A shift in US trade policy has weakened the global economic outlook. However, we expect looser fiscal policy and further interest rate cuts to mitigate the impact in Europe.
€36bn were invested in commercial real estate over the first quarter of 2025, marking a steady performance compared to the same period last year.
- Office investment volume at €10 billion shows an encouraging upturn of +10% growth compared to Q1 2024.
- Retail at €9 billion continues to progress at +14% (vs. Q1 2024) and may grow further over the year.
- Logistics at €8.1 billion is lower (-8%) though still shows a market share of 22%, above its 10-year average.
- Hotels (€5bn), the leading asset class by volume growth throughout 2024, slowed in Q1, though market share of 14% remains good.

REVIEW - INVESTMENT MARKETS IN EUROPE - Q1 2025
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