http://www.immopro24.com/research-centre/ Find up-to-date market reports and market information of the real estate industry at Immopro24 en (c) Copyright 2012 by Immopro24 info@immopro24.com info@immopro24.com 2012-05-22T00:02:28+02:00 2012-05-22T00:02:28+02:00 http://www.immopro24.com/market-report/insolvency-law-reform-new-opportunities-and-risks-for-real-estate-finance_1158.html Insolvencies on the tenancy as well as the investor level were and stay a major theme in the property world during the financial crises. Especially for foreign market participants the German insolvency laws were perceived to be surprisingly creditor unfriendly with a difficult to assess foreclosure process and outcome from a financial as well as a timing perspective. The strong and independent position of the insolvency administrator seemed often unfit for classic non recourse commercial property loans which are embedded in a single purpose vehicle. On March 1, 2012, the "Act Concerning the Improvement of Restructurings under German Insolvency Law" (ESUG) has come into force and effect and is substantially going to change the landscape for restructurings in Germany. In a guest article by Dr. Christopher Wolff (Partner) and Dr. Christian Mock (Senior Associate) of the law firm Paul Hastings (Europe) LLP in Frankfurt, Germany, the insolvency law reform is discussed in more detail below. CBRE 2012-04-23T00:00:00+02:00 http://www.immopro24.com/market-report/insolvency-law-reform-new-opportunities-and-risks-for-real-estate-finance_1158.html http://www.immopro24.com/market-report/germany-investment-quarterly-q1-2012_1139.html The German investment market for commercial properties started into the new year somewhat more restrained than in the previous year (-7%) but remained nevertheless 13% above the long-term quarterly average with a transaction volume of about €5.1bn. The result also reflects the flight of investors to secure investment locations including Germany as its solid economic fundamentals offer sustainable investment opportunities. Most property investments were traded as individual transactions amounting to 85% or €4.3bn of the overall transaction volume. Compared to the same period of the previous year, the overall transaction volume increased by about 19%, albeit large-scale investments were not registered so far. CBRE 2012-04-16T00:00:00+02:00 http://www.immopro24.com/market-report/germany-investment-quarterly-q1-2012_1139.html http://www.immopro24.com/market-report/european-investment-bulletin-march-2012_1120.html Rising capital flows and interest from risk-embracing investors combined with distressed opportunities offered by peripheral countries and banks, may well be the start of a market turnaround. Savills 2012-04-04T00:00:00+02:00 http://www.immopro24.com/market-report/european-investment-bulletin-march-2012_1120.html http://www.immopro24.com/market-report/emea-retail-q4-2011_1125.html Retail sales growth is flat across Europe Given weakening consumer sentiment, it was not surprising that retail sales growth stalled over the important Christmas period. Across Europe (EU-27) retail sales were flat in December, growing by only 0.1% compared with same period in 2010. In the eurozone area retail sales actually fell by 1.6% reflecting the added pressure on consumers in these markets, particularly in southern Europe. In contrast, retail sales grew strongly in Poland and Russia. Topic: Retail Market Report, Retail investment, Retail investment Europe 2011 - Q4, Retail investment EMEA 2011 - Q4, real estate market report, market analysis Retail investment, Main Retail Markets EMEA Q4 - 2011, commercial real estate investment, Real estate average prime yields, Real estate investment volume, Retail investment volume, Retail prime yields, Retail investment London, Retail investment Paris, Retail investment Berlin, Retail investment Hamburg, Retail investment Madrid, Retail investment Frankfurt, Retail investment Munich, Retail investment Milan, Retail investment Brussels, Property investment London, Property investment Paris, Property investment Berlin, Property investment Hamburg, Property investment Madrid, Property investment Frankfurt, Property investment Munich, Property investment Milan, Property investment Brussels, CBRE, properties lease rent, realestate, real estate prices, real estate market report, market analysis, commercial real estate, commercial property to let, real estate business, Retail space, real estate agents, Retail to rent, property market, rent - lease commercial properties CBRE 2012-03-28T00:00:00+02:00 http://www.immopro24.com/market-report/emea-retail-q4-2011_1125.html http://www.immopro24.com/market-report/market-in-minutes-netherlands-q1-2012_1119.html Investment market: private investors and opportunity funds stepping in The total commercial investment volume in 2011 dropped by 26% to €3.4bn, with Q1 2011 being the best quarter of the entire year. This indicates that over the year the commercial investment market worsened, both due to less liquidity in the market and increasing restrictions on fi nance. This in turn resulted in softening yields, also at prime locations, where yields moved upwards 30-50 basis point over the past 6 months. With institutional investors and (foreign) funds being more hesitant, chances for private investors, with a value added or even opportunistic approach are increasing. The proposed sale Savills Netherlands of the Philips High Tech Campus for around €450m, the largest commercial transaction in years, to the private Chalet Group is proof that these types of investors will likely increase their market share in the Netherlands in 2012. Other large Q1 2012 deals include four trophy offi ce buildings (Number One and Nijenburg in Amsterdam, Monarch and Haagsche Hof in The Hague), which were all bought by German funds, indicating that in the current market these funds remain highly interested in prime property. The office market (39%) and the retail market (38%) were the largest investment markets, followed by the industrial/logistics market with the remaining 23%. Investors increasingly focus on retail and the industrial/logistics market, but also on alternative sectors, such as (student) housing, hotels and parking garages. Savills 2012-03-27T00:00:00+02:00 http://www.immopro24.com/market-report/market-in-minutes-netherlands-q1-2012_1119.html http://www.immopro24.com/market-report/rics-european-property-salary-survey-2011-2012_1126.html 2012 Executive Summary now in its fifth year, the 2012 RICS and Macdonald & Company European property Market Remuneration Survey is the most comprehensive survey undertaken for the European property market. The survey continues the success of earlier years with 1,203 European real estate professionals participating online in December 2011 and January 2012, making this the second highest ever response (versus 1446 in 2010) and the largest and most comprehensive survey of its type. Thanks this year as always must go to RICS Europe who actively promoted their involvement in the survey amongst their members. We would also like to thank all the participants who took time to complete the survey. Besides statistics on current salaries, recent salary increases, bonuses and employment package benefits, the results give insight into wider issues that are important to real estate professionals in their role and their attitudes toward employment. This executive summary sets out the key findings of the survey. RICS 2012-03-22T00:00:00+01:00 http://www.immopro24.com/market-report/rics-european-property-salary-survey-2011-2012_1126.html http://www.immopro24.com/market-report/real-estate-investor-intentions-2012_1127.html There was little change from the 2011 survey in investor preferences at global regional level. A majority (57%) of respondents see Europe as the most attractive region for investment in 2012; this is not surprising in view of the predominance of investors domiciled in Europe among the respondents. The proportion favouring Europe is virtually unchanged from last year, with a small rise in the preference for Western Europe to 39% of respondents and Central and Eastern Europe (CEE) maintaining its strong showing at 18% in this year’s survey. Outside Europe, the main change from 2011 is a small increase in the proportion choosing North America as the most attractive region for investment. Asia slipped back marginally compared to last year. CBRE 2012-03-16T00:00:00+01:00 http://www.immopro24.com/market-report/real-estate-investor-intentions-2012_1127.html http://www.immopro24.com/market-report/uk-hotel-investment-spring-2012_1118.html ■ UK investment volumes held in 2011, up 0.8% to £1.5bn, with 68% of this focused on London and the South East. ■ The focus on prime means that there remains a clear preference for leased hotel investments as opposed to those on management contracts. ■ Overseas investors and UK Institutions were the only net investors in UK hotels in 2011, with the latter focusing on budget operations. ■ Average prime UK hotel yields are holding at 6.5%. The volume of product on the market, combined with a decline in wider investor confi dence, is preventing any downward yield shifts. ■ However, lack of debt remains the biggest barrier to investment and is likely to remain an issue through to 2013. ■ Operational performance at the end of 2011 has raised concerns. Yet, the Olympics and Queen's Diamond Jubilee should provide a boost to performance this year, particularly in London. Savills 2012-03-13T00:00:00+01:00 http://www.immopro24.com/market-report/uk-hotel-investment-spring-2012_1118.html http://www.immopro24.com/market-report/corporate-real-estate-investment-and-global-cities_1129.html Between late 2011 and early 2012 RICS convened a number of roundtable discussions in a selection of cities in which it operates. Participants at each city discussion included a combination of senior management of major corporate occupiers (e.g. Directors of Property, Heads of Real Estate), service providers (often RICS members) from real estate firms and other property professionals. The participants based their discussions on the same set of topics, which included: // why they chose to locate in that specific city/city-region; // their city’s relationship with the rest of the country and region; // whether there were any real market constraints to locating in the city; // existing or emerging best practice in the way that real estate service providers were working with occupiers in that location. The same set of discussion questions were used at each roundtable and an audio recording was taken to capture accurate notes. All points included in this report from the roundtables are non-attributable and do not necessarily reflect the consensus views of the participants. RICS 2012-03-12T00:00:00+01:00 http://www.immopro24.com/market-report/corporate-real-estate-investment-and-global-cities_1129.html http://www.immopro24.com/market-report/iledefrance-office-market-q4-2011_1116.html Although the economic climate appears bleak, business activity in 2012 will be driven by more opportunistic strategies. The supply and demand situation is expected to become even more balanced this year with higher take-up of second hand properties. With the economy set to improve in 2013, new developments may become very sought after. Topic: Office Market Report, Office investment, Office investment Paris 2011 - Q4, real estate market report, Ile-de-France office market Q4 - 2011, market analysis Office investment, Main Office Markets in Paris Q4 - 2011, commercial real estate investment, Real estate average prime yields, Real estate investment volume, Office investment volume, Office prime yields, Office investment Paris, Property investment Paris, Savills, properties lease rent, realestate, real estate prices, real estate market report, market analysis, commercial real estate, commercial property to let, real estate business, office space, real estate agents, office to rent, property market, rent - lease commercial properties Savills 2012-03-02T00:00:00+01:00 http://www.immopro24.com/market-report/iledefrance-office-market-q4-2011_1116.html http://www.immopro24.com/market-report/madrid-office-market-q4-2011_1115.html The decreasing levels of demand for office space in 2011 coincided with deteriorating economic sentiment. Only significant rental adjustments and incentives were involved in large scale lettings; we have seen 2012 begin stronger than the previous year Topic: Office Market Report, Office investment, Office investment Madrid 2011 - Q4, real estate market report, market analysis Office investment, Main Office Markets in Madrid Q4 - 2011, commercial real estate investment, Real estate average prime yields, Real estate investment volume, Office investment volume, Office prime yields, Office investment Madrid, Property investment Madrid, Savills, properties lease rent, realestate, real estate prices, real estate market report, market analysis, commercial real estate, commercial property to let, real estate business, office space, real estate agents, office to rent, property market, rent - lease commercial properties Savills 2012-02-28T00:00:00+01:00 http://www.immopro24.com/market-report/madrid-office-market-q4-2011_1115.html http://www.immopro24.com/market-report/poland-investment-bulletin-january-2012_1113.html Investment activity accelerated in the second half of 2011 bringing the total volume of property investment transactions to over EUR 2.5 billion. This confirmed significant interest in the Polish property market, with prime offices in Warsaw and well established shopping centres all over the country being still the most sought after products on the market. Topic: Property Market Report, Property investment, Property investment Polen 2011 - Q4, real estate market report, market analysis Property investment, commercial real estate investment, Real estate average prime yields, Real estate investment volume, Office investment volume, Office prime yields, Retail investment volume, Retail prime yields, Property investment Polen, Savills Savills 2012-02-17T00:00:00+01:00 http://www.immopro24.com/market-report/poland-investment-bulletin-january-2012_1113.html http://www.immopro24.com/market-report/brussels-office-market-q4-2011_1114.html In a weakening macro-environment where interest rates are heading downwards again, we are expecting investors to become more aggressive on long-term let assets. Topic: Office Market Report, Office investment, Office investment Brussels 2011 - Q4, real estate market report, market analysis Office investment, Main Office Markets in Brussels Q4 - 2011, Real estate average prime yields, Real estate investment volume, Office investment volume, Office prime yields, Office investment Brussels, Property investment Brussels, Savills, properties lease rent, realestate, real estate prices, real estate market report, market analysis, commercial real estate, commercial property to let, real estate business, office space, real estate agents, office to rent, property market, rent - lease commercial properties Savills 2012-02-17T00:00:00+01:00 http://www.immopro24.com/market-report/brussels-office-market-q4-2011_1114.html http://www.immopro24.com/market-report/spain-retail-market-january-2012_1112.html Given the lack of financing, mismatch in pricing, lack of good quality product and macro-economic uncertainty, 2011 resulted in the lowest total retail investment volume since the 1990´s. Consistent yield contraction and rental deductions since 2008 mean that 2012 should present attractive opportunities particularly for investors not dependent upon bank financing. There is scope for strong returns assuming market recovery over the medium term. Topic: Retail Market Report, Retail investment, Retail investment Europe 2011 - Q4, real estate market report, market analysis Retail investment, Retail Market Spain Q4 - 2011, commercial real estate investment, Real estate average prime yields, Real estate investment volume, Retail investment volume, Retail prime yields, Retail investment Spain, Retail investment Madrid, Retail investment Barcelona, Property investment Spain, Property investment Madrid, Property investment Barcelona, Savills, properties lease rent, realestate, real estate prices, real estate market report, market analysis, commercial real estate, commercial property to let, real estate business, Retail space, real estate agents, Retail to rent, property market, rent - lease commercial properties Savills 2012-02-14T00:00:00+01:00 http://www.immopro24.com/market-report/spain-retail-market-january-2012_1112.html http://www.immopro24.com/market-report/germany-investment-q4-2011_1142.html The German investment market for commercial properties saw a total investment volume of approximately €5.83bn in the last quarter of 2011, a slightly higher investment volume than in the previous quarter. The overall transaction volume for the entire year added up to a total of €22.62bn, which is not only an increase of 18% compared to the same period of the previous year but also the best result since the two boom years of 2006 and 2007. Positive economic outlooks, the best labour market performance since the Reunification and a strong domestic consumption prove that Germany’s economy is quite resilient in times of an on-going sovereign debt crisis in the euro zone. Hence, the German commercial real estate market continues to assert itself as one of the most secure and stable investment locations worldwide; a trend that is also reflected in the high share of foreign investors. In 2011 alone, they invested more than €7.6bn in German commercial properties and were therefore responsible for more than a third of the overall transaction volume. Topic: Property Market Report, Property investment, Property investment Europe 2011 - Q4, real estate market report, market analysis Property investment, commercial real estate investment, Real estate average prime yields, Real estate investment volume, Office investment volume, Office prime yields, Retail investment volume, Retail prime yields, Property investment Berlin, Property investment Hamburg, Property investment Germany, Property investment Frankfurt, Property investment Munich, CBRE CBRE 2012-02-13T00:00:00+01:00 http://www.immopro24.com/market-report/germany-investment-q4-2011_1142.html