Aug 02, 2012
MarketView EMEA Rents and Yields
CBRE FLASH REPORT ON EMEA RENTS AND YIELDS AS OF 30th June 2012 This report is designed to provide our clients with an immediate view on prime rents and yields across major markets and sectors in the region as at the end of the quarter. It is our intention to provide this information as soon as possible after the end of the quarter. In some markets, the data may therefore be a preliminary estimate and clients should note that data contained within the report may be subject to revision. Please note also that the figures contained in this report are indicative of values applying to buildings of particular quality, specification and size. The extent to which they are supported by transactional evidence varies across markets and over time. When deal flow is generally thin, the quoted figures are based more on expert opinion of market conditions. Full definitions are provided on page 5. CBRE EU-15 YIELD INDEX ANNUAL CHANGE (BPS)
-0.7% -0.1% 2.3%
160 140 120 100 80 60
CBRE
Q2 2012
Yields - Quarterly Change
EU-15 Indices
Industrial Office Retail
7.67% 5.57% 4.92%
4bps 6bps 2bps
Number of markets
Risers Stable Fallers
21 105 19
Rents - Quarterly Change
EU-15 Indices
Industrial Office Retail
Retail
Industrial
Office
Number of markets
Risers Stable Fallers
40
19 112 14
20 0 -20 -40 -60 -80
Jun-94
Jun-95
Jun-96
Jun-97
Jun-98
Jun-99
Jun-00
Jun-01
Jun-02
Jun-03
Jun-04
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Office
CBRE EU-15 RENT INDEX ANNUAL CHANGE (%)
30% 25%
Retail
20% 15% 10% 5% 0% -5% -10% -15%
Industrial
Jun-94
Jun-95
Jun-96
Jun-97
Jun-98
Jun-99
Jun-00
Jun-01
Jun-02
Jun-03
Jun-04
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Source: CBRE
©2012, CBRE Ltd
Jun-12
Jun-12
OFFICE
MarketView EMEA Rents and Yields
RE N T S
Local R e nt Cur r e ncy Me as ur e me nt P r i me R e nt (Local Cur r e ncy Me as ur e me nt ) P r i me R e nt ( / S qM/ A nnum) Change on Q uar t e r (%) Change on Ye ar (%) Change fr om T r ough (%)*
YI E LDS
P r i me Yi e l d (%) Change on Q uar t e r (BP S ) Change on Ye ar (BP S ) Change fr om T r ough (BP S )*
Count r y Ci t y EU-15 Rent & Yield Indices Austria Vienna Belgium Brussels Bulgaria Sofia Croatia Zagreb Czech Republic Prague Denmark Aarhus Denmark Copenhagen Finland Helsinki France Lille France Lyon France Marseille France Paris Germany Berlin Germany Dusseldorf Germany Frankfurt Germany Hamburg Germany Munich Hungary Budapest Ireland Dublin Israel Tel Aviv Italy Milan Italy Rome Luxembourg Luxembourg City Netherlands Amsterdam Netherlands Rotterdam Netherlands Schiphol Area Netherlands The Hague Netherlands Utrecht Poland Warsaw Portugal Lisbon Portugal Oporto Romania Bucharest Russian Federation Moscow Russian Federation St Petersburg Serbia Belgrade Slovak Republic Bratislava Spain Barcelona Spain Madrid Sweden Gothenburg Sweden Stockholm Switzerland Geneva Switzerland Zurich Turkey Istanbul Ukraine Kyiv United Arab Emirates Abu Dhabi United Arab Emirates Dubai United Kingdom London City United Kingdom London West End United Kingdom Belfast United Kingdom Birmingham United Kingdom Bristol United Kingdom Edinburgh United Kingdom Glasgow United Kingdom Manchester
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©2012, CBRE Ltd
per sq m pm per sq m pa per sq m pm per sq m pm per sq m pm DK per sq m pa DK per sq m pa per sq m pa per sq m pa per sq m pa per sq m pa per sq m pa per sq m pm per sq m pm per sq m pm per sq m pm per sq m pm per sq m pm per sq m pa $ per sq m pm per sq m pa per sq m pa per sq m pm per sq m pa per sq m pa per sq m pa per sq m pa per sq m pa per sq m pm per sq m pm per sq m pm per sq m pm $ per sq m pa $ per sq m pa per sq m pm per sq m pm per sq m pa per sq m pa SEK per sq m pa SEK per sq m pa CHF per sq m pa CHF per sq m pa $ per sq m pm $ per sq m pm AED per sq m pa AED per sq ft pa £ per sq ft pa £ per sq ft pa £ per sq ft pa £ per sq ft pa £ per sq ft pa £ per sq ft pa £ per sq ft pa £ per sq ft pa
24.50 285.00 13.00 15.15 21.00 1,300.00 1,725.00 380.00 200.00 285.00 250.00 820.00 22.00 25.00 38.00 24.00 31.00 20.00 296.00 30.00 520.00 420.00 40.00 338.00 210.00 365.00 215.00 200.00 27.00 18.50 12.50 19.50 1,200.00 800.00 14.75 17.00 216.00 309.00 2,500.00 4,400.00 900.00 900.00 43.00 35.00 1,800.00 280.00 55.00 92.50 12.50 28.50 27.50 27.00 27.00 30.00
294.00 285.00 156.00 181.80 252.00 174.85 232.01 380.00 200.00 285.00 250.00 820.00 264.00 300.00 456.00 288.00 372.00 240.00 296.00 283.69 520.00 420.00 480.00 338.00 210.00 365.00 215.00 200.00 324.00 222.00 150.00 234.00 945.63 630.42 177.00 204.00 216.00 309.00 285.37 502.25 749.36 749.36 406.62 330.97 386.15 646.56 731.78 1,230.72 166.31 379.19 365.89 359.24 359.24 399.15
-0.06 1.03 0.00 0.00 -3.81 0.00 0.00 0.00 1.33 0.00 0.00 0.00 -1.20 0.00 4.17 0.00 0.00 1.64 0.00 0.00 -7.69 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -7.41 0.00 0.00 0.00 0.00 0.00 -1.37 -0.96 4.17 0.00 0.00 0.00 0.00 0.00 -2.70 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.25 4.26 0.00 -7.14 -4.72 0.00 0.00 1.47 4.68 0.00 1.79 0.00 -1.20 0.00 8.70 0.00 6.67 3.33 0.00 -8.36 -6.25 0.00 0.00 0.00 0.90 0.00 1.39 2.38 0.00 3.85 0.00 -7.41 0.00 14.29 0.00 0.00 0.00 -5.26 -0.96 8.70 0.00 0.00 0.00 0.00 0.00 -10.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.82 0.00 3.45
4.00 10.11 7.55 0.00 0.00 0.00 1.96 2.99 19.50 8.11 23.91 0.00 13.89 10.00 11.11 0.00 6.67 5.08 0.00 0.00 33.33 0.00 0.00 0.00 2.42 7.69 4.29 4.88 0.00 17.39 0.00 0.00 0.00 41.18 6.67 1.72 0.00 0.00 0.00 11.11 10.00 9.76 5.88 7.50 25.00 0.00 0.00 30.95 15.63 0.00 5.56 5.77 0.00 0.00 5.26
5.57 5.20 6.75 9.00 8.30 6.50 5.25 5.00 5.25 6.00 5.95 6.00 4.75 5.10 5.10 5.00 4.75 4.75 7.50 7.00 8.00 6.00 6.00 6.00 5.65 5.65 5.85 5.65 5.85 6.25 8.00 9.25 8.00 8.75 11.50 9.50 7.25 5.75 6.25 5.00 4.50 4.25 3.90 7.75 13.00 8.75 7.75 5.00 4.00 7.75 6.25 6.25 6.25 6.25 5.75
6 0 0 0 0 0 0 0 0 -20 0 0 0 0 0 0 -15 -5 25 -25 0 50 20 0 0 0 0 0 0 0 50 25 0 0 0 0 0 0 25 0 -25 -25 -10 0 0 0 -25 0 0 25 25 0 25 25 0
12 -5 50 -35 0 0 0 0 -15 -20 -5 -15 10 0 0 0 -15 -5 0 -50 50 75 20 0 30 25 35 25 35 0 50 25 -50 -25 -50 0 0 0 50 0 -25 -25 -40 -75 0 0 -50 -25 0 175 25 25 25 25 0
-65 -55 0 -100 -20 -50 -50 -75 -75 -125 -105 -100 -150 -40 -20 -40 -35 -25 -50 -50 -100 0 0 0 -50 -70 -50 -70 -50 -50 0 0 -150 -325 -550 -50 -25 -75 -25 -75 -125 -100 -85 -75 -200 0 -100 -175 -150 0 -125 -140 -100 -125 -175
Q2 2012
* Figures indicate change between the lowest rent or highest yield recorded in or since 2009 and the current level.
RETAIL
RE N T S
Local R e nt Cur r e ncy Me as ur e me nt P r i me R e nt (Local Cur r e ncy Me as ur e me nt ) P r i me R e nt ( / S qM/ A nnum) Change on Q uar t e r (%) Change on Ye ar (%) Change fr om T r ough (%)* *
YI E LDS
P r i me Yi e l d (%) Change on Q uar t e r (BP S ) Change on Ye ar (BP S ) Change fr om T r ough (BP S )* *
MarketView EMEA Rents and Yields
Count r y Ci t y EU-15 Rent & Yield Indices Austria Vienna Belgium Brussels Bulgaria Sofia* Croatia Zagreb* Czech Republic Prague* Denmark Copenhagen Finland Helsinki France Lille France Lyon France Marseille France Paris Germany Berlin Germany Dusseldorf Germany Frankfurt Germany Hamburg Germany Munich Hungary Budapest* Ireland Dublin Israel Tel Aviv Italy Milan Italy Rome Netherlands Amsterdam Netherlands Rotterdam Netherlands The Hague Netherlands Utrecht Poland Warsaw* Portugal Lisbon Portugal Oporto Romania Bucharest* Russian Federation Moscow* Russian Federation St Petersburg* Serbia Belgrade* Slovak Republic Bratislava* Spain Barcelona Spain Madrid Sweden Stockholm Switzerland Geneva Switzerland Zurich Turkey Istanbul* Ukraine Kyiv* United Arab Emirates Abu Dhabi* United Arab Emirates Dubai* United Kingdom London City United Kingdom London West End United Kingdom Edinburgh United Kingdom Glasgow United Kingdom Manchester
per sq m pm per sq m pa per sq m pm per sq m pm per sq m pm DK per sq m pa per sq m pa ITZA pa ITZA pa ITZA pa ITZA pa per sq m pm per sq m pm per sq m pm per sq m pm per sq m pm per sq m pm ITZA pa $ per sq m pm per sq m pa per sq m pa per sq m pa per sq m pa per sq m pa per sq m pa per sq m pm per sq m pm per sq m pm per sq m pm $ per sq m pa $ per sq m pa per sq m pm per sq m pm per sq m pa per sq m pa SEK per sq m pa CHF per sq m pa CHF per sq m pa $ per sq m pm $ per sq m pm AED per sq m pa AED per sq ft pa ITZA pa ITZA pa £ per sq ft pa £ per sq ft pa £ per sq ft pa
300.00 1,700.00 25.00 22.50 85.00 14,750.00 1,732.00 2,200.00 2,600.00 1,700.00 11,000.00 270.00 250.00 300.00 250.00 330.00 100.00 4,500.00 105.00 4,000.00 3,500.00 2,800.00 1,800.00 1,400.00 1,800.00 90.00 85.00 30.00 50.00 1,970.00 1,550.00 35.00 80.00 2,200.00 2,500.00 13,500.00 4,200.00 8,400.00 180.00 148.00 2,800.00 400.00 225.00 1,000.00 200.00 260.00 250.00
2.27 4.00 3,600.00 0.00 3.45 1,700.00 0.00 0.00 300.00 0.00 0.00 270.00 0.00 -4.26 1,020.00 0.00 0.00 1,983.89 1.72 1.72 1,732.00 0.06 0.23 1,386.00 0.00 22.22 1,638.00 0.00 0.00 1,071.00 0.00 -5.56 6,930.00 10.00 10.00 3,240.00 3.85 8.00 3,000.00 4.17 8.70 3,600.00 0.00 0.00 3,000.00 0.00 0.00 3,960.00 3.13 6.45 1,200.00 0.00 0.00 2,115.00 -10.00 -10.00 992.91 -4.55 -4.55 4,000.00 0.00 5.26 3,500.00 0.00 0.00 2,800.00 0.00 0.00 1,800.00 0.00 0.00 1,400.00 0.00 7.69 1,800.00 0.00 0.00 1,080.00 0.00 0.00 1,020.00 0.00 6.25 360.00 0.00 0.00 600.00 0.00 0.00 1,552.40 0.00 4.73 1,221.43 0.00 0.00 420.00 0.00 0.00 960.00 -5.88 -5.88 2,200.00 0.00 0.00 2,500.00 0.00 0.00 1,541.00 0.00 8.00 3,497.03 0.00 0.00 6,994.06 1.20 1.20 1,702.13 0.00 38.46 1,399.53 0.00 0.00 600.68 0.00 0.00 923.66 0.00 0.00 1,407.01 12.50 28.57 8,382.17 5.26 11.11 1,676.43 0.00 0.00 2,179.36 0.00 0.00 2,095.54 4.17 8.70
8.39 9.09 6.25 0.00 0.00 0.00 1.72 26.06 22.22 13.04 0.00 10.00 14.89 13.64 20.00 13.64 10.00 0.00 0.00 16.67 8.11 0.00 3.70 2.86 12.00 2.86 12.50 6.25 0.00 0.00 14.74 3.33 0.00 6.67 4.76 4.17 17.39 20.00 12.00 100.00 13.85 1.82 0.00 28.57 33.33 14.29 8.33 16.28
4.92 4.30 4.50 9.00 8.25 6.25 5.00 5.20 5.00 5.00 5.00 4.25 4.75 4.50 4.50 4.40 4.40 7.00 6.00 8.00 5.50 5.75 4.05 4.10 4.10 4.05 6.00 7.50 8.75 8.75 9.50 12.00 8.50 7.00 5.25 5.50 4.50 4.25 4.00 8.00 13.00 8.00 8.38 5.25 3.25 5.25 5.00 5.15
2 -5 0 0 0 0 0 -5 0 0 0 0 0 0 0 0 0 0 -25 0 25 25 0 0 0 0 0 0 0 0 0 0 0 0 -25 0 -25 0 -10 0 0 0 0 0 0 0 0 0
-5 -20 0 0 0 -25 0 -10 -25 -25 -25 -25 0 0 0 0 0 0 -50 50 25 25 0 -5 -5 0 -35 0 25 -25 -100 -100 0 0 -25 0 -25 -50 -30 -25 0 0 -12 0 -25 0 0 0
-55 -40 -75 0 -25 -75 0 -60 -100 -100 -100 -150 -15 -10 -10 -10 -10 -75 -50 -50 0 -15 -60 -65 -65 -65 -100 0 0 -75 -350 -500 0 -25 -50 -25 -150 -75 -70 -100 -300 -50 -37 -75 -125 -175 -150 -160
Q2 2012
** Figures indicate change between the lowest rent or highest yield recorded in or since 2009 and the current level. * Data is for shopping centres. Data for the remainder of the locations is for high street retail.
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©2012, CBRE Ltd
INDUSTRIAL
MarketView EMEA Rents and Yields
RE N T S
Local R e nt Cur r e ncy Me as ur e me nt P r i me R e nt (Local Cur r e ncy Me as ur e me nt ) P r i me R e nt ( / S qM/ A nnum) Change on Q uar t e r (%) Change on Ye ar (%) Change fr om T r ough (%)*
YI E LDS
P r i me Yi e l d (%) Change on Q uar t e r (BP S ) Change on Ye ar (BP S ) Change fr om T r ough (BP S )*
Count r y Ci t y EU-15 Rent & Yield Indices Austria Vienna Belgium Brussels Bulgaria Sofia Croatia Zagreb Czech Republic Prague Denmark Copenhagen Finland Helsinki France Paris Germany Berlin Germany Dusseldorf Germany Frankfurt Germany Hamburg Germany Munich Hungary Budapest Ireland Dublin Israel Tel Aviv Italy Milan Italy Rome Netherlands Amsterdam Netherlands Rotterdam Netherlands The Hague Netherlands Utrecht Poland Warsaw Portugal Lisbon Romania Bucharest Russian Federation Moscow Russian Federation St Petersburg Serbia Belgrade Slovak Republic Bratislava Spain Barcelona Spain Madrid Sweden Stockholm Switzerland Geneva Switzerland Zurich Turkey Istanbul Ukraine Kyiv United Arab Emirates Abu Dhabi United Arab Emirates Dubai United Kingdom Birmingham United Kingdom Edinburgh United Kingdom Glasgow United Kingdom Central London United Kingdom Manchester
per sq m pm per sq m pa per sq m pm per sq m pm per sq m pm DK per sq m pa per sq m pa per sq m pa per sq m pm per sq m pm per sq m pm per sq m pm per sq m pm per sq m pm per sq m pa $ per sq m pm per sq m pa per sq m pa per sq m pa per sq m pa per sq m pa per sq m pa per sq m pm per sq m pm per sq m pm $ per sq m pa $ per sq m pa per sq m pm per sq m pm per sq m pa per sq m pa SEK per sq m pa CHF per sq m pa CHF per sq m pa $ per sq m pm $ per sq m pm AED per sq m pa AED per sq ft pa £ per sq ft pa £ per sq ft pa £ per sq ft pa £ per sq ft pa £ per sq ft pa
4.80 46.00 4.00 5.50 4.50 425.00 137.00 90.00 4.50 5.20 6.20 5.70 6.20 4.50 60.00 12.50 52.00 60.00 70.00 68.00 65.00 70.00 4.00 3.25 4.10 140.00 120.00 4.50 4.25 72.00 66.00 850.00 270.00 150.00 8.00 6.25 900.00 25.00 5.25 6.00 6.00 12.50 5.75
57.60 46.00 48.00 66.00 54.00 57.16 137.00 90.00 54.00 62.40 74.40 68.40 74.40 54.00 60.00 118.20 52.00 60.00 70.00 68.00 65.00 70.00 48.00 39.00 49.20 110.32 94.56 54.00 51.00 72.00 66.00 97.03 224.81 124.89 75.65 59.10 193.07 57.73 69.85 79.83 79.83 166.31 76.50
-0.67 0.00 0.00 0.00 0.00 0.00 0.00 0.74 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -3.85 -5.45 0.00 0.00 -2.86 0.00 2.94 0.00 -7.14 0.00 3.70 0.00 0.00 0.00 0.00 0.00 0.00 1.89 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-1.14 -2.04 0.00 0.00 -6.78 -5.26 -10.53 3.79 0.00 0.00 -1.89 5.08 1.79 0.00 0.00 -7.69 -3.85 -5.45 0.00 0.00 1.49 0.00 0.00 0.00 -7.14 0.00 7.69 0.00 0.00 0.00 0.00 0.00 0.00 8.00 7.14 23.08 0.00 -10.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 4.55 0.00 0.00 0.00 0.00 21.24 12.50 0.00 0.00 5.08 1.79 0.00 0.00 0.00 25.00 0.00 0.00 4.48 1.49 0.00 7.69 0.00 0.00 0.00 40.00 0.00 0.00 6.25 0.00 0.00 70.00 28.57 7.14 45.45 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.55
7.67 7.25 7.25 11.50 9.50 8.00 8.00 7.10 7.25 6.50 6.50 6.50 6.50 6.50 9.00 9.50 8.00 8.50 8.50 6.70 6.70 7.90 6.70 7.75 9.25 10.25 11.00 14.00 12.00 8.50 7.75 8.25 6.75 5.50 6.70 10.50 15.00 12.00 12.00 7.00 7.60 7.60 6.25 7.35
4 0 0 0 0 0 0 0 10 0 0 0 0 0 25 0 0 25 25 -15 -15 0 -15 0 50 0 0 0 0 0 0 0 0 -10 0 0 0 0 -25 15 10 10 0 10
12 -5 25 0 0 -25 25 0 10 -25 0 0 0 0 0 0 0 75 75 -30 -30 10 -110 0 125 0 -50 -100 0 0 25 25 0 -25 -20 -100 0 0 -50 15 35 35 -25 35
-43 -35 -35 -50 -25 -75 0 -30 -100 -100 -75 -75 -75 -75 -50 0 -200 0 0 -120 -65 0 -120 -100 0 -25 -300 -300 -100 -25 -75 0 -100 -125 -30 -100 -200 -50 -100 -135 -40 -90 -150 -100
Q2 2012
* Figures indicate change between the lowest rent or highest yield recorded in or since 2009 and the current level.
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©2012, CBRE Ltd
DEFINITIONS
MarketView EMEA Rents and Yields
Prime Rent Represents the top open-market tier of rent that could be expected for a unit of standard size commensurate with demand in each location, of highest quality and specification and in the best location in a market at the survey date. Prime Rent should reflect the level at which relevant transactions are being completed in the market at the time but need not be exactly identical to any of them, particularly if deal flow is very limited or made up of unusual one-off deals. If there are no relevant transactions during the survey period, the quoted figure will be more hypothetical, based on expert opinion of market conditions, but the same criteria on building size and specification will still apply. For offices, the Prime Rent should represent the typical "achievable" open market headline rent which a blue chip occupier would be expected to pay for: · an office unit of standard size commensurate with demand in each location, typically 1,000 SqM (10,000 SqF) · an office unit of highest quality and specification within the local market · an office unit within the prime location (CBD, for example) of a market It is assumed that the occupier will also be agreeing to a package of incentives that is typical of the market at the time Prime Yield Represents the Yield which an investor would receive when acquiring a grade/class A building in a prime location (CBD, for example), which is fully let at current market value rents. Prime Yield should reflect the level at which relevant transactions are being completed in the market at the time but need not be exactly identical to any of them, particularly if deal flow is very limited or made up of unusual one-off deals. If there are no relevant transactions during the survey period a hypothetical yield should be quoted, and is not a calculation based on particular transactions, but it is an expert opinion formed in the light of market conditions, but the same criteria on building location and specification still apply. For more information regarding the MarketView, please contact: Richard Holberton Director EMEA Research and Consulting CBRE Ltd Henrietta House Henrietta Place London W1G 0NB t: +44 20 7182 3348 e: richard.holberton@cbre.com Beau Garrido Researcher EMEA Research and Consulting CBRE Ltd Henrietta House Henrietta Place London W1G 0NB t: +44 20 7182 3039 e: beau.garrido@cbre.com
Disclaimer 2012 CBRE Ltd Information herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the market. This information is designed exclusively for use by CBRE Ltd clients, and cannot be reproduced without prior written permission of CBRE Ltd. © Copyright 2012 CBRE Ltd
Q2 2012
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©2011, CBRE, Inc.
