Executive Summary

Macroeconomic environment

Cautious economic recovery with moderate growth – weak foreign trade and ongoing uncertainties slow momentum, ECB remains in wait-and-see mode, inflation rate above target, capital market stabilizes in volatile environment

Letting market

Strong momentum still absent – office letting market on a cautious growth path, private sector gaining market share, high availability of space and declining completions amid divergent rental trends

Industrial and logistics letting market on the road to recovery – top 8 markets significantly exceed previous year’s level in terms of space take-up, prime rent growth stabilizes

Investment market

Investment market gradually emerging from transformation phase towards recovery – commercial sector with trend-setting transactions, operator-managed properties increasingly in demand, asset managers becoming more active as buyers again, prime yields remain stable, further yield increases expected in non-core segment

Increasing portfolio dynamics ensure solid results in the industrial and logistics segment – portfolio sales for special funds dominate current market activity despite ongoing transformation phase, prime yields remain stable for the time being

Interest in large-scale assets reawakens, but the retail park segment remains the key market driver for now – Market revival in the retail investment market is driven by large-volume individual transactions, foreign capital shows increasing activity, prime yields remain stable

Hotel investments continue recovery – Q3 marked by portfolio deals, hotel strengthens position in commercial investment market, owner-occupiers from Germany dominate on the buyer side, prime yields remain stable

Stable residential investment market in Q3 – large deals worth over €100m are gaining in importance, investment focus shifts back to the top 7 cities, rental dynamics slow down slightly, yields remain stable