CBRE Marketview EMEA Office Rents & Yields Monitor Q3 2015

MARKETVIEW
EMEA Rents and Yields, Q3 2015
With risk-free rates exceptionally low,

property yields continue to fall across all
sectors
Rents
Risers
Rents
Fallers
Rents
Stable
Yields
Fallers
Yields
Risers
Yields
Stable
30
10
122
71
91
Figure 1: CBRE EMEA Yield Index Annual Change (BPS)

200.0
Retail SC
150.0
Retail HS
Industrial
Office
100.0
50.0
0.0
-50.0
Sep-15
Sep-14
Sep-13
Sep-12
Sep-11
Sep-10
Sep-09
Sep-08
Sep-07
Sep-06
Sep-05
Sep-04
Sep-03
Sep-02
Sep-01
Sep-00
Sep-99
Sep-98
Sep-97
Sep-96
Sep-95
-100.0
Source: CBRE, Q3 2015.
Figure 2: CBRE EMEA Rent Index Annual Change (%)

30.0
Retail SC
20.0
Retail HS
Industrial
Office
10.0
0.0
-10.0
Sep-15
Sep-14
Sep-13
Sep-12
Sep-11
Sep-10
Sep-09
Sep-08
Sep-07
Sep-06
Sep-05
Sep-04
Sep-03
Sep-02
Sep-01
Sep-00
Sep-99
Sep-98
Sep-97
Sep-96
Sep-95
-20.0
Source: CBRE, Q3 2015.
This report is designed to provide our clients with

an immediate view on prime rents and yields
across major markets and sectors in the region as
at the end of the quarter. In 2015, prime
European hotel yields - split up by operating type have been included in this publication for the first
time.
It is our intention to provide this information as
soon as possible after the end of the quarter. In
some markets, the data may therefore be a
preliminary estimate and clients should note that
data contained within the report may be subject
to revision.
Q3 2015 CBRE Research
Please note also that the figures contained in this

report are indicative of values applying to
buildings of particular quality, specification and
size. The extent to which they are supported by
transactional evidence varies across markets and
over time. When deal flow is generally thin, the
quoted figures are based more on expert opinion
of market conditions.
Full definitions are
provided on page 6.
2015 CBRE Ltd |
M A R K E T V I E W EMEA PRIME RENTS AND YIELDS

Office Rents
Change on
Quarter (BPs)
Change on Year
(BPs)
Change from
Trough (BPS)**
Prime Yields (%)
-47.1
-35.00
-164.0
-145.00
-25.00
-75.00
-150.00
0.00
-25.00
-25.00
-25.00
0.00
-25.00
-25.00
-25.00
-50.00
-80.00
-45.00
-125.00
-75.00
-125.00
-80.00
4.30
0.00
-30.00
-170.00
5.40
0.00
0.00
-185.00
5.30
5.75
3.30
-20.00
0.00
-35.00
-20.00
-25.00
-15.00
-170.00
-125.00
-295.00
15.00
4.00
-40.00
-25.00
-150.00
15.56
3.95
4.55
4.40
-5.00
0.00
-15.00
-30.00
-75.00
-100.00
Change from
Trough (%)**
-17.9
-25.00
Change on Year
(%)
Prime Rent
(/SqM/Annum)
309.00
Change on
Quarter (%)
Prime Rent (Local

Currency
Measurement)
Local Rent
Currency
Measurement
25.75
Office Yields
0.6
0.00
2.1
0.00
9.1
15.73
Country
EMEA Office Index
Austria
Belgium
City
Vienna
Brussels
per sq m pm
per sq m pa
285.00
285.00
0.00
0.00
Croatia
Czech Republic
Denmark
Denmark
Estonia
Zagreb
Prague
Aarhus
Copenhagen
Tallinn
per sq m pm
per sq m pm
DK per sq m pa
DK per sq m pa
per sq m pm
14.00
19.50
1,400.00
1,700.00
16.00
168.00
234.00
187.64
227.92
192.00
0.00
0.00
3.70
3.03
0.00
-1.75
0.00
9.80
3.03
8.84
Finland
Helsinki
per sq m pa
444.00
444.00
0.00
8.82
France
Lille
per sq m pa
220.00
220.00
0.00
0.00
France
France
France
Germany
Lyon
Marseille
Paris
Berlin
per sq m pa
per sq m pa
per sq m pa
per sq m pm
280.00
265.00
800.00
280.00
265.00
800.00
0.00
0.00
0.00
7.69
-1.85
0.00
23.00
276.00
0.00
2.22
Germany
Dusseldorf
per sq m pm
Germany
Germany
Frankfurt
Hamburg
per sq m pm
per sq m pm
26.00
39.50
312.00
474.00
0.00
1.28
-1.89
3.95
25.00
300.00
2.04
2.04
11.11
4.10
0.00
-45.00
-100.00
Germany
Munich
per sq m pm
33.50
402.00
0.00
1.52
13.56
3.80
-20.00
-65.00
-120.00
Greece
Athens
per sq m pm
21.00
252.00
0.00
4.55
0.00
9.90
0.00
16.47
0.00
Greece
Thessaloniki
per sq m pm
10.00
120.00
0.00
4.76
0.00
10.80
0.00
16.76
0.00
Hungary
Budapest
per sq m pm
20.00
240.00
0.00
0.00
0.00
7.25
0.00
0.00
-75.00
Ireland
Israel
Dublin
Tel Aviv
per sq m pa
ILS per sq m pm
565.00
105.00
565.00
287.61
5.02
0.00
16.74
0.00
90.88
10.53
4.65
7.00
-10.00
0.00
-35.00
-50.00
-285.00
-200.00
Italy
Milan
per sq m pa
Italy
Latvia
Lithuania
Netherlands
Netherlands
Rome
Riga
Vilnius
Amsterdam
Rotterdam
per sq m pa
per sq m pm
per sq m pm
per sq m pa
per sq m pa
490.00
380.00
490.00
380.00
0.00
0.00
2.08
0.00
2.08
0.00
4.25
4.25
-50.00
-75.00
-85.00
-105.00
-115.00
-105.00
15.50
17.00
350.00
186.00
204.00
350.00
6.25
6.67
1.45
19.23
13.33
1.45
24.00
25.93
6.06
7.25
7.00
4.80
-25.00
-50.00
-25.00
-50.00
-50.00
-60.00
-75.00
-100.00
-135.00
225.00
225.00
0.00
0.00
15.38
5.40
-25.00
-40.00
-95.00
Netherlands
Netherlands
The Hague
Utrecht
per sq m pa
per sq m pa
215.00
210.00
215.00
210.00
0.00
0.00
0.00
2.44
4.88
5.00
5.45
5.70
-20.00
-25.00
-35.00
-40.00
-90.00
-65.00
Norway
Poland
Oslo
Warsaw
NOK per sq m pa
per sq m pm
4,250.00
24.00
446.45
288.00
0.00
-2.04
0.00
-5.58
41.67
4.35
4.20
6.00
0.00
0.00
-80.00
0.00
-280.00
-75.00
Portugal
Lisbon
per sq m pm
Portugal
Oporto
per sq m pm
18.50
12.00
222.00
144.00
0.00
0.00
0.00
0.00
0.00
0.00
5.50
9.75
-50.00
-25.00
-125.00
-25.00
-275.00
-25.00
Romania
Bucharest
per sq m pm
18.50
222.00
0.00
2.78
2.78
7.50
0.00
-25.00
-200.00
Russian Federation
Moscow
$ per sq m pa
Russian Federation
St Petersburg
$ per sq m pa
880.00
353.00
788.32
316.22
0.00
-16.15
-26.67
-55.88
3.53
0.00
9.75
12.25
0.00
0.00
112.00
113.00
-225.00
-475.00
Serbia
Slovak Republic
Belgrade
Bratislava
per sq m pm
per sq m pm
16.00
16.00
192.00
192.00
0.00
0.00
6.67
0.00
10.34
0.00
9.00
6.90
-50.00
-10.00
-50.00
-10.00
-125.00
-60.00
South Africa
Johannesburg
ZAR per sq m pm
195.00
151.64
5.41
5.41
15.38
8.00
0.00
25.00
-25.00
Spain
Spain
Barcelona
Madrid
per sq m pm
per sq m pm
19.50
234.00
2.63
9.86
9.86
4.85
-5.00
-65.00
-165.00
Sweden
Gothenburg
SEK per sq m pa
26.00
2,800.00
312.00
302.79
1.96
0.00
5.05
3.70
5.77
24.44
4.50
4.25
-25.00
0.00
-75.00
-50.00
-200.00
-150.00
Sweden
Stockholm
SEK per sq m pa
5,100.00
551.50
6.25
13.33
27.50
4.00
0.00
-25.00
-175.00
Switzerland
Geneva
CHF per sq m pa
900.00
825.37
0.00
0.00
9.76
3.75
0.00
-25.00
-150.00
Switzerland
Zurich
CHF per sq m pa
Turkey
Ukraine
Istanbul
Kyiv
$ per sq m pm
$ per sq m pm
800.00
45.00
767.05
483.74
0.00
0.00
-3.03
0.00
0.00
12.50
3.20
6.50
0.00
0.00
0.00
0.00
-90.00
-200.00
United Arab Emirates Abu Dhabi

United Arab Emirates Dubai
5.0
4.30
7.55
5.25
0.00
0.00
9.80
0.00
18.52
8.05
5.75
5.05
4.50
6.70
39.62
18.92
21.74
20.00
11.11
23.00
247.25
0.00
-14.81
0.00
13.50
0.00
0.00
-150.00
AED per sq m pa
AED per sq ft pa
1,800.00
280.00
439.03
735.11
-2.70
0.00
-2.70
0.00
0.00
0.00
7.50
6.50
0.00
0.00
-25.00
-50.00
-125.00
-225.00
67.00
117.50
1017.40
1784.24
0.00
0.00
11.67
9.30
59.52
46.88
4.00
3.50
0.00
0.00
-50.00
-25.00
-275.00
-200.00
16.00
30.00
242.96
438.22
3.23
0.00
14.29
5.26
28.00
11.11
6.00
5.25
0.00
0.00
-75.00
-50.00
-175.00
-225.00
-265.00
United Kingdom
London - City
per sq ft pa
United Kingdom
United Kingdom
West End
Belfast
per sq ft pa
per sq ft pa
United Kingdom
United Kingdom
Birmingham
Bristol
per sq ft pa
per sq ft pa
28.50
416.31
0.00
3.64
9.62
5.00
-50.00
-75.00
United Kingdom
United Kingdom
Edinburgh
Glasgow
per sq ft pa
per sq ft pa
30.50
455.53
1.67
7.02
12.96
5.25
-25.00
-50.00
-200.00
29.50
430.92
0.00
3.51
9.26
5.50
-25.00
-50.00
-200.00
United Kingdom
Manchester
per sq ft pa
32.50
474.74
1.56
8.33
14.04
4.75
-25.00
-25.00
-275.00
** Figures indicate change between the lowest rent or highest yield recorded in or since 2009 and the current level.
2015 CBRE Ltd |

Retail Yields
Retail Rents
Change on Year (%)
Change from Trough

(%)**
Change on Quarter
(BPs)
Change on Year (BPs)
Change from Trough

(BPS)**
4.3
-6.8
-40.5
-151.3
14.6
5.1
-11.6
-38.8
-154
Prime Yields (%)
Change on Quarter
(%)
31.9
2.2
Prime Rent
(/SqM/Annum)
6.7
0.0
City
Prime Rent (Local

Currency
Measurement)
0.5
EMEA Retail Shopping Centre Indices
Local Rent Currency

Measurement
EMEA Retail High Street Indices
Country
Austria
Vienna
per sq m pm
310.00
310.00
0.00
0.00
12.73
3.85
-5.00
-5.00
-85.00
Belgium
Brussels
per sq m pa
1950.00
1950.00
0.00
2.63
21.88
3.50
0.00
-50.00
-175.00
Croatia
Zagreb*
Prague*
per sq m pm
per sq m pm
22.00
264.00
0.00
-2.22
0.00
8.00
0.00
-25.00
-50.00
Czech Republic
110.00
1320.00
0.00
10.00
29.41
5.50
0.00
-50.00
-175.00
Denmark
Copenhagen
0.00
2.56
3.45
3.70
0.00
-30.00
-130.00
Tallinn*
DK per sq m pa 20000.00
per sq m pm
37.00
2681.39
Estonia
444.00
0.00
1.37
13.85
6.70
-30.00
-55.00
-80.00
Finland
Helsinki
per sq m pa
1800.00
1800.00
2.86
1.35
31.00
4.25
-25.00
-50.00
-155.00
France
Lille
per ITZA pa
2300.00
2300.00
0.00
0.00
27.78
4.00
0.00
-15.00
-200.00
France
Lyon
per ITZA pa
2600.00
2600.00
0.00
0.00
13.04
3.75
0.00
-40.00
-225.00
France
Marseille
per ITZA pa
France
Germany
Paris
Berlin
per ITZA pa
per sq m pm
1700.00
21000.00
1700.00
21000.00
0.00
0.00
0.00
16.67
0.00
110.00
4.25
3.00
0.00
0.00
-10.00
-50.00
-175.00
-275.00
Germany
Cologne
per sq m pm
330.00
265.00
3960.00
3180.00
0.00
-1.85
0.00
-5.36
40.43
11.32
3.90
4.00
0.00
0.00
-30.00
-20.00
-100.00
-85.00
Germany
Dusseldorf
per sq m pm
280.00
3360.00
0.00
0.00
27.27
4.00
0.00
-20.00
-60.00
Germany
Frankfurt
per sq m pm
320.00
3840.00
0.00
0.00
28.00
3.90
0.00
-20.00
-70.00
Germany
Hamburg
per sq m pm
330.00
3960.00
0.00
0.00
50.00
3.90
0.00
-20.00
-60.00
Germany
Munich
per sq m pm
400.00
4800.00
0.00
5.26
33.33
3.50
-10.00
-50.00
-100.00
Greece
Athens
per ITZA pm
190.00
1071.60
0.00
-5.00
0.00
7.60
0.00
110.00
Hungary
Budapest*
per sq m pm
90.00
1080.00
0.00
0.00
12.50
7.00
0.00
0.00
-75.00
5500.00
372.00
5500.00
1061.24
0.00
0.00
22.22
0.00
37.50
48.8
3.50
7.00
-25.00
0.00
-50.00
-50.00
-300.00
-150.00
5000.00
4500.00
5000.00
4500.00
0.00
0.00
11.11
12.50
35.14
28.57
4.00
4.00
0.00
0.00
-80.00
-80.00
-140.00
-140.00
0.00
Ireland
Dublin
per ITZA pa
Israel
Italy
Tel Aviv
Milan
ILS per sq m pm
per sq m pa
Italy
Latvia
Rome
Riga*
per sq m pa
per sq m pm
37.00
444.00
0.00
7.25
13.85
7.25
0.00
-25.00
-50.00
Lithuania
Vilnius*
per sq m pm
34.50
414.00
0.00
1.47
15.00
6.50
0.00
-50.00
-150.00
Netherlands
Amsterdam
per sq m pa
3000.00
3000.00
3.45
3.45
11.11
3.60
-10.00
-50.00
Netherlands
Rotterdam
per sq m pa
1700.00
1700.00
0.00
0.00
0.00
4.15
-10.00
-45.00
-105.00
-60.00
Netherlands
The Hague
per sq m pa
Netherlands
Norway
Utrecht
Oslo
1200.00
1650.00
1200.00
1650.00
0.00
0.00
0.00
0.00
0.00
0.00
4.15
3.90
-10.00
-10.00
-45.00
-45.00
-60.00
-80.00
Poland
Warsaw*
1943.37
1080.00
2.78
0.00
15.63
0.00
32.14
12.50
4.20
5.50
0.00
-25.00
-80.00
-40.00
-255.00
-150.00
Portugal
Lisbon
Portugal
Oporto
per sq m pm
Romania
Bucharest*
Russian Federation
Russian Federation
Serbia
per sq m pa
NOK per sq m pa 18500.00
per sq m pm
90.00
per sq m pm 100.00
1200.00
5.26
11.11
25.00
5.00
-25.00
-125.00
-250.00
per sq m pm
30.00
60.00
360.00
720.00
0.00
0.00
0.00
0.00
20.00
20.00
8.50
7.50
0.00
-25.00
-50.00
-50.00
-50.00
-200.00
Moscow*
$ per sq m pa
1650.00
1478.10
-2.94
-19.90
0.00
10.00
0.00
-87.00
-300.00
St Petersburg*
Belgrade*
$ per sq m pa
per sq m pm
770.00
619.26
-17.12
-50.32
0.00
12.00
0.00
-88.00
-500.00
35.00
420.00
0.00
0.00
0.00
8.00
-25.00
-50.00
-50.00
Slovak Republic
South Africa
Bratislava*
Johannesburg*
per sq m pm
ZAR per sq m pm
55.00
280.00
660.00
217.74
0.00
0.00
-8.33
10.89
0.00
16.67
6.50
7.00
-40.00
0.00
-50.00
-25.00
-75.00
-25.00
Spain
Barcelona
Spain
Sweden
Madrid
Stockholm
2700.00
2640.00
0.00
0.00
22.95
5.60
28.57
10.00
4.25
4.25
-25.00
-25.00
-25.00
-25.00
-150.00
-150.00
Switzerland
Zurich
1568.00
8821.05
3.57
0.00
3.57
0.00
26.09
22.67
4.00
3.10
0.00
-10.00
-25.00
-10.00
-200.00
-110.00
Turkey
Istanbul*
per sq m pm 225.00
per sq m pm 220.00
SEK per sq m pa 14500.00
CHF per sq m pa 9200.00
$ per sq m pm 180.00
Ukraine
Kyiv*
$ per sq m pm
United Arab Emirates Abu Dhabi*

United Arab Emirates Dubai*
85.00
AED per sq m pa 3350.00

AED per sq ft pa 600.00
per ITZA pa
265.00
per ITZA pa 1400.00
United Kingdom
United Kingdom
London City
West End
United Kingdom
Belfast
per ITZA pa
United Kingdom
Birmingham
per ITZA pa
United Kingdom
United Kingdom
United Kingdom
Edinburgh
Glasgow
Manchester
per ITZA pa
per ITZA pa
per ITZA pa
1934.96
0.00
-2.70
100.00
6.60
0.00
0.00
-240.00
913.73
0.00
-21.37
0.00
13.50
0.00
0.00
-250.00
817.09
3.08
3.08
21.82
8.50
0.00
0.00
1575.24
1819.35
0.00
0.00
15.38
0.00
50.00
51.43
7.00
4.00
0.00
-25.00
-50.00
-50.00
-175.00
-200.00
12883.73
7.69
7.69
86.67
2.25
0.00
-25.00
-225.00
112.50
300.00
802.91
2760.80
0.00
0.00
2.27
0.00
2.27
9.09
5.75
5.00
0.00
0.00
-25.00
0.00
-100.00
-175.00
200.00
252.00
1840.53
2319.07
0.00
0.00
0.00
0.00
14.29
5.00
4.75
4.50
0.00
0.00
0.00
-25.00
-225.00
-200.00
280.00
2576.75
1.82
5.66
30.23
4.50
-50.00
-50.00
-225.00
* Data is for shopping centres. Data for the remainder of the locations is for high street retail.
0.00
2015 CBRE Ltd |

Industrial Yields
Industrial Rents
6.8
-20.3
-59.5
-179.1
1.04
6.50
-15.00
-60.00
-115.00
-135.00
Change from Trough

(BPS)**
4.0
1.04
1.4
0.00
Change on Quarter
(BPs)
Vienna
Prime Yields (%)
Austria
Change from Trough

(%)**
0.5
58.20
EMEA Industrial Index
Change on Year (%)
4.85
Change on Quarter (%)
per sq m pm
Prime Rent
(/SqM/Annum)
Prime Rent (Local

Currency Measurement)
City
Local Rent Currency

Measurement
Country
Belgium
Brussels
per sq m pa
48.00
48.00
4.35
4.35
9.09
6.25
-50.00
-60.00
Croatia
Zagreb
per sq m pm
5.00
60.00
0.00
-5.66
0.00
9.25
0.00
-25.00
-50.00
Czech Republic
Prague
per sq m pm
4.35
52.20
0.00
3.57
3.57
6.50
-25.00
-50.00
-225.00
Denmark
Copenhagen
DK per sq m pa
425.00
56.96
0.00
0.00
0.00
6.25
0.00
-75.00
-175.00
Estonia
Tallinn
DK per sq m pa
4.80
57.60
0.00
0.00
12.94
8.00
0.00
0.00
-25.00
Finland
Helsinki
per sq m pm
144.00
144.00
0.00
4.35
27.43
6.25
0.00
-50.00
-115.00
France
Lille
per sq m pa
44.00
44.00
0.00
0.00
0.00
6.25
-25.00
-50.00
-125.00
France
Lyon
per sq m pa
46.00
46.00
2.22
2.22
4.55
6.25
-25.00
-50.00
-125.00
France
Marseille
per sq m pa
43.50
43.50
0.00
0.00
6.10
6.25
-25.00
-50.00
-125.00
France
Germany
Paris
Berlin
per sq m pa
per sq m pa
60.00
60.00
0.00
3.45
20.00
6.25
-25.00
-50.00
-200.00
4.60
55.20
0.00
0.00
2.22
5.20
-40.00
-80.00
-230.00
Germany
Dusseldorf
per sq m pa
5.40
64.80
0.00
3.85
3.85
5.20
-40.00
-80.00
-205.00
Germany
Frankfurt
per sq m pm
6.20
74.40
0.00
0.00
5.08
5.20
-40.00
-80.00
-205.00
Germany
Hamburg
per sq m pm
5.70
68.40
0.00
0.00
1.79
5.20
-40.00
-80.00
-205.00
Germany
Munich
per sq m pm
6.50
78.00
0.00
0.00
4.84
5.20
-40.00
-80.00
-205.00
Greece
Athens
per sq m pm
3.00
36.00
0.00
-7.69
0.00
11.70
0.00
170.00
0.00
Hungary
Budapest
per sq m pm
4.50
54.00
0.00
0.00
0.00
8.75
-25.00
-50.00
-75.00
Ireland
Dublin
per sq m pm
72.50
72.50
3.57
11.54
20.83
6.50
0.00
-75.00
-300.00
Italy
Milan
per sq m pm
50.00
50.00
0.00
4.17
4.17
6.50
-50.00
-100.00
-160.00
Italy
Rome
per sq m pm
52.00
52.00
0.00
0.00
0.00
6.50
-50.00
-100.00
-160.00
Latvia
Riga
per sq m pa
4.50
54.00
0.00
5.88
20.00
8.50
0.00
-50.00
-100.00
Lithuania
Vilnius
ILS per sq m pm
4.50
54.00
0.00
0.00
8.43
9.00
0.00
0.00
-25.00
Netherlands
Netherlands
Netherlands
Amsterdam
Rotterdam
The Hague
per sq m pa
per sq m pa
per sq m pm
75.00
75.00
75.00
75.00
0.00
0.00
0.00
0.00
11.94
11.94
5.85
5.85
-10.00
-10.00
-40.00
-40.00
205.00
-150.00
70.00
70.00
0.00
0.00
7.69
8.55
-20.00
-45.00
-45.00
Netherlands
Utrecht
per sq m pm
70.00
70.00
0.00
0.00
7.69
5.85
-10.00
-40.00
-205.00
Norway
Oslo
per sq m pa
1200.00
136.87
0.00
0.00
20.00
5.50
0.00
-70.00
-225.00
Poland
Warsaw
per sq m pa
4.00
48.00
0.00
0.00
0.00
6.50
-50.00
-50.00
-225.00
-250.00
Portugal
Lisbon
per sq m pa
3.25
39.00
0.00
0.00
0.00
7.00
-50.00
-175.00
Romania
Bucharest
per sq m pa
3.80
45.60
0.00
0.00
0.00
8.75
0.00
-125.00
-175.00
Russian Federation
Moscow
$ per sq m pa
70.00
62.71
-22.22
-45.10
0.00
12.75
0.00
150.00
-125.00
-325.00
Russian Federation
St Petersburg
$ per sq m pa
72.00
57.90
-25.77
-48.57
0.00
13.75
0.00
113.00
Serbia
Belgrade
per sq m pm
4.50
60.00
11.11
11.11
11.11
11.50
-50.00
-50.00
-150.00
Slovak Republic
Bratislava
per sq m pm
4.00
48.00
0.00
0.00
9.59
7.75
-15.00
-25.00
-100.00
South Africa
Johannesburg
per sq m pm
62.00
54.96
0.00
0.00
3.33
8.75
0.00
25.00
-225.00
Spain
Barcelona
per sq m pm
6.25
75.00
0.00
4.17
4.17
6.50
0.00
-125.00
-150.00
Spain
Madrid
per sq m pm
5.00
60.00
0.00
0.00
0.00
6.50
0.00
-125.00
-175.00
Sweden
Gothenburg
SEK per sq m pa
675.00
72.99
-6.90
-10.00
3.84
5.75
0.00
-25.00
-185.00
Sweden
Stockholm
SEK per sq m pa
900.00
97.32
0.00
0.00
0.00
5.75
0.00
-25.00
-200.00
Switzerland
Geneva
CHF per sq m pa
200.00
183.42
0.00
0.00
0.00
5.50
0.00
0.00
-125.00
Switzerland
Zurich
CHF per sq m pa
170.00
163.00
6.25
6.25
21.43
5.50
0.00
0.00
-150.00
Turkey
Istanbul
$ per sq m pm
7.50
80.62
-3.23
-3.23
36.36
7.50
0.00
-25.00
-400.00
Ukraine
Kyiv
$ per sq m pm
4.50
48.37
0.00
-20.35
0.00
16.00
0.00
0.00
-100.00
United Arab Emirates Abu Dhabi
AED per sq m pa
900.00
219.52
0.00
0.00
0.00
11.00
0.00
0.00
-150.00
United Arab Emirates Dubai
AED per sq ft pa
50.00
131.27
0.00
6.38
100.00
10.50
0.00
0.00
-250.00
-200.00
United Kingdom
Edinburgh
per sq ft pa
6.50
94.95
8.33
8.33
8.33
6.00
0.00
-100.00
United Kingdom
Glasgow
per sq ft pa
6.75
98.60
3.85
3.85
12.50
7.00
0.00
-25.00
150.00
United kingdom
London
per sq ft pa
14.00
204.50
0.00
12.00
12.00
4.50
0.00
-40.00
-325.00
United Kingdom
Manchester
per sq ft pa
5.95
86.91
0.00
0.00
8.18
5.75
0.00
-75.00
-260.00
2015 CBRE Ltd |

Hotel Yields
Change on Quarter
(BPs)
-25
4.75
4.5
-25
-100
London
Dublin
Lease
Lease
5
6.5
4.25
6
4.25
6
0
0
-75
-50
Madrid
Lease
6.5
6.5
6.25
-25
-25
Barcelona
Lease
Oslo
Vienna
Lease
Lease
6.25
5.75
6.25
5.25
6
5
-25
-25
-25
-75
5.05
-5
Warsaw (Euro Lease)
Lease
Paris
Oslo
Lease
Lease
5.75
5.25
-25
-75
Rome
Lease
Milan
Amsterdam
Lease
Lease
6
6.5
6
6.25
6
6.25
0
0
0
-25
Brussels
Lease
2015 Q3 (%)
2014 Q3 (%)
5.5
2015 Q2 (%)
Operating Type
Lease
Lease
5.25
Regional UK Prime
Country
Germany (Big 5)
5.75
5.6
5.6
-15
6
7.5
5.5
7.25
5.5
7.25
0
0
-50
-25
Regional UK Prime
Management Contract
London
Management Contract
5.75
5.75
-25
Dublin
Madrid
Management Contract
Management Contract
7.5
7.5
7.25
7.25
7.25
7
0
-25
-25
-50
Barcelona
Management Contract
6.75
-25
-25
Vienna
Management Contract
Warsaw
Management Contract
7.25
7.25
7.25
Prague
Management Contract
Budapest
Paris
Management Contract
Management Contract
7.75
5.5
7.75
5.25
7.75
5.25
0
0
0
-25
Oslo
Management Contract
7.75
7.5
7.5
-25
Rome
Milan
Management Contract
Management Contract
7.25
7.5
7
7.25
7
7.25
0
0
-25
-25
Amsterdam
Management Contract
6.5
6.1
6.1
-40
Brussels
Paris
Management Contract
Vacant Possession
7.75
5.5
7.25
5.1
7.25
5.1
0
0
-50
-40
Dublin
Vacant Possession
6.75
6.25
6.25
-50
Madrid
Barcelona
Vacant Possession
Vacant Possession
6.75
6.75
6.75
6.5
6.5
6.25
-25
-25
-25
-50
Rome
Milan
Vacant Possession
Vacant Possession
6.75
7.25
6.5
6.75
6.5
6.75
0
0
-25
-50
Regional UK Prime
London
Vacant Possession
Vacant Possession
6.5
5
6.5
5
6.5
5
0
0
0
0
Amsterdam
Vacant possession
6.25
5.85
5.85
-40
Brussels
Oslo
Vacant possession
Vacant possession
7.5
6.75
6.75
6.5
6.75
6.5
0
0
-75
-25
Note:
1) Hotel yields based on high-end properties.
2) Operational lease term - Respective local lease terms apply. German leases based on double net term.
3) Management contract terms - Encumbered with a Hotel Management agreement, operated and managed by an internationally renowned brand. Non- guaranteed, variable income stream.
4) Vacant Possession - Unencumbered asset. Operated independently or under a franchise agreement. Non-guaranteed, variable income stream.
2015 CBRE Ltd |
DEFINITIONS
CONTACTS
Prime Rent
Richard Holberton
Senior Director EMEA Research
+44 20 7182 3348
richard.holberton@cbre.com
Represents the top open-market tier of rent that could

be expected for a unit of standard size commensurate
with demand in each location, of highest quality and
specification and in the best location in a market at
the survey date. Prime Rent should reflect the level at
which relevant transactions are being completed in the
market at the time but need not be exactly identical to
any of them, particularly if deal flow is very limited or
made up of unusual one-off deals. If there are no
relevant transactions during the survey period, the
quoted figure will be more hypothetical, based on
expert opinion of market conditions, but the same
criteria on building size and specification will still
apply.
For offices, the Prime Rent should represent the typical
achievable open market headline rent which a blue
chip occupier would be expected to pay for:
an office unit of standard size commensurate with
demand in each location, typically 1,000 SqM
(10,000 SqF)
an office unit of highest quality and specification
within the local market
an office unit within the prime location (CBD, for
example) of a market It is assumed that the occupier
will also be agreeing to a package of incentives that is
typical of the market at the time.
Prime Yield
Michael Haddock
Senior Director EMEA Research
+44 207 182 3274
michael.haddock@cbre.com
Jos Tromp
Senior Director EMEA Operations
+49 89 24206018
jos.tromp@cbre.com
Joe Stather
EMEA Information and Intelligence Manager
CBRE Hotels
+44 207 182 2523
joe.stather@cbrehotels.com
To learn more about CBRE Research,

or to access additional research reports,
please visit the Global Research Gateway at
www.cbre.com/researchgateway.
Represents the Yield which an investor would receive

when acquiring a grade/class A building in a prime
location (CBD, for example), which is fully let at
current market value rents. Prime Yield should reflect
the level at which relevant transactions are being
completed in the market at the time but need not be
exactly identical to any of them, particularly if deal
flow is very limited or made up of unusual one-off
deals.
If there are no relevant transactions during the survey

period a hypothetical yield should be quoted, and is
not a calculation based on particular transactions, but
it is an expert opinion formed in the light of market
conditions, but the same criteria on building location
and specification still apply.
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.

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MARKETVIEW

EMEA Rents and Yields, Q3 2015

With risk-free rates exceptionally low,

Figure 1: CBRE EMEA Yield Index Annual Change (BPS)

Source: CBRE, Q3 2015.

Figure 2: CBRE EMEA Rent Index Annual Change (%)

Source: CBRE, Q3 2015.

This report is designed to provide our clients with

Please note also that the figures contained in this

2015 CBRE Ltd |

M A R K E T V I E W EMEA PRIME RENTS AND YIELDS

Prime Yields (%)

Prime Rent (Local

United Arab Emirates Abu Dhabi

Q3 2015 CBRE Research

2015 CBRE Ltd |

M A R K E T V I E W EMEA PRIME RENTS AND YIELDS

Change from Trough

Change on Year (BPs)

Change from Trough

Prime Yields (%)

Prime Rent (Local

EMEA Retail Shopping Centre Indices

Local Rent Currency

EMEA Retail High Street Indices

United Arab Emirates Abu Dhabi*

AED per sq m pa 3350.00

Q3 2015 CBRE Research

2015 CBRE Ltd |

M A R K E T V I E W EMEA PRIME RENTS AND YIELDS

Change from Trough

Change on Year (BPs)

Prime Yields (%)

Change from Trough

EMEA Industrial Index

Change on Year (%)

Change on Quarter (%)

Prime Rent (Local

Local Rent Currency

United Arab Emirates Abu Dhabi

United Arab Emirates Dubai

Q3 2015 CBRE Research

2015 CBRE Ltd |

M A R K E T V I E W EMEA PRIME RENTS AND YIELDS

Warsaw (Euro Lease)

Q3 2015 CBRE Research

2015 CBRE Ltd |

M A R K E T V I E W EMEA PRIME RENTS AND YIELDS

Represents the top open-market tier of rent that could

To learn more about CBRE Research,

Represents the Yield which an investor would receive

If there are no relevant transactions during the survey

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CBRE Marketview EMEA Office Rents & Yields Monitor Q3 2015

CBRE Marketview EMEA Office Rents & Yields Monitor Q3 2015