The tertiary real estate market in Europe is already on the path of positive growth for 2015 despite the evidence pointing to continued uncertainty in the eurozone Economi. according to the latest data provided by property consultant Frank Kniglit.
In the investment market. data show that the total investment volume exceeds the 2014 figure of 160,000 RACORD million euros (about 10% more than in 2013). Todavla there are significant amounts of capital being interested in tertiary real estate and Frank Kniglit forecasts point to a similar growth rate in 2015 with a total volume expected to take 175.0004 80,000 million euros.
In Spain. the total investment at year end stood at around 6,000 million euros. a record only reached in pre-crisis years. Retail fi ces and have been the most active sectors recording figures close to 2,000 and 3,000 million respectively. The logistics sector. much more active in 2014 totaled 600 million euros.
This positive growth trend will continue in 2015.
To Humphrey wnite. Managing Director of the Commercial area. 'forecasting a 10% increase in the volume of investment in tertiary for Q1 2015 is a very positive start for the sector annum. We have witnessed a strong recovery in cities oomo Madrid and Oublln. where investors expect strong revenue growth in all service sectors in coming years. and we expect demand amplle general Fonna to other cities and investors with a higher risk profile to focus on secondary offering good quality. asl and promotional opportunities'.
As for the returns. Madrid is in enlomos 5%. over European cities like London. Parls. Geneva and pnncipales German cities.
According to Humphrey. 'These performance figures position the housing market as a leading European investment against altemative markets and bonds. Currently the Swiss bond offering negative yields and German bond is at historically low levels'.
Markets occupancy (rent of fi ce) probably continue macroeconomic trends. however. the most encouraging news is the recovery of some of the peripheral markets. Ireland and parts of southern Europe-recording Dublln and Madrid. specifically. solid income in 2014 and increased growth forecast for 2015. In fact. Madrid is the second city more global growth forecast revenue for the next five years.
Madrid recorded in 2014 385.000 square meters of office absorption. representing more than a year of positive absorption. fi nal since 2013. And the lack of quality supply (buildings grade A) puts the rate of availability of these assets at 2%. well below other European cities like London or Parls.
Darren Yates. Research Director of Global Capital Markets Knight F rank. affirms that 'the good news for both occupiers and investors is that. in most markets. incomes are below the pre-recession highs and. in some cases. well below. What deberla give new impetus to the activity in 2015 '.
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