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Europe - CRE 360 report - September 2021

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The economy is bouncing back

Europe has the greatest room for growth to exceed market expectations, powered by an accelerating vaccine programme and supportive policy mix. We expect a prolonged accommodative stance from the ECB and a valuable pro-cyclical growth boost from the Next Generation EU recovery fund.

 

Reversal of decline for investment

Q2 2021 witnessed reversal of decline in commercial real estate investment, which was created by the positive context of vaccination and release from lockdowns.

 

Increased office letting activity in Q2

Thanks to a much more dynamic take-up in Q2, more than 4 million sqm was taken-up in Europe’s 32 main markets, which is in line with the same period last year (-2%), despite significant discrepancies among markets. 

 

Logistics markets hit new records

Logistics is thriving both for investment (+62%) and leasing markets (+30%) in H1 2021. Vacancy rates are still low at 5% pushing rents up. Yields are still compressing in most market.

 

Retail industry has restarted

While retail investment has continued to be slow due to the cautious attitude of investors, retail industry is now resuming with the full reopening of retail activities across Europe.  

 

Europe_CRE_360-BNPPRE_Global_Research_06092021
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