“… crediamo che i valori del capitale industriale e degli uffici nelle città vincitrici dell’Europa continueranno ad aumentare”.
“2017 was another good year for European commercial real estate. Total returns in the UK were 9% in the first 10 months of the year and short-term indicators point to similar returns in France, Germany and the Nordics. Given that prices in many of Europe’s big cities have risen by 30-40% since 2013, and that real estate is notoriously cyclical, the inevitable question is are we now close to the end of the cycle?”
“It seems that after a long period when real estate cycles in Europe were converging, we are now entering a new era of polarisation, with much greater variations in returns across cities and sectors. The rapid growth of on-line clothing sales means that the capital value of many shopping centres in northern Europe has already peaked, particularly in the Netherlands and the UK. By contrast, we believe that office and industrial capital values in Europe’s winning cities will continue to increase.”