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Which retail markets are most exposed to COVID-19?

Before the virus outbreak, falls in prime retail rents were expected to be concentrated in Northern European markets. Now rental falls are likely to spread throughout Southern and Central Eastern Europe as well.
Amy Wood Property Economist
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More from European Commercial Property

European Commercial Property Update

Support from flexible office demand in CEE to wane

Comparatively strong demand from flexible offices has helped the CEE occupier recovery from the pandemic. But a more limited flex pipeline this year means it is not likely to provide much offset to the weakening employment prospects in the region.

9 August 2022

European Commercial Property Update

German office market at a turning point?

German prime office yields jumped in Q2 amid early signs that the weakening economic outlook is weighing heavily on the office market. And while there were strong rental gains in the first half of the year, we think growth will slow as economic headwinds keep a lid on occupier demand and vacancy rates continue to climb.

5 August 2022

European Commercial Property Update

Better transparency provides little respite for yields

While encouraging for the property risk premium, better transparency across Europe is unlikely to provide much support for property yields given the deterioration in the economic and interest rate environment. This is even the case for Emerging European markets, where recent transparency improvements have the most scope to support yields.  

2 August 2022

More from Amy Wood

European Commercial Property Valuation Monitor

Rise in bond yields weighs on property valuations

The marked rise in government bond yields drove a deterioration in property valuations in Q1, particularly in industrial markets where property yields also fell steeply. And with government bond yields edging up further in Q2, valuations will continue to be squeezed. That said, we expect most euro-zone government bond yields to edge lower in the second half of the year and think the economic recovery will support equities. As such, there is scope for some improvement by year-end. This will support lower office and industrial yields. However, without further rises in retail yields, this is unlikely to be enough to attract investors to retail assets.

2 June 2021

European Commercial Property Update

Hamburg office rental growth set to outperform

As the recovery in occupier demand gets underway, we think that the low amounts of vacant modern space, limited supply pipeline and comparatively cheap rents will mean that prime office rental growth in Hamburg outperforms the other main German markets in the coming years.

11 May 2021

European Commercial Property Update

In which cities will WFH have a larger impact?

More working from home will inevitably change cities as we know them. However, cities are more than just workers. This means that cities where a higher share of jobs can be done remotely are not necessarily the ones where the impact of remote working on the city’s real estate is likely to be the greatest.

5 May 2021
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