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EXPO REAL, 7 October 2013 – Jones Lang LaSalle’s real estate data for H1 2013 indicates a stabilising situation across European prime property, with signs of recovery apparent in several key markets.
Whilst the Jones Lang LaSalle Europe, Middle East and Arica (EMEA) Forecast identifies prospects continue to be relatively muted in for the rest of 2013 with prime unit shops the only sector showing clear rental growth, the Jones Lang LaSalle forecast for European Prime Property has been revised upwards for the first time in almost two years.
From 2015, rents will rise at an annual 2% in retail and offices, with warehousing only slightly behind, so each sector is moving ahead of its average historic performance in the last decade. Yields are projected to remain broadly flat Europe-wide, as prime property remains resilient to the pressure of rising interest rates with rental prospects picking up.
Andrew Burrell, Head of EMEA Forecasting at Jones Lang LaSalle: “With a return to growth in Q2 in the Eurozone and sentiment improving steadily through the summer, momentum is now greater than previously expected. Early real estate figures for Q3 are coming in ahead of expectations, judging by the evidence from Central London, Frankfurt and Munich offices. If this trend is followed more broadly, we will begin to see upside to the outlook into 2014.”
Forecast summary: European Prime Property
Source: Jones Lang LaSalle
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