Large transactions in core markets push volumes up 27% from Q1 2013; FY2013 volumes expected to be bettered in 2014 Budapest, 12 May 2014 – JLL reports building momentum for retail real estate investment in Europe, after a solid start to the year, and following on from the strong volumes experienced in the second half of 2013.
Improved investor confidence and lending conditions, as well as notably increased activity from opportunistic investors in recovering markets, led to a strong start for the European commercial real estate market in 2014, according to the latest research from global property advisor CBRE. Hungary is expected to attract EUR 250 million already in H1 2014.
Take-up in the CEE region exceeded all previous levels and hit a new record high of 1.4 million sq m office space being transacted in 2013, according to Cushman & Wakefield (C&W) the world largest privately held commercial real estate services firm in their latest Central European office market update. The market report analyses Bratislava, Budapest, Prague and Warsaw where the total combined office stock equates to nearly 12 million sq m, tempered by limited new supply being released in the region (circa 436,000 sq m).
According to the latest research from global property advisor CBRE a total of 39 million square metres of shopping centre space is under construction across the world’s major cities, representing a three million sq m increase from 2013. CBRE expects more significant developments in Budapest.
The mood at MIPIM 2014 was overwhelmingly positive with 85% of property professionals declaring that they are feeling ‘bullish’ about the European commercial real estate market, according to a recent opinion poll by global property advisor CBRE. CBRE surveyed more than 300 property professionals at MIPIM 2014 - the world's biggest property forum held in Cannes - to discover current sentiment in the European commercial real estate market.
Germany is the most sought after retail market in the world with 40% of global retailers planning to open a store there in 2014, while US retailers dominate large-scale expansion plans with almost half aiming to open 40 stores or more, according to the latest research from global property advisor CBRE.
Austrian quality shoe brand HÖGL opened its new store in Hungary on Andrássy út with the assistance of CBRE. This latest unit, located on Budapest’s prominent luxury high street is HÖGL’s largest store in the region.
According to the latest data from CBRE, the world’s largest commercial real estate services company, strong office leasing activity during 2013 was registered across Central & Eastern Europe (CEE). Nearly all of its markets saw leasing activity increasing and reaching results above the recent five year average.
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