Rents and yields mark time in most markets

Evidence that the first quarter’s generally encouraging economic news is providing a boost for non-euro-zone European property markets is patchy and unconvincing. Excluding the UK, only Istanbul offices and Prague logistics saw yields drop by more than 10bps in Q1. And in office markets, where changes in rents were most common, as many cities saw rents edge down as up. However, the crisis in Ukraine has begun to have an adverse effect on the Moscow market.