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At a Glance - European Capital Markets - Q2 2021

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Q2 2021 witnesses stronger commercial real estate investment created by vaccination rollout and release from lockdowns.

  • Market activity overall is good, certainly compared to post GFC period, as volumes are higher than that seen in 2007 peak. Having posted a reduction of a third in volume over the 12 months to Q1 2021, the second quarter shows a 10% improvement compared to Q1 2021 on a rolling year basis. 
     
  • Over the last 12 months, the crisis damaged the office sector the most along with retail. The pandemic stimulated investors’ growing appetite for this type of property.
     
  • The spread of the outbreak through Europe continues to affect foreign investment by limiting movement. In spring 2020, most foreign investors delayed their deals resulting in foreign investment plummeting.   With movement easing over Q2 2021, both American and Asian investors are now coming back to Europe and investment is gradually increasing again.
     
  • The downward trend in office prime yields, ongoing for several years, slowed down or halted in most markets in 2020. Compression now seems to have resumed though. European prime retail yields showed upward movement overall between Q2 2020 and Q2 2021. In contrast to retail, European prime logistics yields continue to decrease in most markets.

     
At a Glance - European Capital Markets - Q2 2021
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