Q2 2014 EUROPE

The DNA of Real Estate MARKETBEAT

A Cushman & Wakefield Research Publication

OFFICE RENTAL GROWTH (YEAR-ON-YEAR)

Q2 2012 Q2 2013 Q2 2014 SHORT TERM OUTLOOK

All Countries 0.6% 0.4% 0.9%

Western Europe -0.1% 0.2% 1.2%

Eastern Europe 3.3% 1.0% -0.4%

Central Europe 0.1% -1.2% -0.1%

EU Countries -0.3% 0.1% 1.1%

EMU Countries -0.6% -0.2% 0.6%

HIGH STREET RETAIL RENTAL GROWTH (YEAR-ON-YEAR)

Q2 2012 Q2 2013 Q2 2014 SHORT TERM OUTLOOK

All Countries 4.3% 4.5% 2.7%

Western Europe 4.6% 4.0% 2.5%

Eastern Europe 2.7% 6.4% 3.9%

Central Europe -2.9% -1.6% 0.9%

EU Countries 4.0% 3.4% 2.2%

EMU Countries 5.2% 3.4% 2.1%

LOGISTICS RENTAL GROWTH (YEAR-ON-YEAR)

Q2 2012 Q2 2013 Q2 2014 SHORT TERM OUTLOOK

All Countries 0.2% 0.6% -0.4%

Western Europe -0.2% 0.7% 0.1%

Eastern Europe 2.0% 0.3% -2.4%

Central Europe 0.5% -3.1% -1.1%

EU Countries -0.4% 0.2% -0.1%

EMU Countries -0.4% 0.5% -0.2%

ALL SECTOR YIELD AGGREGATES AND 10 YR MOVEMENTS

Q2 2012 Q2 2013 Q2 2014 SHORT TERM OUTLOOK

All Countries 6.65% 6.59% 6.45%

Western Europe 6.02% 5.97% 5.77%

Eastern Europe 9.28% 9.18% 9.19%

Central Europe 7.56% 7.60% 7.49%

EU Countries 6.22% 6.17% 5.98%

EMU Countries 6.25% 6.22% 6.05% Notes: Western Europe countries: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, The Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom Eastern Europe countries: Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Macedonia, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey, Ukraine Central Europe countries: Czech Republic, Hungary, Poland, Slovakia EU countries: corresponds to the members of the European Union EMU countries: corresponds to the members of the euro zone Source: Cushman & Wakefield

-30.0%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14

West East CEE EU EMU

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14

West East CEE EU EMU

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14

West East CEE EU EMU

4.00%

7.00%

10.00%

13.00%

16.00%

OFF

RET

IND

OFF

RET

IND

OFF

RET

IND

OFF

RET

IND

OFF

RET

IND

OFF

RET

IND

ALL WEST EAST CEE EU EMU

10 yr yield range Current yield level

Cushman & Wakefield LLP 43-45 Portman Square London W1A 3BG www.cushmanwakefield.com/research

This report has been produced by Cushman & Wakefield LLP or use by those with an interest in commercial property solely for information purposes. It is not intended to be a complete description of the markets or developments to which it refers. The report uses information obtained from public sources which Cushman & Wakefield LLP believe to be reliable, but we have not verified such information and cannot guarantee that it is accurate and complete. The report also refers to these economic sources: Consensus Economics Inc.; The Economist; Reuters; Capital Economics; Oxford Economics Ltd; Centre for Business & Economic Research. No warranty or representation, express or implied, is made as to the accuracy or completeness of any of the information contained herein and Cushman & Wakefield LLP shall not be liable to any reader of this report or any third party in any way whatsoever. All expressions of opinion are subject to change. Our prior written consent is required before this report can be reproduced in whole or in part. Should you not wish to receive information from Cushman & Wakefield LLP or any related company, please email unsubscribe@eur.cushwake.com with your details in the body of your email as they appear on this communication and head it “Unsubscribe”. ©2014 Cushman & Wakefield LLP. All rights reserved.

KEY EUROPEAN OFFICES IN FOCUS PRIME RENTS PRIME YIELDS

COUNTRY CITY RENT FREQUENCY

LOCAL MEASURE

€ SQ.M/YR

US$ SQ.FT/YR

ANNUAL GROWTH

SHORT TERM OUTLOOK

CURRENT VALUES

QUARTERLY SHIFT

ANNUAL SHIFT

SHORT TERM OUTLOOK

Austria Vienna sq.m/mth €25.00 €300 $38.2 0.0% 4.75% 0 bp -15 bp

Belgium Brussels sq.m/yr €275 €275 $35.0 -3.5% 6.25% 0 bp -10 bp

Bulgaria Sofia sq.m/mth €12.50 €150 $19.1 0.0% 9.25% 0 bp -25 bp

Czech Republic Prague sq.m/mth €19.50 €234 $29.8 -7.1% 6.25% 0 bp 0 bp

Denmark Copenhagen sq.m/yr Dkr1,800 €241 $30.7 0.0% 5.00% 0 bp 0 bp

Finland Helsinki sq.m/mth €32.50 €390 $49.6 1.6% 5.25% 0 bp 0 bp

France Paris sq.m/yr €750 €750 $95.4 -8.5% 4.00% -25 bp -25 bp

Germany Berlin sq.m/mth €22.00 €264 $33.6 0.0% 4.50% -25 bp -50 bp

Germany Frankfurt sq.m/mth €37.00 €444 $56.5 1.4% 4.75% 0 bp -5 bp

Germany Hamburg sq.m/mth €24.00 €288 $36.6 0.0% 4.50% -10 bp -35 bp

Germany Munich sq.m/mth €32.50 €390 $49.6 3.2% 4.00% -20 bp -20 bp

Germany Dusseldorf sq.m/mth €27.50 €330 $42.0 3.8% 4.60% -10 bp -35 bp

Greece Athens sq.m/mth €19.00 €228 $29.0 -13.6% 8.80% -20 bp -70 bp

Hungary Budapest sq.m/mth €21.00 €252 $32.1 0.0% 7.50% 0 bp 0 bp

Ireland Dublin sq.m/yr €414 €414 $52.7 28.3% 4.90% -50 bp -210 bp

Italy Rome sq.m/yr €420 €420 $53.4 -6.7% 5.00% 0 bp 0 bp

Italy Milan sq.m/yr €475 €475 $60.4 0.0% 5.00% 0 bp 0 bp

Luxembourg Luxembourg City sq.m/mth €45.00 €540 $68.7 9.8% 5.20% 0 bp -30 bp

Macedonia Skopje sq.m/mth €13.50 €162 $20.6 0.0% 9.25% 0 bp 0 bp

The Netherlands Amsterdam sq.m/yr €370 €370 $47.1 2.8% 6.25% 0 bp -5 bp

Norway Oslo sq.m/yr Nkr4,700 €559 $71.2 4.4% 5.00% 0 bp -15 bp

Poland Warsaw sq.m/mth €25.00 €300 $38.2 -2.0% 6.00% 0 bp -25 bp

Portugal Lisbon sq.m/mth €19.00 €228 $29.0 2.7% 6.50% -50 bp -125 bp

Romania Bucharest sq.m/mth €19.00 €228 $29.0 0.0% 8.50% 0 bp 0 bp

Russia Moscow sq.m/yr $1,100 €803 $102.2 -8.3% 8.75% 0 bp 25 bp

Slovakia Bratislava sq.m/mth €14.50 €174 $22.1 -3.3% 7.25% 0 bp 0 bp

Spain Madrid sq.m/mth €25.00 €300 $38.2 2.0% 5.50% -25 bp -50 bp

Spain Barcelona sq.m/mth €17.75 €213 $27.1 0.0% 5.75% -25 bp -50 bp

Sweden Stockholm sq.m/yr Skr4,750 €519 $66.0 2.2% 4.50% 0 bp 0 bp

Switzerland Zurich sq.m/yr Sfr750 €618 $78.6 -1.3% 3.80% 0 bp 5 bp

Switzerland Geneva sq.m/yr Sfr800 €659 $83.8 0.0% 4.25% 0 bp 0 bp

Turkey Istanbul sq.m/mth $45.00 €394 $50.2 2.3% 7.00% 0 bp 0 bp

Ukraine Kiev sq.m/yr $420 €307 $39.0 -2.3% 12.00% 0 bp -50 bp

United Kingdom London sq.ft/yr £115.00 €1,546 $196.6 7.0% 3.50% -25 bp -25 bp

United Kingdom Manchester sq.ft/yr £30.00 €403 $51.3 0.0% 5.75% 0 bp -25 bp

United Kingdom Birmingham sq.ft/yr £27.50 €370 $47.0 0.0% 5.75% 0 bp -25 bp

United Kingdom Edinburgh sq.ft/yr £29.50 €397 $50.4 5.4% 5.75% 0 bp -50 bp

United Kingdom Glasgow sq.ft/yr £28.00 €376 $47.9 3.7% 5.75% 0 bp -50 bp NOTES: Yields marked in red are calculated on a net basis to include transfer costs, tax and legal fees.

Source: Cushman & Wakefield

Cushman & Wakefield LLP 43-45 Portman Square London W1A 3BG www.cushmanwakefield.com/research

This report has been produced by Cushman & Wakefield LLP or use by those with an interest in commercial property solely for information purposes. It is not intended to be a complete description of the markets or developments to which it refers. The report uses information obtained from public sources which Cushman & Wakefield LLP believe to be reliable, but we have not verified such information and cannot guarantee that it is accurate and complete. The report also refers to these economic sources: Consensus Economics Inc.; The Economist; Reuters; Capital Economics; Oxford Economics Ltd; Centre for Business & Economic Research. No warranty or representation, express or implied, is made as to the accuracy or completeness of any of the information contained herein and Cushman & Wakefield LLP shall not be liable to any reader of this report or any third party in any way whatsoever. All expressions of opinion are subject to change. Our prior written consent is required before this report can be reproduced in whole or in part. Should you not wish to receive information from Cushman & Wakefield LLP or any related company, please email unsubscribe@eur.cushwake.com with your details in the body of your email as they appear on this communication and head it “Unsubscribe”. ©2014 Cushman & Wakefield LLP. All rights reserved.

KEY EUROPEAN HIGH STREETS IN FOCUS PRIME RENTS PRIME YIELDS

COUNTRY CITY RENT FREQUENCY

LOCAL MEASURE

€ SQ.M/YR

US$ SQ.FT/YR

ANNUAL GROWTH

SHORT TERM OUTLOOK

CURRENT VALUES

QUARTERLY SHIFT

ANNUAL SHIFT

SHORT TERM OUTLOOK

Austria Vienna sq.m/mth €300 €3,600 $458 0.0% 4.10% 0 bp -15 bp

Belgium Brussels sq.m/yr €1,750 €1,750 $223 -2.8% 4.35% 0 bp 0 bp

Bulgaria Sofia sq.m/mth €44 €528 $67.2 10.0% 9.25% 0 bp 0 bp

Czech Republic Prague sq.m/mth €185 €2,220 $282 2.8% 5.00% -50 bp -75 bp

Denmark Copenhagen sq.m/yr Dkr17,750 €2,381 $303 4.4% 4.50% 0 bp -50 bp

Finland Helsinki sq.m/mth €160 €1,920 $244 0.0% 5.00% 0 bp 0 bp

France Paris sq.m/yr €18,000 €13,255 $1,686 0.0% 3.50% -25 bp -25 bp

Germany Berlin sq.m/mth €295 €3,540 $450 3.5% 4.40% -5 bp -10 bp

Germany Frankfurt sq.m/mth €310 €3,720 $473 5.1% 4.20% 0 bp -20 bp

Germany Hamburg sq.m/mth €305 €3,660 $466 3.4% 4.15% 0 bp 0 bp

Germany Munich sq.m/mth €365 €4,380 $557 1.4% 3.50% 0 bp -30 bp

Germany Dusseldorf sq.m/mth €275 €3,300 $420 3.8% 4.25% 0 bp -15 bp

Greece Athens sq.m/mth €165 €1,980 $252 0.0% 7.00% -80 bp -80 bp

Hungary Budapest sq.m/mth €95 €1,140 $145 5.6% 6.75% 0 bp -25 bp

Ireland Dublin sq.m/yr €4,300 €2,417 $307 1.2% 4.75% -15 bp -185 bp

Italy Rome sq.m/yr €7,500 €7,500 $954 7.1% 4.75% 0 bp 0 bp

Italy Milan sq.m/yr €8,000 €8,000 $1,018 6.7% 4.75% 0 bp 0 bp

Luxembourg Luxembourg City sq.m/mth €125 €1,500 $191 0.0% 5.00% 0 bp 0 bp

Macedonia Skopje sq.m/mth €35 €420 $53.4 0.0% 9.25% 0 bp 25 bp

The Netherlands Amsterdam sq.m/yr €2,900 €2,900 $369 0.0% 4.50% 0 bp -20 bp

Norway Oslo sq.m/yr Nkr25,000 €2,976 $379 11.1% 4.75% 0 bp -50 bp

Poland Warsaw sq.m/mth €85 €1,020 $130 2.4% 7.50% 0 bp -25 bp

Portugal Lisbon sq.m/mth €93 €1,110 $141 5.7% 6.25% -25 bp -75 bp

Romania Bucharest sq.m/mth €50 €600 $76.3 0.0% 9.25% 0 bp 0 bp

Russia Moscow sq.m/yr $5,000 €3,652 $465 0.0% 12.00% 0 bp 0 bp

Slovakia Bratislava sq.m/mth €40 €480 $61.1 -4.8% 7.50% 0 bp 25 bp

Spain Madrid sq.m/mth €240 €2,880 $366 0.0% 4.65% -10 bp -20 bp

Spain Barcelona sq.m/mth €265 €3,180 $405 0.0% 4.65% -10 bp -20 bp

Sweden Stockholm sq.m/yr Skr14,900 €1,628 $207 1.4% 4.50% 0 bp 0 bp

Switzerland Zurich sq.m/yr Sfr9,000 €7,412 $943 1.1% 3.80% 0 bp 0 bp

Switzerland Geneva sq.m/yr Sfr4,000 €3,294 $419 0.0% 4.25% 0 bp 0 bp

Turkey Istanbul sq.m/mth $280 €2,454 $312 24.4% 5.80% -10 bp -45 bp

Ukraine Kiev sq.m/yr $2,820 €2,060 $262 -6.0% 12.00% 0 bp -50 bp

United Kingdom London sq.ft/yr £1,250 €10,083 $1,283 8.7% 2.50% 0 bp -25 bp

United Kingdom Manchester sq.ft/yr £250 €1,714 $218 0.0% 5.50% 0 bp -25 bp

United Kingdom Birmingham sq.ft/yr £250 €1,714 $218 0.0% 5.75% 0 bp 0 bp

United Kingdom Edinburgh sq.ft/yr £190 €1,756 $223 0.0% 5.00% 0 bp -50 bp

United Kingdom Glasgow sq.ft/yr £255 €2,357 $300 0.0% 5.00% 0 bp -25 bp NOTES: Rents in France, Ireland and the UK relate to Zone A. Yields marked in red are calculated on a net basis to include transfer costs, tax and legal fees. Source: Cushman & Wakefield

Cushman & Wakefield LLP 43-45 Portman Square London W1A 3BG www.cushmanwakefield.com/research

This report has been produced by Cushman & Wakefield LLP or use by those with an interest in commercial property solely for information purposes. It is not intended to be a complete description of the markets or developments to which it refers. The report uses information obtained from public sources which Cushman & Wakefield LLP believe to be reliable, but we have not verified such information and cannot guarantee that it is accurate and complete. The report also refers to these economic sources: Consensus Economics Inc.; The Economist; Reuters; Capital Economics; Oxford Economics Ltd; Centre for Business & Economic Research. No warranty or representation, express or implied, is made as to the accuracy or completeness of any of the information contained herein and Cushman & Wakefield LLP shall not be liable to any reader of this report or any third party in any way whatsoever. All expressions of opinion are subject to change. Our prior written consent is required before this report can be reproduced in whole or in part. Should you not wish to receive information from Cushman & Wakefield LLP or any related company, please email unsubscribe@eur.cushwake.com with your details in the body of your email as they appear on this communication and head it “Unsubscribe”. ©2014 Cushman & Wakefield LLP. All rights reserved.

KEY EUROPEAN LOGISTICS IN FOCUS PRIME RENTS PRIME YIELDS

COUNTRY CITY RENT FREQUENCY

LOCAL MEASURE

€ SQ.M/YR

US$ SQ.FT/YR

ANNUAL GROWTH

SHORT TERM OUTLOOK

CURRENT VALUES

QUARTERLY SHIFT

ANNUAL SHIFT

SHORT TERM OUTLOOK

Austria Vienna sq.m/mth €4.75 €57 $7.25 0.0% 7.25% 0 bp -25 bp

Belgium Brussels sq.m/yr €47 €47 $5.98 0.0% 7.00% -5 bp -35 bp

Bulgaria Sofia sq.m/mth €3.50 €42 $5.34 0.0% 11.75% 0 bp 0 bp

Czech Republic Prague sq.m/mth €3.80 €46 $5.80 0.0% 7.50% -25 bp -75 bp

Denmark Copenhagen sq.m/yr Dkr500 €67 $8.53 0.0% 7.50% 0 bp 0 bp

Finland Helsinki sq.m/mth €7.50 €90 $11.45 0.0% 7.50% 0 bp 0 bp

France Paris sq.m/yr €52 €52 $6.61 0.0% 7.00% 0 bp -25 bp

Germany Berlin sq.m/mth €5.80 €70 $8.85 0.0% 7.00% 0 bp -20 bp

Germany Frankfurt sq.m/mth €6.95 €83 $10.61 0.0% 6.50% 0 bp -10 bp

Germany Hamburg sq.m/mth €5.80 €70 $8.85 3.6% 6.50% 0 bp 0 bp

Germany Munich sq.m/mth €7.00 €84 $10.68 0.0% 6.50% 0 bp 0 bp

Germany Dusseldorf sq.m/mth €5.70 €68 $8.70 0.0% 6.60% 0 bp 0 bp

Greece Athens sq.m/mth €4.00 €48 $6.11 0.0% 11.00% 0 bp -200 bp

Hungary Budapest sq.m/mth €3.40 €41 $5.19 0.0% 9.25% 0 bp 25 bp

Ireland Dublin sq.m/yr €70 €70 $8.90 7.7% 7.00% -25 bp -175 bp

Italy Rome sq.m/yr €55 €55 $7.00 -5.2% 8.00% 0 bp 0 bp

Italy Milan sq.m/yr €53 €53 $6.74 -3.6% 7.75% 0 bp 0 bp

Luxembourg Luxembourg City sq.m/mth €7.00 €84 $10.68 0.0% 8.50% 0 bp 0 bp

The Netherlands Amsterdam sq.m/yr €88 €88 $11.13 0.0% 7.60% 0 bp -10 bp

Norway Oslo sq.m/yr Nkr1,150 €137 $17.41 4.5% 6.50% 0 bp 0 bp

Poland Warsaw sq.m/mth €5.50 €66 $8.40 0.0% 7.50% 0 bp 0 bp

Portugal Lisbon sq.m/mth €3.75 €45 $5.72 -6.3% 8.75% -50 bp -100 bp

Romania Bucharest sq.m/mth €3.20 €38 $4.88 -5.9% 9.75% 0 bp 25 bp

Russia Moscow sq.m/yr $130 €95 $12.08 -3.7% 11.00% 0 bp -50 bp

Slovakia Bratislava sq.m/mth €3.60 €43 $5.50 0.0% 8.50% 0 bp -25 bp

Spain Madrid sq.m/mth €5.25 €63 $8.01 5.0% 8.00% -25 bp -25 bp

Spain Barcelona sq.m/mth €5.00 €60 $7.63 0.0% 8.00% -25 bp -50 bp

Sweden Stockholm sq.m/yr Skr1,050 €115 $14.59 0.0% 6.50% 0 bp 0 bp

Switzerland Zurich sq.m/yr Sfr145 €119 $15.19 -3.3% 5.60% 0 bp 10 bp

Switzerland Geneva sq.m/yr Sfr180 €148 $18.86 5.9% 6.00% 0 bp 0 bp

Turkey Istanbul sq.m/mth $7.70 €67 $8.58 0.0% 9.00% 0 bp 0 bp

Ukraine Kiev sq.m/yr $72 €53 $6.69 0.0% 11.00% 0 bp 0 bp

United Kingdom London sq.ft/yr £12.75 €171 $21.80 0.0% 5.25% -25 bp -25 bp

United Kingdom Manchester sq.ft/yr £5.75 €77 $9.83 4.5% 6.00% 0 bp -50 bp

United Kingdom Birmingham sq.ft/yr £5.75 €77 $9.83 0.0% 6.00% 0 bp -50 bp

United Kingdom Edinburgh sq.ft/yr £7.25 €97 $12.40 0.0% 8.25% 0 bp -50 bp

United Kingdom Glasgow sq.ft/yr £6.25 €84 $10.69 0.0% 8.00% 0 bp -50 bp NOTES: Yields marked in red are calculated on a net basis to include transfer costs, tax and legal fees. Source: Cushman & Wakefield

Q2 2014 A Cushman & Wakefield Research Publication

The DNA of Real Estate

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