1. No category

GLOBAL
INVESTOR INTENTIONS
SURVEY 2015
CBRE GLOBAL RESEARCH
GLOBAL
INVESTOR INTENTIONS
SURVEY 2015
CBRE GLOBAL RESEARCH
INTENDING
TO BUY MORE
PREFER VALUE ADD/
OPPORTUNISTIC
ASSETS
Gradual recovery
of real estate
investment after
GFC underpins
strong buying
intentions
Investors continue
to move up the
risk curve
10-15
EXPECT
%
MORE CAPITAL INTO
REAL ESTATE IN 2015
1. Asset pricing
2. Availability
3. Competition
The positive buying
momentum will support
continued growth in global
real estate capital flows
City rankings show
sustained interest in
gateway cities and there
is stronger sentiment
towards tier two markets
TOP. 1
LONDON
2
TOKYO
TOKYO
TOP.
TOP.
2
TOP. 3
SAN
FRANCISCO
Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we
do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility
to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and
professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.
4
TOKYO
SYDNEY
TOP.
TOP.
2
Stronger cross-regional investment appetite:
38% indicating they plan to invest
outside their own region. The most
preferred regions are:
11%
CENTRAL AND
EASTERN
EUROPE
31%
WESTERN
EUROPE
20%
NORTH
AMERICA
27 %
ASIA
1%
4
%
AFRICA AND
MIDDLE
EAST
SOUTH
AMERICA
7%
PACIFIC
TOP. 5
NEW YORK
TOP. 6
MADRID
TOP. 7
DALLAS
TOP. 8
LOS ANGELES
TOP. 9
SEATTLE
TOP. 10
PARIS
Executive Summary
The 2015 Global Investor Intentions Survey shows that global
real estate investors remain confident and their intentions
are strongly expansionary. The appetite for cross-regional
investment is increasing and more investors intend to deploy
capital outside their own region this year.
Despite the strong liquidity in the investment market, investors
are concerned about the intense competition for assets. Pricing
is identified as the biggest obstacle to making acquisitions.
There continue to be worries over economic weakness but there
are encouraging signs of recovery in the U.S. and sustained
growth in Asia.
Tighter yields in most markets are prompting investors in
EMEA and North America to place a stronger emphasis on
value add and opportunistic investments for higher returns.
In contrast, investors in Asia Pacific intend to increase their
focus on acquiring core assets in 2015. This trend is partly due
to the increased participation of long-term low risk-tolerant
institutional investors both from Asia and internationally.
The survey suggests that in the coming year investors are likely
to rebalance their portfolios and switch from market sectors
that are perceived to be overpriced. Second tier and smaller
cities are gaining popularity but London remains the preferred
city. Offices are the favoured asset class whilst retail is lagging.
Alternative property sectors such as student living, healthcare
and retirement homes are seeing stronger interest.
Overall, the mood among investors remains upbeat and buying
demand will exceed selling pressure. CBRE believes 2015 will be
another strong year for the global real estate investment market,
with capital flows expected to increase by 10-15%.
4|
CBRE GLOBAL RESEARCH
GLOBAL INVESTOR INTENTIONS SURVEY 2015
Capital Flows into
Global Real Estate Surge to
Post-GFC high
360
297
225
419
174
185
152
184
The “new normal” economic environment of
moderate growth, low interest rates and falling bond
yields continued to drive investment in commercial
real estate in 2014, supported by the inherent
qualities of property as an asset class.
96
62
2007
2008
APAC
EMEA
6.1
%
152
184
164
96
62
2007
2008
APAC
109
76
48
2009
EMEA
249
302
126
2014
Offices
Retail
Industrial
5.6%
6.6% 6.3%
7.2 6.9%
5.2%
APAC
EMEA
5.8%
Offices
4.7%
Retail
Industrial
3.3%
297
185
107
2013
Figure 3: Rental value growth by sector
and region 2014
AMERICAS
225
412
90
2012
Source: CBRE Research, April 2015.
0.8%
368
81
2011
AMERICAS
AMERICAS
360
168
79
2010
%
Figure 1: Real estate investment turnover
by region
174
302
8.4% 8.2%
4.3%
419
2009
412
368
Figure 2: Capital value growth by sector
and region 2014
Capital flows into global real estate increased to
US$835 billion in 2014, a figure almost four times
greater than the US$232 billion recorded in 2009.
EMEA posted the greatest increase in capital flows
in 2014, followed by Asia Pacific and the Americas
(Figure 1). On the back of the ample liquidity, capital
values have outpaced more moderate rental value
growth, resulting in tighter yields (Figures 2 and 3).
Total cross border capital flows into all types of
investment, including stocks and bonds, have been
level over the past three years (Figure 4), reflecting the
general nervousness about the global economy. By
contrast, capital flows into real estate have picked up
sharply. We think this trend will continue in 2015.
249
164
109
76
48
168
2.7%2.5%
1.4%
APAC
0.8%
EMEA
Source: CBRE Research, April 2015.
$ Billion
79
81
90
107
126
2010
2011
2012
2013
2014
14,000
1200
12,000
1000
10,000
800
8,000
AMERICAS
600
6,000
Source: CBRE Research, Real Capital Analytics, April 2015.
4,000
Note: Investment sales volumes in U.S. dollars
2,000
8.4% 8.2%
6.1%
5.6%
6.6% 6.3%
Offices
Retail
Industrial
7.2% 6.9%
0
400
200
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
0
Global Capital Flows into All Asset Classes (LHS)
Global Real Estate Capital Flows (RHS)
5.2%
|5
5.8%
Offices
4.7%
4.3%
Retail
Industrial
3.3
%
2.7%2.5%
1.4%
0.8%
APAC
AMERICAS
0.8%
EMEA
Figure 4: Global real estate capital flows vs. global capital flows
$ Billion
14,000
1200
12,000
1000
10,000
800
8,000
600
6,000
400
4,000
200
2,000
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Global Capital Flows into All Asset Classes (LHS)
Global Real Estate Capital Flows (RHS)
Source: Mckinsey, CBRE Research, April 2015.
6|
CBRE GLOBAL RESEARCH
0
GLOBAL INVESTOR INTENTIONS SURVEY 2015
Global Investors
are Upbeat
Our view on the continued buoyancy of real estate
capital flows is supported by our survey. Investor
intentions for 2015 remain strongly expansionary
(Figure 5). Fifty-three percent of respondents said
they plan to increase their purchases this year, a
slight decline on the 61% recorded in the 2014 survey.
Last year was a particularly strong one for global
real estate investment and it is natural for investor
intentions to moderate slightly.
Figure 6: Main obstacle to acquiring assets
1%
Other
Cost or Availability %
of Debt
1
Lack of Investment %
Partners 1
%
Tax 1
Currency Risk
Low Market
Transparency
Figure 5: Purchasing activity compared
to last year
61
%
2015
2014
53%
32% 33%
%
14
8
%
Lower Activity
The Same
Higher Activity
Source: CBRE Investor Intentions Survey, April 2015.
However, not all of this investment demand will be
%
% intense
satisfied as investors
globally are facing
competition for assets at price levels that provide
%
% 6). Fifty percent of
desired returns (Figure
respondents identified asset pricing as the top
obstacle to acquiring assets, a significant increase
on last year, when 30% reported it as the main
challenge. The tight availability of assets (21%) and
competition from other investors (19%) were
also identified
as obstacles
all regions.
2014
2015
2014 in 2015F
53
19
39
2%
4%
10-15
NET BUYING INTENTIONS
ANNUAL CHANGE IN GLOBAL REAL
Balance of higher minus lower
ESTATE CAPITAL FLOWS
Nevertheless,
investor intentions
purchasing activity
19%
Competition from
other Investors
50
%
remain very positive. On the
basis of the relationship
between survey
sentiment and
investment
volumes in
previous years, CBRE
predicts that global real
estate investment volume will
increase by 10-15% in 2015
(Figure 7), from 19% in 2014.
% Asset Pricing
21
Availability
of Assets
Source: CBRE Investor Intentions Survey, April 2015.
|7
32 33
%
%
%
14
%
8
Lower Activity
The Same
Higher Activity
Figure 7: Projected increase in global real estate investment volume
53%
2014
39%
19%
10-15%
2015
2014 2015F
NET BUYING INTENTIONS
Balance of higher minus lower
purchasing activity
ANNUAL CHANGE IN GLOBAL REAL
ESTATE CAPITAL FLOWS
Source: CBRE Investor Intentions Survey, CBRE Research, April 2015.
8|
CBRE GLOBAL RESEARCH
44%
2
38%
GLOBAL INVESTOR INTENTIONS SURVEY 20152%
14%
28%
8
Cross-Border Investment:
Stronger Appetite
17 Investors
22
Led by North American
%
%
%
2014
The globalisation of commercial real estate
investment was reflected by the 40% y-o-y growth
in cross-regional capital flows in 2014, a figure well
above the overall market (19% y-o-y). This trend is
expected to continue and is supported by the survey
findings of investors’ intentions to invest outside
their region of domicile. Investors’ appetite for
cross-regional investment (investors from EMEA,
North America and Asia Pacific investing outside
their own region) grew significantly, with 38% of
respondents saying they intend to invest outside
their own region this year, up from only 28% in 2014
(Figure 8).
Figure 8: Will you invest outside your own
region?
2%
38%
2%
14%
28%
8%
17%
22%
2014
Less
Purchasing
2015
Same Level
of Purchasing
More
Purchasing
Less
Purchasing
2015
Same Level
of Purchasing
More
Purchasing
Figure 9: Cross-regional investment
intentions by region
44%
40%
38%
36%
38
%
37 %
2015
2014
28%
14%
APAC
EMEA
AMERICAS
GLOBAL
Source: CBRE Investor Intentions Survey, April 2015.
The increase was largely due to more North
American investors intending to invest
internationally (Figure 9). The economic picture in
the U.S. continues to strengthen and is boosting
investor confidence. This is underpinning demand
among domestic investors to place capital not only
within the country, but also in overseas markets.
The improved purchasing power of the U.S. dollar
is also supporting the flow of U.S. capital into
other regions. However, investment returns and
diversification remain the most important factors
supporting outbound investment.
Asia Pacific investors have the strongest appetite for
outbound investment at 40%, although the figure
was slightly down on last year. Cross-border real
estate investment by Asian investors surged by 23%
y-o-y in 2014. Many groups in this region are likely
to slow the pace of building up their global property
holdings after expanding so rapidly in recent years.
This is supported by the survey findings that fewer
Asian investors plan to increase the amount they
invest outside the region compared to last year.
Source: CBRE Investor Intentions Survey, April 2015.
40
%
36%
38
%
38%
37 %
28%
2015
2014
|9
Preferred Region:
Western Europe is the
Top Destination
Among investors looking to invest outside their own region, 31% of respondents identified Western Europe
as the top destination (Figure 10), which is also the region that received the vast majority of cross-border
investment. Despite the slowdown in China, 27% of investors regarded Asia as their preferred location,
perhaps due to the fact that economic growth here still comfortably outpaces other regions and continues to
offer significant long-term potential.
Eleven percent of respondents identified Central and Eastern Europe as their top destination, a huge result
relative to the size of these markets. Whilst markets in this region are small, they are showing distinct signs
of economic revival, prompting investors to take an interest.
Figure 10: Preferred region for cross-border investment
31%
20%
WESTERN
EUROPE
NORTH
AMERICA
11%
CENTRAL AND
EASTERN
EUROPE
27 %
ASIA
7%
4%
PACIFIC
SOUTH
AMERICA
1%
AFRICA AND
MIDDLE
EAST
Source: CBRE Investor Intentions Survey, April 2015.
10 |
30%30%
CBRE GLOBAL RESEARCH
%
2015
2014
31
GLOBAL INVESTOR
SURVEY 2015
% INTENTIONS %
20
%
11
CENTRAL AND
EASTERN
EUROPE
WESTERN
EUROPE
NORTH
AMERICA
Preferred Cities:
27 %
London Retains Top Spot but
Second-tier Cities Gain Popularity
ASIA
7%
London retained its position as the top city for investment, although investor intentions were flat on a yearover-year basis. Other
PACIFICin the top ten
4% gateway cities such as Tokyo, Sydney, New York and Paris remained
(Figure 11).
SOUTH
AMERICA
1%
There is much stronger interest in secondAFRICA
tier
ANDcities this year, with the likes of Madrid, Dallas and Seattle
MIDDLE
EAST
all making the top ten. Yields in gateway cities
in EMEA and North America have already compressed
to a point where investors feel compelled to search for opportunities elsewhere. This is also linked to
the marked increase in appetite among investors from EMEA and North America for value add and
opportunistic investments.
Figure 11: Preferred cities for investment
30%30%
2015
2014
22%
16%
%
19
18 16%
%
8%
Investment
Turnover
Y-o-Y Change
Based on US$
15%
5%
-11% 58% 126% 24% 15%
LONDON
TOKYO
SAN
FRANCISCO
SYDNEY
NEW YORK
14%14% 14% 13%
12%
10%
%
7
%
5%
5% 6
98% 11% 30%
MADRID
DALLAS
LOS
ANGELES
3%
51%
SEATTLE
PARIS
Source: CBRE Investor Intentions Survey 2015, Real Capital Analytics, April 2015.
| 11
12 |
CBRE GLOBAL RESEARCH
GLOBAL INVESTOR INTENTIONS SURVEY 2015
Preferred Sectors:
Offices Favoured; Retail Lagging
33% 33%
2015
2014
29% 28%
17%
Office and industrial remain the preferred sectors,
selected by 33% and 28% of investors, respectively,
percentages virtually unchanged from last year’s
survey (Figure 12).
14%
16%
18%
16%15%
sector and the growth of e-commerce.
However, there
10% %
8 this sector
is a limited amount of assets in
7 % available
4% 3to% find% %
3% 4%continue
for sale, meaning that investors will
2 2
it
challenging
to
source
deals
(Figure
13).
Offices All Industrial Logistics All Retail Residential Shopping Hotels/ Retail Retail - Industrial - Big
Centre
Resorts
High Street Other
Box/Warehouse
Figure 13: Imbalance in investor
intentions vs. actual activity
With the exception of North America, investor
interest in retail assets continues to fade as
structural changes in the sector such as the rise of
e-commerce and other new formats discourages
investment. Decline in investor interest in retail
may also be explained by the fact that it is a more
challenging sector to manage, as large shopping
centres in many markets are tied up in REITs and
high street retail units have small lot sizes and
are consequently difficult to build up into large
holdings.
38%
33%
28%
16
21%
%
That said, CBRE expects to see a consumer revival
in most regions in the coming year – indeed one
is already taking place in the North America – and
believes retail still offers significant opportunities
for investors and should not be overlooked.
Office
15% 16
%
Retail
Main
Imbalance
12%
Residential
Industrial
Sector Attractiveness in 2015 Survey
Investment Turnover in 2014 as % of Total
Investor interest in industrial and logistics assets is
being driven by the structural change in the retail
Source: CBRE Investor Intentions Survey, April 2015.
Figure 12: Preferred sector for investment
33% 33%
2015
2014
29 28
%
%
17%
14%
16%
18%
16%15%
10%
8%
3 4
%
Offices All Industrial Logistics
All Retail Residential Shopping
Centre
Source: CBRE Investor Intentions Survey, April 2015.
%
Hotels/
Resorts
7%
4%
3%
2% 2%
Retail Retail - Industrial - Big
High Street Other Box/Warehouse
| 13
Growing Demand
for Alternative Sectors
Figure 14: Investor interest in alternative sectors
Real Estate Debt
0%
5%
10%
15%
20%
25%
30%
35%
40%
Student Living
Healthcare
Retirement Living
Leisure/Entertainment
Infrastructure
Data Centre
Self-Storage
Automotive/Car Parks
Already Invested
Interested
Source: CBRE Investor Intentions Survey, April 2015.
Keen competition for assets has propelled investment demand for alternative sectors (Figure 14). Investment
interest in most alternative sectors outpaces existing investment. Real estate debt is the preferred option this
year as investment is being supported by the availability of debt products such as CMBS.
2015 Sectors recording
2014 is strong interest in
strong growth in interest included student living, healthcare and retirement living. There
these niche residential sectors, supported by the trend of growth in higher education and ageing populations.
51%
43%
%
27
26
25%
%
20%
5% 2%
Prime or Core Assets
14 |
Good Secondary
Value Add/ Opportunistic Distressed Assets
CBRE GLOBAL RESEARCH
GLOBAL INVESTOR INTENTIONS SURVEY 2015
Risk Preference:
Asia Pacific Investors Focus on
Core; EMEA and U.S. Buyers
Look for Value Add
0%
Real Estate Debt
5%
10%
15%
20%
25%
30%
35%
40%
Student Living
Healthcare
Retirement Living
Leisure/Entertainment
Infrastructure
Data Centre
Self-Storage
Investors indicated that they are moving up the
risk curve in search of higher returns. Around half
of survey respondents said that they will focus on
value add and opportunistic investments this year,
up from 43% in the 2014 survey (Figure 15).
EMEA and North America both saw a marked
increase in investor interest in value add and
opportunistic investments (Figure 16), as indicated
by the increased appetite for assets in second-tier
markets.
In contrast, Asia Pacific saw a significant jump
to 43% in this year’s survey compared to 29% in
last year’s survey in the percentage of investors
preferring prime or core assets. Risk appetite in
this region is now polarised at each end of the
spectrum. This is due to the strong desire for wealth
preservation in a region where savings rates are
high
together
Automotive/Car
Parks with increased participation by Asian
and international institutional investors which have
Already Invested
Interested
relatively low risk profiles.
Figure 15: Preferred asset type for purchase
51
%
2015
2014
43%
26% 27
%
25% %
20
5% 2%
Prime or Core Assets
Good Secondary
Value Add/ Opportunistic Distressed Assets
Source: CBRE Investor Intentions Survey, April 2015.
Figure 16: Risk profile by region
64%
43%
Prime or Core Assets
Good Secondary
Value Add/ Opportunistic
Distressed Assets
40%
38%
29%
11%
21%
30%
5%
APAC
2%
EMEA
14%
AMERICAS
Source: CBRE Investor Intentions Survey, April 2015.
69%
| 15
64%
Prime or Core Assets
Good Secondary
Value Add/ Opportunistic
Distressed Assets
Investment Vehicle:
43
%
Direct
Partnership
Investing
40% and38
29
Remain
the Norm
%
%
21%
30
%
% years investors have invested
Over the past few
via direct channels and partnerships for reasons of control
over their portfolios and strategies. Many buyers were caught with illiquid fund holdings after the onset of
%
%
the global financial
5% crisis and were unable2to make a quick exit. Costs can be lower with direct joint venture
investing. The survey (Figure 17) shows these preferences will continue in the coming year. That said, a
considerable percentage of responses (45%) indicate a preference to invest via funds. This is linked to the
APAC
EMEA
AMERICAS
recovery in global private equity fund raising activity.
11
14
Figure 17: Principal types of investment vehicles
69%
54%
45%
29%
20%
8% 8% 7% 5%
Direct
Partnership / Property
Joint Venture Fund
REIT
Private Listed
CMBS
Debt
Real Estate
Company
Source: CBRE Investor Intentions Survey, April 2015.
Note: multiple responses were allowed.
16 |
CBRE GLOBAL RESEARCH
Other Equity Other Debt
GLOBAL INVESTOR INTENTIONS SURVEY 2015
Strong Pricing to
Drive Portfolio Rebalancing
advisors who really understand the local market in
order to meet their investment goals.
Respondents identified overpricing and economic
slowdown/weakness as the main threats to property
markets in the coming year (Figure 18). There is also
increased concern about the potential for financial
and political crises. Despite these worries, CBRE
believes the global real estate market will continue to
offer good spreads with a modicum of rental growth.
Investors showed significantly lower concern over
tapering in the U.S., rising interest rates and/ or the
threat of inflation. Only 5% of respondents selected
this as the biggest threat, down from 24% in 2014.
Two reasons for the drop are the greater clarity
provided by the U.S. Federal Reserve (the Fed) and
the stronger performance of the U.S. economy.
This has also boosted the acceptance that the Fed
will increase interest rates later in 2015. Further
loosening by central banks elsewhere has also
helped lower concerns over interest rates. Higher
interest rates and lending costs are challenges that
investors will need to prepare for, but not for the next
couple of years.
Investors are set to increase their selling activity in
the coming year (Figure 19) as they look to rebalance
their portfolios and offload non-core assets. They
may switch from market sectors that are perceived to
be overpriced to assets that provide higher returns.
However, buying demand will still exceed supply.
Given investors’ intentions to increase investment in
2015 alongside the challenge of a very competitive
marketplace, they will need to work hard and be
creative; be proactive in locating assets; and choose
Figure 18: Main threats to property markets
22%
2014
14% 14%
2014
2014
8% 8%
6% 5%
2%
2015
Perception that Economic slowdown/ Other financial /
property has become weakness elsewhere political crisis **
over-priced
in the world
Overbuilding /
excess supply
Domestic economic Government policy US tapering,
Inability of
measures / policies measures relating rising interest rates investors to source
to property
and / or threat
new debt
of inflation
Source: CBRE Investor Intentions Survey, April 2015.
** Includes China hard landing and failure of Abenomics.
| 17
HIGHER SELLING
ACTIVITY
42%
HIGHER BUYING
ACTIVITY
53%
Conclusion
The 2015 Global Investor Intentions Survey shows that global
real estate investors remain confident and their intentions are
strongly expansionary.
The appetite for cross-regional investment is increasing and more
investors intend to deploy capital outside their own region during
2015. Many investors plan to move up the risk curve in search of
higher yields, a trend that is expected to result in a stronger focus
on value add and opportunistic investments in the coming year.
Whilst pricing and potential interest rate hikes remain a concern,
CBRE believes that 2015 will be another strong year for the global
real estate investment market, with capital flows expected to
increase by 10-15%.
18 |
CBRE GLOBAL RESEARCH
GLOBAL INVESTOR INTENTIONS SURVEY 2015
About the Survey
Figure 20: Composite of survey respondents investor type
Bank
Private Individual
Investors / Family Office
3 3
%
%
Other
36
36
7
%
9 %%
17 Property
company
9
1710%Property
%
15
company
10% 15%REIT
Institutional
%
Private Equity Firm /
Venture Capital
Fund or Asse
Manager
%
Fund
or
Asset
%
%
3 3
Manager
%
%
7
Private Individual
Bank
Investors / Family Office
Other
Private Equity Firm /
Venture
% Capital
REIT
Institutional
Investor*
Investor*
Source: CBRE Investor Intentions Survey, April 2015.
* Institutional investors include pension funds, insurance companies and Sovereign Wealth Funds.
The 2015 Global Investor Intentions Survey was
conducted using an online questionnaire in
January 2015.
Weighting by
Capital Flow
Responses were obtained from more than 700
real estate investors in the Americas, EMEA and
Asia Pacific from a broad range of investor types
%
including asset managers, property companies,
institutional investors, REITs, investors and banks.
100
49%
By region, 317 responses were obtained in Asia
Pacific; 290 in EMEA; and 85 in the Americas.
36
%
The global survey results were formulated by
weighting the survey responses according to real
estate capital flows in all three regions.
15%
Weighting by
Survey
Capital Flow
Number of
Survey
Respondents
%
Global
100
Global
692
49%
America
85
Survey
%
36
EMEA
Survey
290
15%
APAC
317
Survey
Number of
Respondents
692
America
Survey
85
EMEA
Survey
290
APAC
Survey
317
| 19
For more information about this report, please contact:
Ada Choi
Senior Director, APAC Research
+852 2820 2871
[email protected]
Iryna Pylypchuk
Director, Global Research
+ 49 (0)69 170077 92
[email protected]
Michael Haddock
Senior Director, EMEA Research
+44 (0)20 7182 3274
[email protected]
Jeanette Rice
Americas Head of Investment Research
+1 214 979 6169
[email protected]
For more information regarding CBRE Research, please contact:
Nick Axford, Ph.D.
Global Head of Research
+44 20 7182 2876
[email protected]
Richard Barkham, Ph.D., MRICS
Global Chief Economist
+44 0 20 7182 2665
[email protected]
Spencer Levy
Head of Research, Americas
+1 410 951 8443
[email protected]
Follow Spencer on Twitter: @SpencerGLevy
Henry Chin, Ph.D.
Head of Research, Asia Pacific
+852 2820 8160
[email protected]
Neil Blake, Ph.D.
Head of Research, EMEA
+44 20 7182 2133
[email protected]
Follow Neil on Twitter: @neilblake123
Follow CBRE
To learn more about CBRE Research, or to access additional research reports, please visit the Global Research Gateway at
www.cbre.com/researchgateway
Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy,
we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and
completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be
reproduced without prior written permission of CBRE.
Printed on recycled paper
© CBRE Ltd. 2015