How Rental Market Growth in Europe
According To the latest Times Europe Property report from DTZ Research, prime rents rise in Q3 Continues to 2010, driven by robust Rental Growth Markets in Europe’s major on the back of a demand / supply imbalance for grade a stock. Accordingly, DTZ Research has upgraded forecast for average STI Rental Growth in Europe to 6.8% in 2010 and 4.7% in 2011.
Rental Levels were up 2% in Q3 Compared to Q2. On an annual basis, rental Turned Positive Growth for the First Time Since Q3 2008 as more returned Markets Rental Increase, Including London West End, London City, Paris CBD, Moscow, Milan, Stockholm and Amsterdam.
Being Rental Growth is driven by a Shortage of new supply and take-up relatively stable. Availability The WAS ratio virtually Unchanged in Q3, falling from 11.3% to 11% over the quarter, Reflecting the downward trend in new supply. Leasing activity Fell marginally in Q3, with take-up Aggregated Reaching 1.4 million m² as Occupiers Look to downsize. However, rolling annual take-up indicates that the Underlying trend is positive.
Magalia Matron, CEMEA Head of DTZ Research, said: “Across Europe WAS stable take-up in Q3, But Is Becoming More subdued as Occupiers Consolidate. However, from STI Lowest point of 4.5 million m² in Q3 2009 annual rolling take-up INCREASED to 5.8 million m² in Q3 2010. The Lack of speculative Development, in Addition to INCREASED demand for grade a space, will limit the volume of new supply Being Brought onto the market. This Will Be offset by the release of secondary sub-let space being as Occupiers downsize and move Into Better quality alternatives. However, we expect the gradual Reduction in Availability to continue. “
DTZ has revised upwards STI forecast average for Rental Growth in 2010 to 6.8% from 4%, after Expectations for London, Moscow and Stockholm Were upgraded. Are prime rents in 2011 forecast to rise by 4.7% to Forth? This is an upward revision from the previous Estimate of 3.7%.
Tony Cough, Head of DTZ Global Forecasting & Strategy Research, said: “We have our prime Rental revised upwards to Reflect Growth forecast a more positive outlook for European offices. While Growth is forecast in 13 of the 21 cities we cover in Europe, Our review is Anticipated to Be MOST keenly felt in London’s West End and City office Markets, where, high demand for on Decreasing supply of grade A space is forecast to drive Rental Growth . In addition, a more robust economic outlook in Central and Eastern Europe Markets is expected to filter-through to Stronger Growth in Rental Markets Such as Warsaw, Moscow and Kiev.
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