A softening of economic growth in many countries across both Emerging Europe and non-euro-zone Western Europe helps to explain the relative lack of action in terms of rental movements in Q4. The big exception was Moscow, where occupier markets declined sharply as a result of Russia’s economic troubles. Indeed, with yields in Moscow also rising sharply, aggregate Emerging Europe property indicators were down across the board. In contrast, aggregate non-euro-zone Western European indicators generally improved.
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