savill

 

Preliminary figures compiled by Savills suggest that the total real estate investment volume in Europe for the first quarter of the year will reach approximately €70bn, a 19.5% increase year-on-year. Despite geopolitical events, the real estate advisor expects solid European investment activity for the remainder of the year, notably fuelled by large portfolio and entity deals.

Savills anticipates total European real estate investment volumes for 2022 to reach between €300bn and €330bn, which would be 5-10% above the five-year average, as long as the Russia/Ukraine crisis doesn’t last too long and doesn’t have a long-term impact on the European economy.

Lydia Brissy, Director, European Research at Savills, says: “Given the current context, we expect most of the investment activity this year will focus on Western Europe and particularly, the core countries of UK, Germany and France. Our preliminary Q1 figures suggest that those three countries have received 66.6% of th

VALUE ONE AND NUVEEN REAL ESTATE TO ENTER POLISH PBSA MARKET

VALUE ONE AND NUVEEN REAL ESTATE TO ENTER POLISH PBSA MARKET

Stock market news Stock market news 22.02.2021 13:06
Eagle JVCo, the investment vehicle established in 2019 between Vienna-based Value One and Nuveen Real Estate on behalf of its parent TIAA, has agreed to acquire a portfolio of purpose-built student housing and two development sites in Poland. The portfolio comprises approximately 800 beds of investment and development assets, and will be operated by Value One’s student housing platform, MILESTONE, Austria’s leading provider of premium student housing with a portfolio of over 4,600 student beds in operation and under development in Austria, Portugal, Germany, Poland, Italy and the Netherlands. Nuveen Real Estate is one of the largest real estate investment managers in the world with $129 billion of assets under management. The company is the investment advisor to the venture while Value One and MILESTONE provide origination, development management and operational expertise. Eagle’s professional advisory team comprised Akron Management, Savills, Crido Legal, B2RLaw and Linklaters. Kamil Kowa, Director, Savills Poland Board Member, said: “We are delighted to have advised Nuveen Real Estate and Value One in their debut on the Polish PBSA market. Despite Covid-19 challenges the outlook for this sector remains very positive. Poland proved that it can attract international students and the lack of quality purpose-built accommodation creates an opportunity for new-commers. Investors experienced in western markets can help to increase the development pace of the student housing sector in Poland and relatively quickly deliver high-quality properties.” Marcus Roberts, Savills Head of European Investment & Development, Operational Capital Markets, says: “Savills is proud to continue to support the pan-European expansion of the JV’s student housing platform, having advised the parties involved since its inception. This is another great example of cross border client collaboration.”
GBP: ECB's Dovish Stance Keeps BoE Expectations in Check

9 March 2021

Stock market news Stock market news 09.03.2021 11:47
Savills: 2021 will see the stars align for sale and leaseback transactionsSale and leaseback transactions (S&LB) in Europe reached a total of €8.4bn in 2020, 8.5% higher than the five year average, with the trend set to continue into 2021 according to Savills. Also in Poland, Savills sees an increasing number of companies willing to take the sale and lease back route mainly in industrial and retail sectors.Data from the international real estate advisor shows that although the 2020 volume was 10% lower than 2019, historically there has been a significant correlation between property prices and S&LB activity, which translates into an increasing number of S&LB transactions when yields are moving in. This current period is indeed an ideal time for S&LB transactions to take place as rising prices trigger owner-occupiers’ interest in selling their properties, whilst investment opportunities are scarce on the market.Oli Fraser Looen, Joint Head of Regional Investment Advisory, EMEA, Savills, commented: “The increased need for businesses to find liquidity to shore up balance sheets or make acquisitions in the current and post-Covid environment, will help S&LB transactions to become increasingly popular during 2021. Our view is that H2 2021 will see a record number of corporate-led S&LB deals. These sales will be welcomed by the increasing wall of capital which will be hunting long income assets as they try to match liabilities.”Logistics leadsIn terms of sector breakdowns, logistics popularity continues to gain momentum off the back of rising e-commerce. Lydia Brissy, Director, European Research, Savills, commented: “With limited product on the market, strong competition has naturally driven down yields by around 312 bps to as low as 3% in core locations, over the past 10 years. With strategic footprint, omnichannel improvement and the integration of automation processes to consider, many ecommerce operators are having to inject large investment volumes to maintain market share. As such, a S&LB transaction makes strong commercial sense for some logistics owner-occupiers.”As a result, European logistics S&LB activity increased regularly since the end of 2013 and reached a record level last year, €3.4bn, approximately 15% higher than in 2019. At the same time, the overall logistics investment market increased by 4% only, confirming that limited supply is restraining the overall activity in the sector.In terms of other sectors, retail S&LB transactions were largely confined to supermarket and hypermarket retailers with the grocery sector proving its resilience during country lockdowns. Such resilience has caught investors’ attention seeking to maintain their retail exposure resulting in the compression of supermarket yields. On average across Europe, prime supermarket yields moved in by 14bps between 2019 and 2020 whilst during the same period, prime shopping centre yields softened by 39bps. For offices, despite a strong prime yield compression recorded since 2009 (270bps on average across the major European cities), office S&LB has only risen slightly and sporadically since 2013. Nevertheless last year the office S&LB investment totalled €3.4bn.Lydia Brissy continued: “The office sector has gone through a reassessment of its fundamental role over the past 12 months, leaving most office occupiers in a status quo situation. Although S&LB is one potential exit towards flexibility, potential investors will be wanting to asses the combination of location, occupier sector and covenant in order to consider a purchase.”Location location locationIn terms of geographical spread, it was France that led the charge, by a number of large transactions , including most notably the sale of the future large office scheme named Harmony located in La Garenne-Colombes, which will be the headquarters of Engie.In Germany, which follows as the second biggest S&LB beneficiary, the volume was predominantly boosted the sale of the Hamburg Commercial Bank HQ bought buy Signa Holding and the sale of Randome House from Bertelsmann to Allianz Real Estate.In the Netherlands, the S&LB volume nearly tripled last year, predominantly due to many sales from logisticians, including notably the sale from DSV of a 115,0000 warehouse to Savills IM. Nevertheless, the sale & leaseback of the Jumbo supermarket portfolio was the largest deal recorded last year.In the UK, S&LB activity was also mainly driven by the logistics sector although supermarket brands including most notably Waitrose and LondonMetric have also been active in selling.Focus on PolandLukasz Frominski, Associate Director, Investment, Savills Poland, commented: Over the past two years we have observed that owner occupiers in Poland are becoming more educated in understanding and in turn pursuing a SLB strategy. They see the benefit in this solution to help them boost and grow their business faster in our dynamically expanding and developing economy. Also professional net lease investors are conducting deals in a fast track mode that is particularly attractive to companies who otherwise have to deal with often slow performing banks. To succeed the property owner needs a good story, a strong covenant and attractive real estate.John Palmer, Director, Head of Industrial Investment, Savills Poland, adds: Despite the downward pressure on yields across all jurisdictions, Poland still benefits from a significant and appealing pricing gap compared to Western European opportunities. Therefore a purchaser acquiring a S&L in Poland can purchase an investment, often with the same named corporate covenant found on similar deals in Western Europe, whilst delivering significantly better returns to the ultimate investors.-ends-For further information, please contact:Isabel Stoddart, Savills press office Tel: +44 (0) 7580 587746Jan Zaworski, Communication Manager Tel: +48 (0) 666 363 302Founded in the UK in 1855, Savills is one of the world's leading property agents with 600 offices across the Americas, Europe, Asia Pacific, Africa and the Middle East offering a broad range of specialist advisory, management and transactional services.Should you not wish to receive Savills press releases, please email us at: kontakt.rodo@savills.pl. Click here for our Privacy Policy.
US Industry Shows Strength as Inflation Expectations Decline

16 June 2021

Stock market news Stock market news 16.06.2021 11:16
SAVILLS REVEALS THE CITIES THAT MAY MIGRATE FASTER TO HYBRID WORKINGSavills has examined both employee-driven and occupier/employer-driven factors to assess which global cities may see a faster transition to hybrid working post Covid-19. From an office occupier perspective, New York, Paris, London, Berlin and Frankfurt may be primed for a faster transition to hybrid working, given comparatively high office costs, already flexible working practices and extended lockdowns, while less flexible working cultures in Mumbai, Shanghai and Ho Chi Minh City mean that any transition to hybrid working may be slower.As part of its 2021 global Impacts research programme, the international real estate advisor looked at metrics such as the size of people’s homes, broadband speeds and commute times, alongside employer/occupier-focused factors, such as the cost and efficiency of offices, workplace culture, and lease lengths to grade cities on their possible speed of migration to hybrid working. Large homes and long commutes make Los Angeles, for instance, ripe for hybrid working from an employee perspective, says Savills, though comparatively low office costs, long leases and a diversified economic base mean employer incentives to cut space may be lower than in some other cities. Smaller cities such as Lyon and Amsterdam, meanwhile, are likely to see a slower shift to hybrid working, given shorter commutes for employees and lower costs to office occupiers.Jeremy Bates, Head of EMEA Occupier Services at Savills, comments: “Transition to a hybrid workforce is the biggest challenge businesses are going to face in the next five years. Even if you’re in a city set to switch more slowly it’s likely going to be something you’ll have to manage, and given low office availability in many locations, it’s better to start looking sooner rather than later to find space that will work for you in a hybrid model. With more collaborative space and increased room per employee likely, even if you have fewer people in the office you’re likely to still need a similar quantum. But this space will need to deliver efficient hybrid working, which involves designing a balanced physical-digital ecosystem that effectively bridges the gap between remote and office-based workers in terms of experience, accessibility and reliability.”Savills Hybrid Working Index: Employee-driven factorsSource: Savills World ResearchPaul Tostevin, director, Savills World Research, adds: “Locations such as Paris, London, Berlin, Frankfurt and New York which have higher office rents and relatively flexible working practices could see firms examining a hybrid working strategy more rapidly than other cities. But this may be outweighed by longer lease lengths, slower home broadband speeds and – in some cases – smaller homes, which may mean employees themselves push for a return to the office. As Asian cities experienced much shorter lockdowns and some – notably in China – returned straight to full-time office working, most will be slowest to transition to hybrid working. Small dwelling sizes mean that employees also support working from the office.”Savills Hybrid Working Index: Employer-driven factors – Source: Savills World ResearchAccording to the report, Warsaw, the largest office market in Poland, positions roughly in the middle of the ranking. Factors which favours companies’ faster transition to the hybrid model include the length of standard lease terms and a certain degree of flexibility that was slowly implemented by companies even before the pandemic. On the other hand, factors that are slowing the transition process are internet speed in some locations and rental level, which is still competitive with Western Europe and creates conditions for all employees to be provided with physical/traditional workplace in the office. Jarosław Pilch, Head of Tenant Representation, office Agency, Savills Poland, says: “Remote work, especially in the home edition, is associated with a numerous challenges. Many people, when arranging their homes, did not arrange a place to work, especially one that is suitable for working in full-time for a long time. The introduction of a hybrid work model is a process whose pace will vary depending on country and the specificity of the industry in which a given company operates. Many employers in Poland have not yet decided how they want their work model to look like after the pandemic. The reasons for that, among others are the ongoing analysis of the expectations and experiences of employees, wating for the changes in the labour law, or the time needed for observations of the real estate market and exploring new opportunities that market currently creates for tenants.”-Ends -Notes to Editors: Impacts is Savills global thought leadership publication and research programme. This year, Impacts is centered around the theme of “Evolve”: Covid-19 led to many changes in how we use and view real estate, but many sectors were already evolving significantly in response to ongoing market, technological, social and environmental trends. Impacts 2021 puts these changes in historic context to consider what comes next. For further information, please contact: Paul Tostevin, Savills World Research Tel: +44 (0) 20 7016 3883Natalie Moorse, Savills UK press office Tel: +44 (0) 20 7075 2827Jan Zaworski, Savills Poland press office Tel: +48 666 363 302Founded in the UK in 1855, Savills is one of the world's leading property agents with 600 offices across the Americas, Europe, Asia Pacific, Africa and the Middle East offering a broad range of specialist advisory, management and transactional services.Should you not wish to receive Savills press releases, please email us at: kontakt.rodo@savills.pl. Click here for our Privacy Policy.
US Industry Shows Strength as Inflation Expectations Decline

16 czerwca 2021

Stock market news Stock market news 16.06.2021 11:16
SAVILLS WSKAZUJE MIASTA, KTÓRE NAJSZYBCIEJ PRZEJDĄ NA HYBRYDOWY MODEL PRACYEksperci międzynarodowej firmy doradczej Savills wskazali miasta, w których po zakończeniu pandemii Covid-19 hybrydowy model pracy zostanie wdrożony najszybciej. Analiza opublikowana została w najnowszym raporcie Impacts, corocznie analizującym makrotrendy na świecie i ich wpływ na rynek nieruchomości.Według Savills, biorąc pod uwagę czynniki szczególnie istotne dla pracodawców, łączenie pracy zdalnej i stacjonarnej najszybciej zaadoptowane zostanie w Nowym Jorku, Paryżu, Londynie, Berlinie i Frankfurcie. Sprzyjać temu będą stosunkowo wysokie koszty najmu powierzchni biurowej oraz doświadczenia z długich okresów lockdownów, kiedy to część firm przeszła już na elastyczne systemy pracy. Proces przechodzenia na model hybrydowy może natomiast przebiegać wolniej w lokalizacjach charakteryzujących się mniej elastyczną kulturą pracy, takich jak Mumbaj, Szanghaj i Ho Chi Minh City.W ramach tegorocznego globalnego badania Impacts, eksperci firmy Savills poddali analizie czynniki kluczowe dla pracowników, takie jak metraż mieszkań i domów, prędkość internetu szerokopasmowego czy czasy dojazdu do pracy, a także kwestie istotne dla pracodawców, takie jak lokalna kultura pracy czy koszt i warunki najmu powierzchni biurowej. Na podstawie przeprowadzonej analizy Savills sporządził rankingi miast według przewidywanego tempa przechodzenia na hybrydowy model pracy.Zgodnie z raportem Savills, duże domy i długie czasy dojazdu sprawiają, że z perspektywy pracowników idealnym kandydatem do wdrożenia modelu hybrydowego wśród światowych ośrodków biznesu jest m.in. Los Angeles, aczkolwiek pracodawcy mogą być tam mniej skłonni do zmniejszania zajmowanej powierzchni niż w innych miastach ze względu na stosunkowo niskie koszty najmu biur, długie okresy obowiązywania umów i zdywersyfikowaną bazę ekonomiczną. Z kolei krótsze czasy dojazdu do pracy i niższe koszty najmu oznaczają, że przejście na pracę w systemie hybrydowym może przebiegać wolniej w nieco mniejszych ośrodkach biznesowych takich jak chociażby Lyon czy Amsterdam.Hybrydowy model pracy – ranking miast według czynników istotnych dla pracowników Źródło: SavillsJeremy Bates, dyrektor działu obsługi najemców w regionie EMEA, Savills, powiedział: „W perspektywie najbliższych pięciu lat przejście na hybrydowy model pracy będzie jednym z największych wyzwań dla większości firm na świecie. Nawet przy mniejszej liczbie pracowników przebywających jednocześnie w biurze można zakładać, że firmy będą jednak potrzebowały podobnej wielkości powierzchni ze względu na przewidywaną konieczność zapewnienia większej przestrzeni w przeliczeniu na jednego pracownika oraz przestrzeni do pracy wspólnej. Niemniej jednak powierzchnia ta powinna umożliwiać efektywną pracę w modelu hybrydowym, a to wiąże się z koniecznością zaprojektowania zrównoważonego ekosystemu, zarówno na poziomie samego biura jak i wykorzystania nowych technologii w organizacji, w celu dążenia do zmniejszenia różnic w komforcie pracy pomiędzy pracownikami pracującymi zdalnie i w biurze”.Paul Tostevin, dyrektor działu badań globalnych Savills, dodaje: „W miastach takich jak Paryż, Londyn, Berlin, Frankfurt i Nowy Jork, które charakteryzują się wyższymi czynszami za wynajem powierzchni biurowej i od dłuższego już czasu stosunkowo elastycznymi zasadami pracy, firmy zapewne rozpoczną analizowanie możliwości wdrożenia hybrydowego modelu pracy wcześniej niż w innych lokalizacjach. Jednak do czynników spowalniających można zaliczyć dłuższe okresy najmu, wolniejszy internet domowy, a w niektórych przypadkach także mniejszy metraż domów czy mieszkań. A to oznacza, że sami pracownicy mogą zacząć nalegać na powrót do biura. Lockdowny w miastach azjatyckich trwały znacznie krócej, a w niektórych – zwłaszcza w Chinach – pracownicy od razu wrócili do biur w pełnym wymiarze godzinowym. Z tego względu w większości tych lokalizacji migracja do pracy w systemie hybrydowym będzie przebiegała najwolniej. Również tam niewielki metraż mieszkań może oznaczać, że pracownicy także będą optowali za pracą w biurze”.Hybrydowy model pracy – ranking miast według czynników istotnych dla pracodawcówŹródło: SavillsWedług raportu Savills, Warszawa, czyli największy rynek biurowy w Polsce, plasuje się w mniej więcej po środku rankingu. Czynniki, które sprzyjają szybszemu przejściu na system hybrydowy w firmach mających swoje biuro w stolicy Polski, to między innymi długość stosowanych standardowo na polskim rynku umów najmu oraz pewien zakres elastyczności, który zaczął być powoli wdrażany w niektórych firmach jeszcze przed pandemią. Czynnikami spowalniającymi jest natomiast szybkość internetu w niektórych lokalizacjach oraz wysokość czynszu, który nadal jest konkurencyjny wobec krajów Europy Zachodniej i stwarza warunki do tego, by wszystkim pracownikom zapewnić fizyczne stanowiska pracy.„Praca zdalna, szczególnie w wydaniu domowym, wiąże się z licznymi wyzwaniami, o czym większość z nas mogła się przekonać w ostatnim czasie. Wiele osób aranżując swoje mieszkania nie przewidziało w nich miejsca do pracy, szczególnie takiego, które nadaje się do prowadzenia jej w pełnym wymiarze przez dłuższy czas. Wprowadzanie hybrydowego modelu pracy to proces, którego tempo będzie rożne w zależności od danego kraju i specyfiki branży w której działa dana firma. W Polsce wielu pracodawców nie podjęło jeszcze decyzji jak będą chcieli by docelowo wyglądał ich model pracy. Podyktowane jest to m.in. trwającymi analizami postulatów i doświadczeń pracowników, oczekiwaniem na zapowiadane zmiany w kodeksie pracy, czy obserwowaniem sytuacji na rynku nieruchomości i badaniem nowych możliwości, które stwarza on obecnie najemcom” – mówi Jarosław Pilch, dyrektor działu powierzchni biurowych, reprezentacja najemcy, Savills.-koniec -Noty dla wydawcy: Impacts to publikacja ekspercka i globalny program badawczy firmy Savills. Tematem tegorocznego wydania są „Zmiany”. Pandemia Covid-19 spowodowała wiele zmian w sposobie korzystania z nieruchomości i myśleniu o nich, ale wiele branż już w znaczącym stopniu przeszło transformację w odpowiedzi na aktualne trendy rynkowe, technologiczne, społeczne i środowiskowe. W publikacji Impacts 2021 zmiany te przedstawiono w kontekście historycznym wraz z prognozami na przyszłość. Dodatkowych informacji udzielają:Jan Zaworski, biuro prasowe Savills Polska Tel: +48 666 363 302Natalie Moorse, biuro prasowe Savills UK Tel: +44 (0) 20 7075 2827Savills to jedna z wiodących międzynarodowych firm doradczych działających na rynku nieruchomości. Została założona w 1855 roku w Wielkiej Brytanii. Posiada sieć ponad 600 biur w obu Amerykach, Europie, Afryce, regionie Azji i Pacyfiku oraz na Bliskim Wschodzie. Oferuje szeroki zakres profesjonalnych usług doradczych, zarządczych i transakcyjnych.Jeśli nie chciałbyś otrzymywać od nas materiałów prasowych dotyczących Savills prosimy o kontakt na adres: kontakt.rodo@savills.pl. Nasza polityka prywatności jest dostępna pod linkiem
New York Climate Week: A Call for Urgent and Collective Climate Action

22 June 2021

Stock market news Stock market news 22.06.2021 09:40
SAVILLS PREDICTS DEMAND FOR OPERATIONAL REAL ESTATE ACROSS EUROPE, FORECASTING TOP ‘YOUTHFUL’ AND ‘AGED’ CITIESAs part of its latest Global Living research, Savills has identified the cities and regions in Europe that in five years’ time will be particularly ‘youthful’, having the largest share of people aged 20-39, and those that will be the most ‘aged’, with the highest number of people aged 65 or older. The global real estate advisor expects this to drive an increase in demand for purpose built student housing, co-living and multifamily in ‘youthful’ cities, as well as senior housing and housing with care in ‘aged’ ones.By country, the UK will have the most ‘youthful’ cities in 2026 (22), followed by Germany (18) and France (14). Germany will be the country with the most ‘aged’ cities (25), with France (15) and Italy (14) making up the top three.Paul Tostevin, Director in Savills World Research team, says: “These two groups are not mutually exclusive. Germany may be home to the most ‘aged’ cities in Europe, but it is also home to the second largest number of youthful cities. Scale is an important factor too. The number of 20-39 year olds in Berlin, for example, is lower only than London and Paris in Western Europe.”Marcus Roberts, Head of Europe for Savills Operational Capital Markets, says: “Operational residential real estate has proven to be extremely resilient in a time of exceptional global upheaval. Global investment into the ‘living’ sectors held up better than the office, retail or hotel sectors last year and that positive sentiment has continued in 2021. “Given the amount of capital chasing the sector and the limited amount of high quality stock available, our analysis allows developers, investors and operators to look five years into the future and anticipate in which cities demand for senior living, healthcare, student housing, co-living and multifamily is likely to grow.”The pandemic has also served to emphasise how social humans are and has shone a light on the ‘loneliness issue’. Purpose-built operational residential schemes can help to tackle this problem, according to Savills. For example, many housing with care and senior living schemes offer private rooms for residents as well as a support network and sense of community, while co-living can provide contacts for people moving to a new city and student housing can help young people to build networks and find relationships. With an emphasis on the social impact and value of real estate taking centre stage, and its importance expected to continue to grow in the coming years, developers, investors and operators are already ensuring their assets provide not just a place to live but access to amenities and strong integration with the wider community. Demographic trends in Poland, though often considered grim, can spur new opportunities for real estate investors. “Poland takes the fourth place among countries with the largest expected number of ‘aged’ cities within next five years. Eleven ‘aged’ cities set us ahead of some Western European countries, such as Spain or Netherlands but also make Poland stand out in the CEE. In the forthcoming years this can translate into attractive investment opportunities for international investors as there is an undersupply of quality senior living assets” says Jacek Kałużny, Associate Director, Residential Capital Markets, Savills Poland. “On the other hand Poland still boasts a number of ‘youthful’ cities such as Cracow or Wroclaw, that will undoubtedly attract new investors interested in operational assets, such as student housing or residential”.-ends-For further information, please contact: Kai Störmer, Savills Europe Press Office        Tel: +44 (0) 207 075 2885Jan Zaworski, Savills Poland Press Office Tel: +48 (0) 666 363 302Founded in the UK in 1855, Savills is one of the world's leading property agents with 600 offices across the Americas, Europe, Asia Pacific, Africa and the Middle East offering a broad range of specialist advisory, management and transactional services.Should you not wish to receive Savills press releases, please email us at: kontakt.rodo@savills.pl. Click here for our Privacy Policy.
Decarbonizing Hard-to-Abate Sectors: Key Challenges and Pathways Forward

6 September 2021

Stock market news Stock market news 06.09.2021 09:55
MARYNARSKA POINT I CHANGES HANDS Savills Investment Management has completed the disposal of Marynarska Point I, an office property located in Warsaw to an investment fund managed by Adventum Group. The parties have agreed not to disclose the purchase price.Marynarska Point I is an office building located at 15B Postępu Street in the Mokotów district, the largest non-central business zone in the Polish capital. It offers in total 13,270 sq m of modern office space and retail area on the ground floor. For more than a decade it hosted such reputable companies as Generali or Nielsen. The property has been BREEAM In-Use Excellent certified.“We are pleased to have completed the transaction with Adventum. The sale of Marynarska Point 1 is in line with our strategy to concentrate on core assets and, following an earlier sale of a building in Hamburg, marks the end of disposition activities for our European Office Fund,” - says Piotr Trzciński, Head of Investment, Savills Investment Management in Poland.“The acquisition of the BREEAM Excellent In-Use certified Marynarska Point into the Adventum Penta fund underlines our commitment to ESG standards and the further expansion planned in Poland. We are pleased to have cooperated with Savills Investment Management on the transaction,” - says Kristóf Bárány, Partner, Adventum Group.“Marynarska Point I is a greatly located office asset with significant value-add potential. The property benefits from extensive city infrastructural investments, including redevelopment of Marynarska Street. Mokotów’s business district has significantly increased its attractiveness to investors thanks to transportation improvements and changing landscape with more residential developments,” - says Marek Paczuski, Deputy Head of Investment, Savills Poland.Savills Investment Management (Savills IM), an international real estate investment manager, was acting on behalf of Savills IM European Office Fund, an open-ended special fund for institutional German investors. Adventum Group is an investment fund manager focused on Central European real estate investments, with approximately EUR 500+ million in assets under management in office and retail investments within Hungary, Poland and Romania.Savills Investment Management was advised by Savills Poland, Dentons and ATA Tax, while Adventum Group was represented by BSWW, MDDP and Avison Young. -ends-For further information, please contact:Jan Zaworski, Savills Poland Tel: +48 666 363 302ÖRDÖGH Bálint, Adventum M. +36 20 3633 022Founded in the UK in 1855, Savills is one of the world's leading property agents with 600 offices across the Americas, Europe, Asia Pacific, Africa and the Middle East offering a broad range of specialist advisory, management and transactional services.About Savills Investment Management:Savills Investment Management is an international real estate investment manager with 17 offices around the world.As of 31 March 2021, Savills Investment Management managed total assets of around EUR 20.8 billion.In Poland, Savills Investment Management currently manages assets in three commercial real estate sectors: office, logistics and retail. Their total value is around EUR 1.5 billion. These include, among others, Gdański Business Center office complex in Warsaw, Amazon Distribution Center in Gliwice, H&M Distribution Center in Bolesławiec and Galeria Katowicka.Adventum Group, a fund manager focused on CEE Real Estate Investments was founded in 2006 and is entirely owned by management. It has been operating under the Alternative Investment Fund Managers Directive with fund management companies established in Budapest and Valletta, and a total AuM of EUR 500+ million. Adventum’s ESG strategy is focused on the reduction of lifetime CO2 emission and guided by international sustainability agenda and conventions such as the Paris Agreement. The Group’s personnel includes highly experienced real estate professionals with CFA, NRW and MRICS qualifications and proven track record in the CEE region. The management has so far executed investments in the CEE region over a total value of EUR 1.5bn.Should you not wish to receive Savills press releases, please email us at: kontakt.rodo@savills.pl. Click here for our Privacy Policy.
Decarbonizing Hard-to-Abate Sectors: Key Challenges and Pathways Forward

6 września 2021 r

Stock market news Stock market news 06.09.2021 09:55
MARYNARSKA POINT I ZMIENIA WŁAŚCICIELA Firma Savills Investment Management sfinalizowała sprzedaż warszawskiego budynku biurowego Marynarska Point I funduszowi inwestycyjnemu zarządzanemu przez Adventum Group. Strony uzgodniły, że cena transakcji pozostanie poufna.Budynek biurowy Marynarska Point I zlokalizowany jest przy ul. Postępu 15B na warszawskim Mokotowie, największej dzielnicy biznesowej poza ścisłym centrum stolicy. Obiekt oferuje łącznie 13 270 m kw. nowoczesnej powierzchni biurowej oraz lokale handlowe na parterze budynku. Od ponad 10 lat swoje siedziby mają tu tak renomowane firmy jak Generali czy Nielsen. Nieruchomość posiada certyfikat BREEAM In-Use na poziomie Excellent.„Cieszymy się ze sfinalizowania transakcji z Adventum. Sprzedaż biurowca Marynarska Point I wpisuje się w naszą strategię zakładającą koncentrację na aktywach typu core i – po wcześniejszej sprzedaży budynku w Hamburgu – oznacza dla naszego funduszu inwestycyjnego European Office Fund zakończenie działań sprzedażowych ” – mówi Piotr Trzciński, Head of Investment w Savills Investment Management w Polsce.„Nabycie budynku biurowego Marynarska Point I, który uzyskał certyfikat BREEAM Excellent In-Use, do portfela funduszu Adventum Penta świadczy o naszym zaangażowaniu w spełnianie standardów w zakresie ESG i planach dalszej ekspansji w Polsce. Cieszymy się, że współpracowaliśmy przy tej transakcji z Savills Investment Management” – mówi Kristóf Bárány, Partner, Adventum Group.„Marynarska Point I to budynek biurowy w świetnej lokalizacji ze znacznym potencjałem wzrostu wartości. Nieruchomość zyskała na dużych inwestycjach w infrastrukturę miejską, w tym na przebudowie ulicy Marynarskiej. Atrakcyjność biznesowego obszaru Mokotowa znacząco wzrosła w oczach inwestorów dzięki usprawnieniom komunikacyjnym i zmianie jego charakteru na bardziej mieszkaniowy” – mówi Marek Paczuski, dyrektor w dziale doradztwa inwestycyjnego, Savills Polska.Savills Investment Management (Savills IM), międzynarodowy menedżer inwestycyjny rynku nieruchomości, działała w imieniu Savills IM European Office Fund, specjalistycznego funduszu inwestycyjnego otwartego dla inwestorów instytucjonalnych w Niemczech. Adventum Group zajmuje się zarządzaniem funduszami inwestycyjnymi, koncentrując się na inwestycjach w nieruchomości w Europie Środkowej. Zarządza aktywami o wartości ponad 500 mln euro, obejmującymi nieruchomości biurowe i handlowe na terenie Węgier, Polski i Rumunii.Stronie sprzedającej, Savills Investment Management, w transakcji doradzały firmy: Savills Polska, Dentons oraz ATA Tax, natomiast firmy BSWW, MDDP i Avison Young reprezentowały Adventum Group.-koniec-Dodatkowych informacji udzielają:Jan Zaworski, Savills Polska Tel: +48 666 363 302ÖRDÖGH Bálint, Adventum M: +36 20 3633 022Savills to jedna z wiodących międzynarodowych firm doradczych działających na rynku nieruchomości. Została założona w 1855 roku w Wielkiej Brytanii. Posiada sieć ponad 600 biur w obu Amerykach, Europie, Afryce, regionie Azji i Pacyfiku oraz na Bliskim Wschodzie. Oferuje szeroki zakres profesjonalnych usług doradczych, zarządczych i transakcyjnych.O Savills Investment ManagementSavills Investment Management jest międzynarodowym menedżerem inwestycyjnym rynku nieruchomości z siecią 17 biur zlokalizowanych na całym świecie.Według stanu na dzień 31 marca 2021 r. Savills Investment Management zarządza aktywami o łącznej wartości ok. 20,8 mld euro.W Polsce firma Savills Investment Management zarządza aktywami o łącznej wartości ok. 1,5 mld euro w trzech sektorach nieruchomości komercyjnych: biurowym, logistycznym i handlowym. W jej portfelu znajdują się między innymi takie obiekty jak: kompleks biurowy Gdański Business Center w Warszawie, Centrum Dystrybucyjne Amazon w Gliwicach, Centrum Dystrybucyjne H&M w Bolesławcu oraz Galeria Katowicka.Adventum Group zajmuje się zarządzaniem funduszami inwestycyjnymi, koncentrując się na inwestycjach w nieruchomości w Europie Środkowo-Wschodniej. Została założona w 2006 r. i jest w całości własnością zarządzających. Prowadzi działalność na podstawie dyrektywy w sprawie zarządzających alternatywnymi funduszami inwestycyjnymi ze spółkami zarządzającymi funduszami mającymi siedzibę Budapeszcie i Valletcie. Zarządza aktywami o łącznej wartości przekraczającej 500 mln euro. Strategia Adventum w zakresie ESG koncentruje się na redukcji emisji dwutlenku węgla w okresie eksploatacji obiektów oraz uwzględnia globalne cele związane ze wspieraniem zrównoważonego rozwoju oraz konwencje takie jak porozumienie paryskie. Grupa zatrudnia niezwykle doświadczonych specjalistów w zakresie nieruchomości, którzy posiadają tytuły CFA, NRW i MRICS oraz udokumentowane doświadczenie zawodowe w regionie Europy Środkowo-Wschodniej. Do tej pory Adventum Group zrealizowała inwestycje w regionie Europy Środkowo-Wschodniej o łącznej wartości 1,5 mld euro.Jeśli nie chciałbyś otrzymywać od nas materiałów prasowych dotyczących Savills prosimy o kontakt na adres: kontakt.rodo@savills.pl. Nasza polityka prywatności jest dostępna pod linkiem.
US Industry Shows Strength as Inflation Expectations Decline

9 September 2021

Stock market news Stock market news 09.09.2021 13:18
SAVILLS: RETAIL IS ATTRACTING OPPORTUNISTIC INVESTOR INTERESTAccording to Savills, the European retail sector is increasingly looking more attractive to opportunistic investors. In the UK, there was a rise in opportunistic interest in the sector in the last quarter, supported by significant yield correction. In Poland, secondary retail assets are being traded at double-digit yields.In a world where high yields are increasingly hard to find, whether in real estate or other sectors, good UK shopping centres where there is a credible story around tenant demand and consumer need are starting to look attractive again. Prime achievable yields for shopping centres in Q2 were at 6.75% according to the international real estate advisor.Against the general trend of falling investment in retail, investors are showing confidence in the food and convenience segments.Jörg Krechky, Chairman European Retail Investment Board, Savills, says: “Assets related to the food sector, such as discounters, supermarket anchored retail schemes and, to a lesser extent, hypermarkets have been attracting multiple bids and yields are moving in. The stability and length of income streams make this segment desirable especially for investors with long-term liabilities. The sector was traditionally capturing 5-6% of total retail investment, but this year soared to 23%.”Eri Mitsostergiou, director, Savills European research, says: “We expect that in the coming quarters there may be a rise of opportunistic interest in the European retail segments that show significant repricing. Given the market context, understanding and selecting the ‘right’ retail stock is fundamental. Currently the factors that drive prices down are structural, which may allow some assets to adapt to new consumer habits, while others may need to change use altogether. Strong recovery in consumer spending may support some optimism for retailer performance and covenants in some locations and resilient assets. This may lead to further polarisation between prime and secondary pricing. In the long term we do not expect the recovery of retail yields to be as strong as in the previous cycle.”Michał Stępień, Associate, Investment, Savills Poland, says: “Subsequent lockdowns and pandemic related restrictions accelerated the e-commerce growth and the ongoing wider transformation of retail that has been affecting retail investment since 2016 Europewide (in Poland since 2019) and amplified polarization between ‘prime’ and ‘secondary’. This is reflected in the investor activity in Poland, which in H1 2021 in the retail sector did not exceed EUR 300 million and constituted less than 15% of total investment, reflecting approximately 40% drop year-on-year. Investor activity shifted from the retail sector towards logistics, significantly limiting the pool of buyers targeting retail. This is still a live process and activity in the prime end of the market is nearly non-existent, as the future is still uncertain and even the dominant centres need some time to adjust and stabilize. With the softening of prime yields by ca. 75 – 100 bps, it is also not the most comfortable time for vendors to divest. On the other hand, it is the time of opportunities, attracting buyers seeking high-yielding assets and/or value-add potential, especially in the long-term, as the gap between prime and secondary grew up to 350 bps, which resulted in secondary assets being traded at double-digit yields. We believe this will continue, with the consequences of the pandemic to unfold for a long time to come, however, once the sector recovers, driven by the synergy of traditional retail and on-line, retail investment will be back on track.”-ends-For further information, please contact: Kai Störmer, Savills Europe Press Office        Tel: +44 (0) 207 075 2885Jan Zaworski, Savills Poland Press Office Tel: +48 (0) 666 363 302Founded in the UK in 1855, Savills is one of the world's leading property agents with 600 offices across the Americas, Europe, Asia Pacific, Africa and the Middle East offering a broad range of specialist advisory, management and transactional services.Should you not wish to receive Savills press releases, please email us at: kontakt.rodo@savills.pl. Click here for our Privacy Policy.
Decarbonizing Hard-to-Abate Sectors: Key Challenges and Pathways Forward

9 września 2021 r

Stock market news Stock market news 09.09.2021 13:18
SAVILLS: NIERUCHOMOŚCI HANDLOWE PRZYCIĄGAJĄ UWAGĘ INWESTORÓW OPORTUNISTYCZNYCHWedług międzynarodowej firmy doradczej Savills, europejski sektor nieruchomości handlowych jest coraz bardziej atrakcyjny dla inwestorów oportunistycznych. W ostatnim kwartale odnotowano wzrost zainteresowania obiektami handlowymi wśród tego rodzaju inwestorów w Wielkiej Brytanii, czemu towarzyszyła znaczna korekta stóp kapitalizacji. W Polsce transakcje obejmujące tzw. drugorzędne nieruchomości handlowe zawierane są obecnie przy dwucyfrowych stopach kapitalizacji.W opinii Savills, wobec malejących stóp kapitalizacji, zarówno w branży nieruchomości, jak i w innych sektorach gospodarki, na atrakcyjności ponownie zaczynają zyskiwać dobrze zlokalizowane i prosperujące centra handlowe, m.in. w Wielkiej Brytanii, które cieszą się zainteresowaniem najemców i odpowiadają na potrzeby konsumentów. Jak podaje Savills, najwyższe osiągalne stopy kapitalizacji dla centrów handlowych w drugim kwartale wynosiły 6,75%.Pomimo ogólnego trendu spadkowego wolumenu transakcji inwestycyjnych na rynku nieruchomości handlowych, inwestorzy wykazują zainteresowanie segmentem obiektów dedykowanych sektorowi spożywczemu i sklepom typu convenience.“Aktywa związane z branżą spożywczą, takie jak dyskonty i obiekty handlowe z supermarketem jako głównym najemcą, a także – aczkolwiek w mniejszym stopniu – hipermarkety, przyciągają wielu chętnych, a towarzyszy temu kompresja stóp kapitalizacji. Segment ten jest szczególnie pożądany przez inwestorów posiadających zobowiązania długoterminowe, ponieważ oferuje stabilność przychodów w dłuższej perspektywie. Jego udział w całkowitym wolumenie inwestycji na rynku nieruchomości handlowych zazwyczaj utrzymywał się na poziomie 5-6%, ale w tym roku wzrósł aż do 23%” – mówi Jörg Krechky, dyrektor usług doradztwa inwestycyjnego w sektorze nieruchomości handlowych w Europie, Savills.„Przewidujemy, że w najbliższych kwartałach może nastąpić wzrost zainteresowania inwestorów oportunistycznych segmentem nieruchomości handlowych w Europie, które ulegają znaczącym przecenom. Zważywszy na uwarunkowania rynkowe, kluczowe znaczenie ma poznanie specyfiki i wybór odpowiednich aktywów. Czynniki, które obecnie powodują spadek cen, mają charakter strukturalny, co może być okazją do przystosowania niektórych obiektów do nowych zwyczajów konsumenckich, a w przypadku innych wymusić zmianę ich funkcji. Silny wzrost wydatków konsumenckich może uzasadniać pewien optymizm co do wyników sieci handlowych i najemców w niektórych lokalizacjach oraz aktywów o silnej pozycji. To z kolei może doprowadzić do dalszej polaryzacji cen pomiędzy najlepszymi i mniej atrakcyjnymi obiektami. Naszym zdaniem w perspektywie długoterminowej kompresja stóp kapitalizacji dla nieruchomości handlowych nie będzie tak silna jak w poprzednim cyklu” – mówi Eri Mitsostergiou, dyrektor w dziale badań rynków europejskich w Savills.„Kolejne lockdowny i obostrzenia związane z pandemią przyspieszyły rozwój branży e-commerce i trwającą transformację rynku handlowego, która wpływa na aktywność inwestycyjną w sektorze nieruchomości handlowych w całej Europie od 2016 r. (w Polsce od 2019 r.) oraz pogłębia polaryzację pomiędzy najlepszymi aktywami i obiektami o słabszej pozycji rynkowej. Znajduje to odzwierciedlenie w wolumenie transakcji inwestycyjnych w tym segmencie w Polsce, który w pierwszej połowie 2021 r. nie przekroczył 300 mln euro, co stanowiło niecałe 15% całkowitych obrotów i oznaczało spadek o ok. 40% w ujęciu rok do roku. Nastąpiło przesunięcie aktywności inwestorów z sektora handlowego w kierunku nieruchomości logistycznych, co spowodowało znaczące uszczuplenie grona nabywców zainteresowanych tym segmentem. Ten proces cały czas trwa, a aktywność w sektorze najlepszych obiektów handlowych na rynku spadła niemal do zera, ponieważ przyszłość nadal jest niepewna i nawet centra handlowe o dominującej pozycji potrzebują trochę czasu na dostosowanie się do nowej sytuacji i osiągnięcie stabilizacji. Ze względu na wzrost stóp kapitalizacji dla najbardziej atrakcyjnych nieruchomości szacowany na poziomie około75-100 punktów bazowych, nie jest to także najlepszy czas na sprzedaż aktywów. Z drugiej strony pojawiają się okazje inwestycyjne, które przyciągają uwagę kupujących zainteresowanych aktywami wysokodochodowymi lub z potencjałem wzrostu wartości, zwłaszcza w dłuższej perspektywie. Różnica pomiędzy stopami kapitalizacji dla najlepszych i drugorzędnych aktywów wzrosła do 350 punktów bazowych. Z tego względu transakcje dotyczące tzw. drugorzędnych obiektów handlowych o nieco słabszej pozycji na rynku zawierane są obecnie przy dwucyfrowych stopach kapitalizacji. Przewidujemy, że taka sytuacja się utrzyma, a skutki pandemii będą odczuwalne jeszcze przez dłuższy czas. Jednak wraz z ożywieniem w sektorze, do czego przyczyni się synergia handlu tradycyjnego i internetowego, aktywność inwestycyjna na rynku nieruchomości handlowych ponownie wzrośnie” – mówi Michał Stępień, Associate, dział doradztwa inwestycyjnego, Savills Polska.-koniec-Dodatkowych informacji udzielają:Jan Zaworski, polskie biuro prasowe Savills Tel: +48 666 363 302Kai Störmer, europejskie biuro prasowe Savills Tel: +44 (0) 207 075 2885Savills to jedna z wiodących międzynarodowych firm doradczych działających na rynku nieruchomości. Została założona w 1855 roku w Wielkiej Brytanii. Posiada sieć ponad 600 biur w obu Amerykach, Europie, Afryce, regionie Azji i Pacyfiku oraz na Bliskim Wschodzie. Oferuje szeroki zakres profesjonalnych usług doradczych, zarządczych i transakcyjnych.Jeśli nie chciałbyś otrzymywać od nas materiałów prasowych dotyczących Savills prosimy o kontakt na adres: kontakt.rodo@savills.pl. Nasza polityka prywatności jest dostępna pod linkiem.
RETAIL INVESTING ACROSS EUROPE  IS SET TO GET COMPETITIVE IN 2022, SAYS SAVILLS

RETAIL INVESTING ACROSS EUROPE IS SET TO GET COMPETITIVE IN 2022, SAYS SAVILLS

Finance Press Release Finance Press Release 22.12.2021 11:03
22 December 2021 Following years of turmoil in retail, 2022 will bring rental growth and increased investment capital to the sector across Europe, according to Savills. The international real estate advisor said that the retail sector is better prepared for changes in consumer habits, while strong retail repricing - which has moved +80bps on average in Europe in the past four years - means retail assets are one of the most competitive real estate sectors. Savills’ European Investment Outlook 2022 identifies best-performing supermarkets and retail warehouses as the most sought-after investment deals, followed by convenience stores, commuting hubs and high street units in strong footfall areas. The report forecasts that prime retail warehouse yields will compress further by 5-10bps on average during the next 12 months, following a 4bps compression in the average prime retail warehouse yield in the last two quarters (to 5.2%). It added that shopping centre yields may start stabilising during 2022, after a 3bps increase to 5.3%. These retail trends are unfolding as investment into European commercial and residential property is on the rise, reaching €78.9bn in Q3 - the highest level recorded in a third-quarter over the past five years. Meanwhile €201.6bn of investment was transacted during the first three quarters of 2021 - a 13.5% jump on last year and a 7.7% increase on the past 5-year average. Savills estimates that the end-year volume will be around €288bn, a 9% increase year-on-year, and a similar total volume of around €290bn in 2022. “These are some stand out figures given the current circumstances,” said Oliver Fraser-Looen, joint head of Regional Investment Advisory EMEA, Savills. “Strong investment activity will continue until the end of the year.” The UK, Germany and France will remain the preferred investment destinations, but as increasing amounts of cross-border capital is invested in the Nordics, the region’s share in the total European volume could continue to expand. Despite growing deal volumes, investors will remain focussed on quality in 2022, particularly in the office sector, and with greater ESG imperatives ahead, property owners will be forced to renovate stock to achieve greener standards or repurpose buildings to embrace social values. Leila Packett, associate director, Regional Investment Advisory EMEA, Savills, said: “This will eventually provide some opportunities for value-add investors. Yet, we do not expect a significant return of the value-add investors at least until 2023, after a significant repricing in secondary asset classes. Historically, we have seen the interest of value-add investors rising in periods when the prime and secondary office yield gap is above 90bps, and during Q3 2021 it was 88bps.” Savills also said greater portfolio diversification would be a theme for years to come, in terms of assets, locations and strategies. The logistics and living sectors will also remain highly sought-after in 2022 and supply and demand imbalances in both sectors will create rental growth. But interest in the alternative sector will further increase as investors seek higher returns in a very low yield environment, said the firm. “Hospitals, universities, data centres, life sciences and urban farming are slowly growing on investors' radars,” said Lydia Brissy, director, Europe research, Savills. “We expect these sectors to gradually emerge as an asset class in the next five years.” Similarly, prime yields may harden by up to 15bps on average in European logistics, while the living sectors may see a 5-10bps yield compression. Michal Stepien, Associate, Investment, Savills Poland, said: “The resumed investor activity is also evident in Poland, where investors follow global trends and growth patterns, looking for stable returns and growth opportunities in order to protect the capital against inflation, as well as for ESG compliance. Industrial is still in the spotlight with offices right behind. There is also a recovering interest in retail, with a particular focus on convenience, standalone supermarkets and retail warehousing, nevertheless, due to limited supply of relevant investment product, the retail sector accounts for less than 14% of the investment volume. A balanced position of shopping centers and more attractive shopping centre yields are conducive to the return of investment capital to the retail sector, however, rising costs of energy and anti-inflation measures of the Central Bank may slow down consumer demand next year, which may adversely affect the turnover of popular chain stores and extend the ‘wait-and-see’ approach to this asset class.”
SAVILLS: PROPERTY MARKET HAS ADJUSTED TO THE NEW REALITY AND REGAINS MOMENTUM

SAVILLS: PROPERTY MARKET HAS ADJUSTED TO THE NEW REALITY AND REGAINS MOMENTUM

Finance Press Release Finance Press Release 15.12.2021 10:30
SAVILLS: PROPERTY MARKET HAS ADJUSTED TO THE NEW REALITY AND REGAINS MOMENTUM 14 December 2021 Real estate advisory firm Savills presents a preliminary summary of 2021 and predicts trends for the coming months. The commercial real estate market in Poland is regaining momentum but has changed significantly, reveals Savills. Key trends expected to dominate in the year ahead include rental growth, increasing ESG awareness and a focus on innovation. As expected, the vaccine roll-out has had a positive impact on the commercial property market in 2021. With investors remaining active, this year’s investment is likely to hit EUR 5 billion. Savills expects recent investment trends to continue and industrial assets to account for close to half of the total transaction volume by the end of the year. “Although the real estate market has undoubtedly bounced back in 2021, it has remained mired in uncertainty. In addition to concerns about the course of the pandemic, there were also geopolitical and economic risks. This did not however prevent tenants and investors from gradually resuming activity. Key metrics for the past 12 months illustrating investment volumes and office take-up are likely to remain close to last year’s levels amid a positive outlook for the future. A bright exception is the warehouse sector, which - undeterred by the pandemic - is already setting new highs. The commercial real estate market has adjusted to the new reality and is beginning to return to form,” says Tomasz Buras, CEO, Savills Poland. 2021 was the year of searching for an optimal work model on the office market. Many tenants decided to introduce a permanent hybrid scheme combining in-office work and working from home. According to Savills data, Poland’s total office stock topped 12,315,000 sq m. Flexible offices continued to gain traction with flexible office providers shifting their focus to expansion in regional cities. The Build-to-Rent (multifamily) sector is gradually gaining ground on the Polish market. According to Savills, at the end of 2021 there were close to 40 BtR developments in Poland. Projects that are currently under construction will soon double the stock of rental apartments. As high-tech and e-commerce companies continue to enjoy brisk expansion, these sectors are seeing their headcount grow. According to Savills, even though this has not translated directly into more demand for offices yet, there will be a growing requirement for modern housing as the trend of hybrid working intensifies. The online penetration rate (share of total retail sales) has risen from around 5% pre-pandemic to close to 9% in 2021. The development of omnichannel strategies combining online and offline shopping has gathered pace. The growth of e-commerce remains one of the key drivers of demand for logistics space. Retail has also seen the rise of dark stores - small in-town distribution centres helping shorten delivery times. In 2021, this format was launched in Poland, among others, by Å»abka. Such platforms are also operated by Lisek, Jokr and Swyft, while Biedronka has teamed up with Glovo. According to Savills, 2022 is expected to see another spike in construction costs and land prices, as well as an upward pressure on wages amid a risk of rising inflation. This will, first of all, push service charges up. Tenants will also be affected by exchange rate differences as euro-denominated rents remain a market standard. In addition, 2022 is likely to be the first year in many to witness warehouse and office rental rates go up. “There is potential for the investment market to see more buying in 2022. Investor demand for industrial assets will remain strong while the PRS will increase its market share. Several spectacular office projects are likely to change hands. Next year’s investment volume is expected to come close to pre-pandemic levels. Commercial real estate is considered a safe haven in times of high volatility on currency, stock exchange and bond markets, driving investor activity,” adds Tomasz Buras, Savills Poland. Next year is also shaping up to be a time when ESG strategies will begin to gain prominence on the real estate market. The importance of ESG is rising as a result of the European Union’s taxonomy, or the change of regulations on non-financial sustainability reporting and the entry into force of the CSRD, as well as tenants’ preferences. ESG is not only about a concern for the environment, but also for the human being. According to Savills, this will be visible on the warehouse market, where developers wanting to stand out will also begin to focus on the second social pillar of ESG, i.e. the human aspect, in addition to investing in energy efficiency. On the office market there will be marked differences between ESG compliant buildings and those whose owners will fail to take action in this period of change. Today, both older office buildings and properties in non-central locations are faced with refinancing challenges. Prospective buyers are, however, beginning to look for existing buildings with an intention to upgrade or sometimes repurpose them, or even to pull them down. This is true not only for office assets. Warehouse developers have also become keener to engage in brownfield projects in order to secure good locations. A dichotomy or division of properties into buildings that may soon have to be repurposed for lack of other options and those that have been upgraded will become visible for example in Warsaw’s SÅ‚użewiec district. Office buildings in that area meeting high standards will be able to attract cost-sensitive tenants with an opportunity to bring rents down. Such buildings may, therefore, become the big winners of the pandemic, says Savills. In 2022, the Warsaw office market is likely to begin to slowly switch to a landlord’s market. The office development pipeline is currently at its lowest in 10 years. Savills forecasts that as office buildings whose construction began before the pandemic are gradually filling up with tenants, the second half of the year may see the first signs of an undersupply and landlords gaining the upper hand in negotiations. This trend is already apparent in prime office buildings in Warsaw. Another top trend for 2022 according to Savills is innovation comprising the implementation of new technologies in real estate (proptech) and the use of big data in property management. The drive towards more automation is expected in manufacturing facilities, office buildings and autonomous retail stores. Looking ahead, modern data analytics tools will be used for a growing number of tasks in property management and valuation.
US 20-City house prices decreased by 1.3% month-on-month

SAVILLS: STRONG Q1 EXPECTED FOR EUROPEAN REAL ESTATE INVESTMENT DESPITE GEOPOLITICAL EVENTS

Finance Press Release Finance Press Release 21.03.2022 11:27
  Preliminary figures compiled by Savills suggest that the total real estate investment volume in Europe for the first quarter of the year will reach approximately €70bn, a 19.5% increase year-on-year. Despite geopolitical events, the real estate advisor expects solid European investment activity for the remainder of the year, notably fuelled by large portfolio and entity deals. Savills anticipates total European real estate investment volumes for 2022 to reach between €300bn and €330bn, which would be 5-10% above the five-year average, as long as the Russia/Ukraine crisis doesn’t last too long and doesn’t have a long-term impact on the European economy. Lydia Brissy, Director, European Research at Savills, says: “Given the current context, we expect most of the investment activity this year will focus on Western Europe and particularly, the core countries of UK, Germany and France. Our preliminary Q1 figures suggest that those three countries have received 66.6% of the total European investment volume this quarter, up from 61.4% last year.” Tomasz Buras, CEO, Savills Poland, says: “The hostilities in Ukraine are having a stronger impact on the Polish real estate market than on Western European markets. Developers are facing severe disruptions to supplies of building materials and reduced availability of construction workers. Tenants have already suffered from rising inflation and energy charges, further fuelled by the weakening Polish zÅ‚oty relative to the euro, a currency in which rents are denominated. We are, however, seeing a surge in demand on the residential rental market and more enquiries for office and warehouse space from companies wanting or forced to relocate operations to Poland. Cross-border investors are likely to remain more cautious in the coming weeks, leading to a short-term dip in real estate investment volumes, albeit with a potential for a strong rebound if the armed conflict is quickly resolved peacefully.” James Burke, Director, Regional Investment Advisory EMEA at Savills, says: “For perhaps the first time since the Covid-19 pandemic, prime offices are looking like an increasingly attractive defensive investment as they are relatively protected from higher inflation due to the indexation of rents across core European cities. Based on our preliminary figures, prime office yields compressed further by an average of 17 bps year on year to 3.40% in Q1 2022. Office yield spreads to risk-free rates continue to illustrate the sector’s attractiveness despite some more recent increases in bond yields. Given this, we believe the potential for further yield compression is less likely, and we forecast a stable outlook on pricing throughout 2022.”

currency calculator