start on a softer note

After a robust recovery in Q3, the economy looks set to slow into the year-end following renewed lockdowns in many European countries. Risks, however, remain predominantly skewed to the downside, as more and more countries have already decided to tighten their restrictive measures against COVID-19 again.

 

Office yields still low

Despite many cities witnessing the end of office prime yield compression, only a few have experienced an upturn. Some such as Berlin, Paris and Milan are still seeing reduction.

 

Office take-up plunged in 2020

Office take-up has been severely hit by the pandemic and reached its lowest total since 2009, shrinking 41% relative to 2019. The plus side is that although vacancy increased in most markets, it remains low, and prime rents were not really affected.

 

Signs of hope for the retail industry

Strongly impacted in 2020, retail activity remains hesitant and closely related to the measures imposed by governments. However the resilience of some sectors and countries in addition to the roll-out of vaccination programmes are positive signs for retail recovery.

 

A remarkably dynamic logistics market

The logistics occupier market increased by 14% in 2020 and set a new record volume of transactions. Market fundamentals are healthy with low vacant space and strong demand boosted by e-commerce.

 

Europe_CRE_360_BNPPRE_Global_Research_09022021
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