EUROPE

THE DNA OF
REAL ESTATE
Fourth Quarter | 2020

MARKET INDICATORS

Offices
Rental growth (q/q) Yield movement (q/q)
2019 Q4 2020 Q4 Outlook 2019 Q4 2020 Q4 Outlook
Top market Paris CBD Geneva
1.2% 4.7%  2.80% 2.50% 
All Europe Average Average
1.4% -0.5%  4.31% 4.30% 
Bottom market Lyon No market reporting outward yield
3.3% -6.2% 

Retail (High street shops)

Rental growth (q/q) Yield movement (q/q)
2019 Q4 2020 Q4 Outlook 2019 Q4 2020 Q4 Outlook
Top market No rental growth market Sofia

7.00% 6.00% 
All Europe Average Average

0.0% -2.6%  4.30% 4.72% 

Bottom market Prague Paris

0.0% -14.3%  2.50% 3.10% 

Logistics
Rental growth (q/q) Yield movement (q/q)
2019 Q4 2020 Q4 Outlook 2019 Q4 2020 Q4 Outlook
Top market Central Scotland The Hague
0.0% 8.3%  5.50% 4.25% 
All Europe Average Average
1.2% 0.8%  5.43% 5.05% 
Bottom market No negative growth market No market reporting outward yield

Key Rents Yields

 Rent rising  Yield moving in

 Rent stable  Yield stable

 Rent falling  Yield moving out

Source: Cushman & Wakefield Research

 EUROPE | TIER 1

THE DNA OF REAL ESTATE

PRIME MARKET INDICATORS

Second Quarter | 2017

Offices
Rental Rental
Rental growth Prime yield Prime yield Prime yield Prime yield
Region Growth Growth
Outlook (current) (change Q/Q) (change Y/Y) outlook
(Q/Q) (Y/Y)
Europe overall -0.5% -0.8%  4.30% -4 bp -1 bp 
Europe (Exc. UK) -0.4% -1.0%  3.28% -4 bp -3 bp 
United Kingdom -0.5% 1.3%  4.88% 0 bp 8 bp 
France -1.5% -0.3%  3.70% -6 bp -1 bp 
Germany 0.0% 0.6%  2.76% -5 bp -9 bp 
Benelux -0.2% 0.3%  4.43% -4 bp -4 bp 
Nordics -0.1% -1.3%  3.55% -3 bp -4 bp 
Semi-core -1.0% -0.6%  3.56% -8 bp -7 bp 
CEE -1.2% -2.2%  5.33% 0 bp 16 bp 
Rest of Europe 0.0% -5.0%  5.52% -5 bp -10 bp 
High street shop units
Rental Rental
Rental growth Prime yield Prime yield Prime yield Prime yield
Region Growth Growth
Outlook (current) (change Q/Q) (change Y/Y) outlook
(Q/Q) (Y/Y)
Europe overall -2.6% -10.6%  4.72% 4 bp 42 bp 
Europe (Exc. UK) -1.7% -7.6%  3.49% 3 bp 22 bp 
United Kingdom -4.7% -15.3%  6.28% 8 bp 100 bp 
France -7.1% -7.1%  4.23% 12 bp 45 bp 
Germany -3.6% -13.4%  3.71% 9 bp 49 bp 
Benelux 0.0% -11.1%  4.04% 5 bp 53 bp 
Nordics -0.3% -4.9%  4.07% 2 bp 18 bp 
Semi-core -3.9% -7.6%  3.54% 0 bp 28 bp 
CEE -2.9% -18.1%  5.57% 12 bp 32 bp 
Rest of Europe -0.2% -5.0%  5.25% -8 bp -17 bp 
Logistics units
Rental Rental
Rental growth Prime yield Prime yield Prime yield Prime yield
Region Growth Growth
Outlook (current) (change Q/Q) (change Y/Y) outlook
(Q/Q) (Y/Y)
Europe overall 0.8% 1.9%  5.05% -19 bp -37 bp 
Europe (Exc. UK) 0.5% 1.3%  4.21% -15 bp -34 bp 
United Kingdom 1.4% 3.5%  4.77% -18 bp -18 bp 
France 1.9% 2.6%  3.77% -13 bp -32 bp 
Germany 0.5% 4.7%  3.46% -20 bp -44 bp 
Benelux 0.4% 3.5%  4.82% -53 bp -73 bp 
Nordics 0.6% 1.3%  4.43% -20 bp -58 bp 
Semi-core 0.3% 0.6%  4.98% -7 bp -26 bp 
CEE 0.8% 1.2%  6.23% -15 bp -17 bp 
Rest of Europe 0.4% -2.1%  7.38% 0 bp -30 bp 
Notes:
Europe overall: Includes all markets listed on the respective data pages | United Kingdom: Includes London, Birmingham, Bristol, Cardiff, Leeds, Manchester, Newcastle, Edinburgh and Glasgow | France: Includes Paris, Marseille and
Lyon | Germany: Includes Berlin, Frankfurt, Hamburg, Munich and Dusseldorf | Benelux: Includes Brussels, Antwerp, Amsterdam, Rotterdam, The Hague, Luxembourg City | Nordics: Includes Copenhagen, Helsinki, Oslo, Stockholm,
Gothenburg, Malmo | Semi-core: Includes Dublin, Rome, Milan, Lisbon, Madrid and Barcelona | CEE: Includes Prague, Budapest, Warsaw, Bucharest, Bratislava | Rest: Includes Vienna, Sofia, Moscow, Zurich, Geneva, Istanbul

Please note in Q2 2020 we moved from a GDP weighted approach for country and regional rental growth and yields to an equal weighted approach. The data and charts presented here represent the new approach. Figures may vary to what was
previously reported.

Source: Cushman & Wakefield Research

 EUROPE | TIER 1

THE DNA OF REAL ESTATE

PRIME MARKET INDICATORS

Second Quarter | 2017

Office Rent Index (Q4 2010=100) Office Rent Index (Q4 2010=100) Office Yields: Current vs 10yr high/low

Nordics
150 150 10%
Germany
140 140
8%
130 UK 130 Benelux
6%
120 120
France
110 110 4%

100 100
2%

Germany

Benelux

Nordics

Rest of Europe
Europe Overall

Europe (Exc UK)

UK

France

CEE
Semi-core
90 Europe Overall 90 Semi-core CEE
Europe Overall
80 80
Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17

Dec-18

Dec-19

Dec-20

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17

Dec-18

Dec-19

Dec-20
High Street Rent Index (Q4 2010=100) High Street Rent Index (Q4 2010=100) High Street Yields: Current vs 10yr high/low

150 150 Semi-core 10%

140 140
8%
France
130 130
Nordics
6%
120 Germany 120

110 110 Benelu 4%

x
100 100 2%

Germany

Benelux

Nordics

Rest of Europe
Europe Overall

Europe (Exc UK)

UK

France

CEE
Semi-core
UK
90 90 Europe Overall
Europe Overall CEE
80 80
Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17

Dec-18

Dec-19

Dec-20

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17

Dec-18

Dec-19

Dec-20

Logistics Rent Index (Q4 2010=100) Logistics Rent Index (Q4 2010=100) Logistics Yields: Current vs 10yr high/low

UK
130 130 10%

120 120 8%
France
Nordics
Benelux 6%
110 110

4%
100 100
Germany CEE Europe
Europe Overall
Overall 2%
90 90 Semi-core
Germany

Benelux

Nordics

Rest of Europe
Europe Overall

Europe (Exc UK)

UK

France

CEE
Semi-core

80 80
Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17

Dec-18

Dec-19

Dec-20

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17

Dec-18

Dec-19

Dec-20

Source: Cushman & Wakefield Research

 EUROPEAN OFFICE LOCATIONS
Prime Rents Prime Yields
Rent Current Q/Q Y/Y Outlook Current Q/Q Y/Y Outlook
Country City (submarket) measure values growth growth values shift shift
Austria Vienna (Central) €/sq.m/mth 26.50 0.0% 0.0%  2.80% 0 bp 0 bp 
Belgium Brussels (Leopold) €/sq.m/yr 320.00 0.0% 0.0% ➔ 4.00% 0 bp -10 bp 
Belgium Antwerp (Centre) €/sq.m/yr 165.00 0.0% 3.1% ➔ 5.25% -25 bp -25 bp ➔
Bulgaria Sofia (CBD) €/sq.m/mth 15.00 0.0% 0.0%  7.75% 0 bp 25 bp ➔
Czech Republic Prague (City Centre) €/sq.m/mth 22.00 -2.2% -6.4%  3.90% 0 bp 0 bp ➔
Denmark Copenhagen (Harbour Area) Dkr/sq.m/yr 1,900.00 0.0% 0.0% ➔ 3.50% 0 bp -15 bp ➔
Finland Helsinki (City Centre) €/sq.m/mth 37.75 -0.7% -1.9%  3.40% 0 bp 20 bp ➔
France Paris (CBD) €/sq.m/yr 900.00 4.7% 4.7% ➔ 2.80% 0 bp 0 bp ➔
France Paris (La Défense) €/sq.m/yr 525.00 -4.5% -4.5%  4.25% -25 bp 25 bp 
France Lyon (In Town) €/sq.m/yr 305.00 -6.2% -1.6%  3.50% 0 bp 0 bp ➔
France Marseille (In Town) €/sq.m/yr 260.00 0.0% 0.0%  4.25% 0 bp -30 bp ➔
Germany Berlin (Centre) €/sq.m/mth 38.00 0.0% -2.6% ➔ 2.75% -15 bp -15 bp 
Germany Frankfurt (CBD) €/sq.m/mth 45.00 0.0% 0.0% ➔ 2.75% 0 bp 0 bp ➔
Germany Hamburg (Centre) €/sq.m/mth 30.00 0.0% 3.4%  2.80% 0 bp -10 bp 
Germany Munich (Centre) €/sq.m/mth 39.50 0.0% 0.0% ➔ 2.60% 0 bp 10 bp 
Germany Dusseldorf (Centre) €/sq.m/mth 28.50 0.0% 1.8% ➔ 2.90% -10 bp -30 bp 
Hungary Budapest (CBD) €/sq.m/mth 25.00 0.0% 0.0%  5.10% 0 bp 15 bp ➔
Ireland Dublin (2/4 District) €/sq.m/yr 656.00 -2.5% -2.5%  4.00% 0 bp 0 bp ➔
Italy Rome (CBD) €/sq.m/yr 490.00 0.0% 4.3% ➔ 3.50% -25 bp -25 bp ➔
Italy Milan (CBD) €/sq.m/yr 600.00 0.0% 0.0% ➔ 3.00% -25 bp -25 bp ➔
Luxembourg Luxembourg City (CBD) €/sq.m/mth 52.00 2.0% 2.0% ➔ 3.60% 0 bp -40 bp ➔
Netherlands Amsterdam (Southaxis) €/sq.m/yr 450.00 -5.3% -5.3% ➔ 3.50% 0 bp 25 bp ➔
Netherlands Rotterdam (Town) €/sq.m/yr 235.00 0.0% 0.0% ➔ 4.75% 0 bp 0 bp ➔
Netherlands The Hague (Town) €/sq.m/yr 230.00 2.2% 2.2% ➔ 5.50% 0 bp 25 bp ➔
Norway Oslo (CBD) Nkr/sq.m/yr 4,700.00 0.0% -2.1%  3.25% -15 bp -35 bp ➔
Poland Warsaw (CBD) €/sq.m/mth 23.50 -1.1% -2.1%  4.75% 0 bp 25 bp ➔
Portugal Lisbon (Av de Liberdade) €/sq.m/mth 23.00 0.0% 0.0%  4.10% 0 bp 10 bp ➔
Romania Bucharest (Centre) €/sq.m/mth 18.50 -2.6% -2.6%  7.15% 0 bp 15 bp ➔
Russia Moscow (Downtown) US$/sq.m/yr 600.00 3.4% -14.3% ➔ 9.00% 0 bp -50 bp ➔
Slovakia Bratislava (CBD) €/sq.m./month 17.00 0.0% 0.0%  5.75% 0 bp 25 bp ➔
Spain Madrid (CBD) €/sq.m/mth 34.50 -1.4% -2.8%  3.25% 0 bp 0 bp ➔
Spain Barcelona (CBD) €/sq.m/mth 27.75 -1.8% -2.6%  3.50% 0 bp 0 bp ➔
Sweden Stockholm (CBD) Skr/sq.m/yr 7,900.00 0.0% -3.7%  3.30% -5 bp 5 bp ➔
Sweden Gothenburg (CBD) Skr/sq.m/yr 3,300.00 0.0% 0.0%  3.75% 0 bp 0 bp ➔
Sweden Malmo (CBD) Skr/sq.m/yr 3,100.00 0.0% 0.0% ➔ 4.10% 0 bp 0 bp ➔
Switzerland Zurich (Centre) Sfr/sq.m/yr 800.00 0.0% 2.6% ➔ 3.30% 0 bp -5 bp ➔
Switzerland Geneva (Centre) Sfr/sq.m/yr 900.00 0.0% 0.0%  2.50% -30 bp -30 bp ➔
Turkey Istanbul (Levent) US$/sq.m/mth 26.00 -3.7% -18.8%  7.75% 0 bp 0 bp 
United Kingdom London (West End) GB£/sq.ft/yr 102.50 -2.4% -6.8%  3.75% 0 bp 0 bp ➔
United Kingdom London (City) GB£/sq.ft/yr 65.00 -3.7% -7.1%  4.00% 0 bp 0 bp ➔
United Kingdom Birmingham (City Centre) GB£/sq.ft/yr 37.00 0.0% 7.2%  4.75% 0 bp -25 bp ➔
United Kingdom Bristol (City Centre) GB£/sq.ft/yr 38.00 0.0% 0.0% ➔ 5.00% 0 bp 25 bp ➔
United Kingdom Cardiff (City Centre) GB£/sq.ft/yr 25.00 0.0% 0.0% ➔ 5.50% 0 bp 0 bp 
United Kingdom Leeds (City Centre) GB£/sq.ft/yr 34.00 0.0% 13.3%  5.25% 0 bp 25 bp ➔
United Kingdom Manchester (City Centre) GB£/sq.ft/yr 37.50 0.0% 0.0%  5.00% 0 bp 0 bp 
United Kingdom Newcastle (City Centre) GB£/sq.ft/yr 26.00 0.0% 6.1% ➔ 5.75% 0 bp 25 bp ➔
United Kingdom Edinburgh (City Centre) GB£/sq.ft/yr 36.00 1.4% 1.4%  4.50% 0 bp 0 bp 
United Kingdom Glasgow (City Centre) GB£/sq.ft/yr 34.50 0.0% 0.0% ➔ 5.25% 0 bp 25 bp ➔
NOTES:
Yields marked in red are calculated on a net basis to include transfer costs, tax and legal fees.

Source: Cushman & Wakefield Research

 EUROPEAN HIGH STREET LOCATIONS
Prime Rents Prime Yields
Country City (High Street) Rent Current Q/Q Y/Y Outlook Current Q/Q Y/Y Outlook
measure values growth growth values shift shift
Austria Vienna (Kohlmarkt) €/sq.m/mth 405.00 0.0% 0.0%  2.85% 0 bp 0 bp 
Belgium Brussels (Rue Neuve) €/sq.m/yr 1,600.00 0.0% -13.5%  4.00% 0 bp 50 bp 
Belgium Antwerp (Meir) €/sq.m/yr 1,600.00 0.0% -13.5%  4.00% 0 bp 50 bp 
Bulgaria Sofia (Vitosha Blvd) €/sq.m/mth 53.00 0.0% -8.6% ➔ 6.00% -50 bp -100 ➔
Czech Prague (Na Příkopě street ) €/sq.m/mth 180.00 -14.3% -23.4% ➔ 4.75% 25 bp
bp
75 bp ➔
Republic
Denmark Copenhagen (Stroget, incl Dkr/sq.m/yr 23,000.00 0.0% -4.2%  3.25% 0 bp 0 bp 
Finland
Vimmelskaftet)
Helsinki (City Centre) €/sq.m/mth 125.00 -1.6% -7.4%  4.40% 0 bp 30 bp 
France Paris (Avenue des Champs Elysees) €/sq.m/yr 17,100.00 -10.0% -10.0%  3.10% 35 bp 60 bp ➔
France Lyon (Rue de la Republique) €/sq.m/yr 2,700.00 -3.6% -3.6%  4.10% 0 bp 25 bp ➔
France Marseille (Rue St Ferreol) €/sq.m/yr 1,200.00 -7.7% -7.7%  5.50% 0 bp 50 bp ➔
Germany Berlin (Tauentzienstrasse) €/sq.m/mth 270.00 -3.6% -12.9%  3.60% 10 bp 50 bp 
Germany Frankfurt (Zeil) €/sq.m/mth 265.00 -3.6% -14.5%  3.80% 10 bp 50 bp 
Germany Hamburg (Spitalerstraße) €/sq.m/mth 260.00 -3.7% -13.3%  3.90% 10 bp 50 bp 
Germany Munich (Kaufinger/Neuhauser) €/sq.m/mth 320.00 -3.0% -12.3%  3.30% 10 bp 50 bp 
Germany Dusseldorf (Konigsallee) €/sq.m/mth 250.00 -3.8% -13.8%  3.95% 5 bp 45 bp 
Hungary Budapest (Vaci utca) €/sq.m/mth 120.00 0.0% -20.0% ➔ 5.25% 25 bp 75 bp ➔
Ireland Dublin (Grafton Street) Zone A 5,650.00 -8.5% -16.3%  4.00% 0 bp 50 bp 
€/sq.m/yr
Italy Rome (Via Condotti) €/sq.m/yr 12,500.00 0.0% 0.0%  3.00% 0 bp 25 bp 
Italy Milan (Corso Vittorio Emanuele) €/sq.m/yr 13,700.00 0.0% 0.0%  3.00% 0 bp 25 bp 
Luxembourg Luxembourg City (Grande Rue) €/sq.m/mth 140.00 0.0% -12.5%  3.50% 0 bp 25 bp 
Netherlands Amsterdam (Kalverstraat) €/sq.m/yr 2,600.00 0.0% -5.5%  3.55% 10 bp 70 bp 
Netherlands Rotterdam (Lijnbaan) €/sq.m/yr 1,300.00 0.0% -13.3%  4.45% 10 bp 70 bp ➔
Netherlands The Hague (Spuistraat) €/sq.m/yr 1,100.00 0.0% -8.3%  4.75% 10 bp 50 bp 
Norway Oslo (Karl Johan) Nkr/sq.m/yr 19,000.00 0.0% -5.0%  4.25% 0 bp 25 bp 
Poland Warsaw (Nowy Swiat) €/sq.m/mth 58.00 0.0% -30.1%  5.35% 10 bp 10 bp 
Portugal Lisbon (Chiado) €/sq.m/mth 125.00 -3.8% -3.8% ➔ 4.25% 0 bp 25 bp 
Romania Bucharest (Calea Victoriei) €/sq.m/mth 50.00 0.0% -9.1% ➔ 7.50% 0 bp 0 bp ➔
Russia Moscow (Stoleshnikov) Rub/sq.m/yr 200,000.00 0.0% 0.0% ➔ 8.00% 0 bp 0 bp ➔
200,000.00
Slovakia Bratislava (Obchodna ulica) €/sq.m./month 45.00 0.0% -10.0% ➔ 5.00% 0 bp 0 bp ➔
Spain Madrid (Preciados) €/sq.m/mth 245.00 -2.0% -10.9% ➔ 3.50% 0 bp 20 bp 
Spain Barcelona (Portal de L'Angel) €/sq.m/mth 245.00 -9.3% -14.0% ➔ 3.50% 0 bp 20 bp 
Sweden Stockholm (Biblioteksgatan) Skr/sq.m/yr 20,000.00 0.0% -4.8%  3.40% 5 bp 15 bp 
Sweden Gothenburg (Hamngatan/Ostra Nord) Skr/sq.m/yr 8,000.00 0.0% -3.6% ➔ 4.10% 0 bp 10 bp ➔
Sweden Malmo (High Street) Skr/sq.m/yr 6,200.00 0.0% -4.6%  5.00% 5 bp 25 bp ➔
Switzerland Zurich (Bahnhofstrasse) Sfr/sq.m/yr 8,900.00 -1.1% -2.2%  3.40% 0 bp 0 bp 
Switzerland Geneva (Rue de Rhone) Sfr/sq.m/yr 4,000.00 0.0% 0.0%  4.00% 0 bp 0 bp 
Turkey Istanbul (Istiklal Street) US$/sq.m/mth 110.00 0.0% -18.5%  7.25% 0 bp 0 bp 
United London (New Bond Street) Zone A 2,175.00 0.0% -3.3%  2.75% 0 bp 25 bp 
Kingdom
United Birmingham (High Street)
GB£/sq.ft/yr
Zone A 190.00 -2.6% -11.6%  6.75% 25 bp 125 bp 
Kingdom GB£/sq.ft/yr
United Bristol (Broadmead) Zone A 100.00 0.0% -9.1%  7.00% 0 bp 150 bp 
Kingdom GB£/sq.ft/yr
United Cardiff (Queen Street) Zone A 150.00 -6.3% -21.1%  7.00% 0 bp 75 bp 
Kingdom
United Leeds (Commercial Road)
GB£/sq.ft/yr
Zone A 175.00 -7.9% -27.1%  6.75% 25 bp 75 bp 
Kingdom
United Manchester (Market Square)
GB£/sq.ft/yr
Zone A 220.00 -12.0% -26.7%  6.50% 0 bp 125 bp 
Kingdom GB£/sq.ft/yr
United Newcastle (Northumberland) Zone A 175.00 -7.9% -22.2%  6.75% 25 bp 75 bp 
Kingdom GB£/sq.ft/yr
United Edinburgh (Princes Street) Zone A 230.00 -2.1% -6.1%  6.50% 0 bp 100 bp 
Kingdom
United Glasgow (Buchanan Street)
GB£/sq.ft/yr
Zone A 290.00 -3.3% -7.9%  6.50% 0 bp 150 bp 
Kingdom GB£/sq.ft/yr
NOTES:
Yields marked in red are calculated on a net basis to include transfer costs, tax and legal fees. Slovakia: Bratislava now relates to City Centre, history reflects Obchodna ulicia)
ZA = Where indicated, rents are relative to Zone A.

Source: Cushman & Wakefield Research

 EUROPEAN LOGISTICS LOCATIONS
Prime Rents Prime Yields
Rent Current Q/Q Y/Y Outlook Current Q/Q Y/Y Outlook
Country City (submarket) measure values growth growth values shift shift
Austria Vienna €/sq.m/mth 5.50 0.0% 0.0% ➔ 5.00% 0 bp -80 bp ➔
Belgium Brussels €/sq.m/yr 58.00 0.0% 0.0%  4.70% -20 bp -40 bp 
Belgium Antwerp €/sq.m/yr 48.00 0.0% 0.0%  4.70% -20 bp -40 bp 
Bulgaria Sofia €/sq.m/mth 3.80 0.0% 0.0% ➔ 8.00% 0 bp -50 bp ➔
Czech Republic Prague €/sq.m/mth 4.30 0.0% 1.2%  4.50% -25 bp -25 bp ➔
Denmark Copenhagen Dkr/sq.m/yr 625.00 0.0% 0.0%  4.50% -25 bp -100 bp 
Finland Helsinki €/sq.m/mth 9.25 0.0% 0.0% ➔ 4.75% -50 bp -65 bp 
France Paris €/sq.m/yr 58.00 1.8% 1.8%  3.70% -15 bp -30 bp 
France Lyon €/sq.m/yr 52.00 4.0% 6.1% ➔ 3.70% -15 bp -30 bp 
France Marseille €/sq.m/yr 45.00 0.0% 0.0%  3.90% -10 bp -35 bp 
Germany Berlin €/sq.m/mth 5.60 0.0% 12.0%  3.40% -25 bp -50 bp 
Germany Frankfurt €/sq.m/mth 6.50 0.0% 3.2%  3.50% -15 bp -40 bp 
Germany Hamburg €/sq.m/mth 6.30 0.0% 1.6%  3.50% -20 bp -40 bp 
Germany Munich €/sq.m/mth 7.70 2.7% 6.9%  3.40% -25 bp -50 bp 
Germany Dusseldorf €/sq.m/mth 5.60 0.0% 0.0% ➔ 3.50% -15 bp -40 bp 
Hungary Budapest €/sq.m/mth 4.90 0.0% 1.0% ➔ 6.75% -15 bp -25 bp 
Ireland Dublin €/sq.m/yr 112.00 1.8% 3.7%  4.60% -15 bp -30 bp 
Italy Rome €/sq.m/yr 55.00 0.0% 0.0%  5.25% 0 bp -25 bp 
Italy Milan €/sq.m/yr 56.00 0.0% 0.0%  4.75% 0 bp -25 bp 
Luxembourg Luxembourg City €/sq.m/mth 8.00 0.0% 0.0% ➔ 7.00% -50 bp -100 bp 
Netherlands Amsterdam (Schiphol) €/sq.m/yr 92.00 2.2% 4.5%  4.25% -75 bp -75 bp 
Netherlands Rotterdam €/sq.m/yr 75.00 0.0% 7.1%  4.00% -50 bp -60 bp 
Netherlands The Hague €/sq.m/yr 60.00 0.0% 9.1% ➔ 4.25% -100 bp -125 bp 
Norway Oslo Nkr/sq.m/yr 1,350.00 3.8% 8.0%  4.25% -25 bp -50 bp 
Poland Warsaw (Zone I) €/sq.m/mth 3.80 0.0% 0.0% ➔ 5.65% -10 bp -15 bp 
Portugal Lisbon €/sq.m/mth 4.00 0.0% 0.0% ➔ 6.00% 0 bp 0 bp 
Romania Bucharest €/sq.m/mth 4.15 3.8% 3.8% ➔ 8.25% 0 bp 0 bp 
Russia Moscow Rub/sq.m/yr 4,100.00 2.5% 6.5%  11.00% 0 bp -50 bp ➔
Slovakia Bratislava €/sq.m/mth 4.00 0.0% 0.0%  6.00% -25 bp -20 bp ➔
Spain Madrid €/sq.m/mth 5.25 0.0% 0.0%  4.75% 0 bp -25 bp 
Spain Barcelona €/sq.m/mth 7.25 0.0% 0.0% ➔ 4.50% -25 bp -50 bp ➔
Sweden Stockholm (South) Skr/sq.m/yr 1,250.00 0.0% 0.0%  4.25% 0 bp -50 bp 
Sweden Gothenburg (Arendal- Skr/sq.m/yr 900.00 0.0% 0.0%  4.15% -10 bp -40 bp 
Sweden
Oljehamnarna)
Malmo (Fosie, Bulltofta) Skr/sq.m/yr 800.00 0.0% 0.0% ➔ 4.65% -10 bp -45 bp 
Switzerland Zurich Sfr/sq.m/yr 140.00 0.0% 0.0% ➔ 5.50% 0 bp 0 bp ➔
Switzerland Geneva Sfr/sq.m/yr 180.00 0.0% 0.0% ➔ 5.50% 0 bp 0 bp 
Turkey Istanbul US$/sq.m/mth 4.50 0.0% -18.2% ➔ 9.25% 0 bp 0 bp ➔
United Kingdom London (Heathrow) GB£/sq.ft/yr 16.00 3.2% 3.2%  3.85% -15 bp -15 bp 
United Kingdom Birmingham GB£/sq.ft/yr 7.00 0.0% 0.0%  4.50% -25 bp -25 bp 
United Kingdom Bristol GB£/sq.ft/yr 7.50 0.0% 3.4%  4.75% -25 bp -25 bp ➔
United Kingdom Cardiff GB£/sq.ft/yr 6.50 0.0% 0.0%  5.15% -10 bp -10 bp ➔
United Kingdom Leeds GB£/sq.ft/yr 6.50 0.0% 0.0%  4.90% -10 bp -10 bp ➔
United Kingdom Manchester GB£/sq.ft/yr 7.25 0.0% 3.6%  4.50% -25 bp -25 bp ➔
United Kingdom Newcastle GB£/sq.ft/yr 6.00 0.0% 9.1% ➔ 5.00% -25 bp -25 bp ➔
United Kingdom Central Scotland GB£/sq.ft/yr 6.50 8.3% 8.3% ➔ 5.50% -10 bp -10 bp ➔

NOTES:
Yields marked in red are calculated on a net basis to include transfer costs, tax and legal fees. Note Edinburgh and Glasgow replaced with new series Central Scotland.

Source: Cushman & Wakefield Research

 QUARTERLY WINNERS AND LOSERS
Offices High Street Retail Logistics
Country City RG Y CVG RG Y CVG RG Y CVG
Austria Vienna 0.0% 0 bp 0.0% 0.0% 0 bp 0.0% 0.0% 0 bp 0.0%
Belgium Brussels 0.0% 0 bp 0.0% 0.0% 0 bp 0.0% 0.0% -20 bp 4.3%
Belgium Antwerp 0.0% -25 bp 4.8% 0.0% 0 bp 0.0% 0.0% -20 bp 4.3%
Bulgaria Sofia 0.0% 0 bp 0.0% 0.0% -50 bp 8.3% 0.0% 0 bp 0.0%
Czech Republic Prague -2.2% 0 bp -2.2% -14.3% 25 bp -18.8% 0.0% -25 bp 5.6%
Denmark Copenhagen 0.0% 0 bp 0.0% 0.0% 0 bp 0.0% 0.0% -25 bp 5.6%
Finland Helsinki -0.7% 0 bp -0.7% -1.6% 0 bp -1.6% 0.0% -50 bp 10.5%
France Paris* 4.7% 0 bp 4.7% -10.0% 35 bp -20.2% 1.8% -15 bp 5.9%
France Lyon -6.2% 0 bp -6.2% -3.6% 0 bp -3.6% 4.0% -15 bp 8.2%
France Marseille 0.0% 0 bp 0.0% -7.7% 0 bp -7.7% 0.0% -10 bp 2.6%
Germany Berlin 0.0% -15 bp 5.5% -3.6% 10 bp -6.2% 0.0% -25 bp 7.4%
Germany Frankfurt 0.0% 0 bp 0.0% -3.6% 10 bp -6.2% 0.0% -15 bp 4.3%
Germany Hamburg 0.0% 0 bp 0.0% -3.7% 10 bp -6.2% 0.0% -20 bp 5.7%
Germany Munich 0.0% 0 bp 0.0% -3.0% 10 bp -6.0% 2.7% -25 bp 10.2%
Germany Dusseldorf 0.0% -10 bp 3.4% -3.8% 5 bp -5.1% 0.0% -15 bp 4.3%
Hungary Budapest 0.0% 0 bp 0.0% 0.0% 25 bp -4.8% 0.0% -15 bp 2.2%
Ireland Dublin -2.5% 0 bp -2.5% -8.5% 0 bp -8.5% 1.8% -15 bp 5.1%
Italy Rome 0.0% -25 bp 7.1% 0.0% 0 bp 0.0% 0.0% 0 bp 0.0%
Italy Milan 0.0% -25 bp 8.3% 0.0% 0 bp 0.0% 0.0% 0 bp 0.0%
Luxembourg Luxembourg City 2.0% 0 bp 2.0% 0.0% 0 bp 0.0% 0.0% -50 bp 7.1%
Netherlands Amsterdam -5.3% 0 bp -5.3% 0.0% 10 bp -2.8% 2.2% -75 bp 20.3%
Netherlands Rotterdam 0.0% 0 bp 0.0% 0.0% 10 bp -2.2% 0.0% -50 bp 12.5%
Netherlands The Hague 2.2% 0 bp 2.2% 0.0% 10 bp -2.1% 0.0% -100 bp 23.5%
Norway Oslo 0.0% -15 bp 4.6% 0.0% 0 bp 0.0% 3.8% -25 bp 10.0%
Poland Warsaw -1.1% 0 bp -1.1% 0.0% 10 bp -1.9% 0.0% -10 bp 1.8%
Portugal Lisbon 0.0% 0 bp 0.0% -3.8% 0 bp -3.8% 0.0% 0 bp 0.0%
Romania Bucharest -2.6% 0 bp -2.6% 0.0% 0 bp 0.0% 3.8% 0 bp 3.8%
Russia Moscow 3.4% 0 bp 3.4% 0.0% 0 bp 0.0% 2.5% 0 bp 2.5%
Slovakia Bratislava 0.0% 0 bp 0.0% 0.0% 0 bp 0.0% 0.0% -25 bp 4.2%
Spain Madrid -1.4% 0 bp -1.4% -2.0% 0 bp -2.0% 0.0% 0 bp 0.0%
Spain Barcelona -1.8% 0 bp -1.8% -9.3% 0 bp -9.3% 0.0% -25 bp 5.6%
Sweden Stockholm 0.0% -5 bp 1.5% 0.0% 5 bp -1.5% 0.0% 0 bp 0.0%
Sweden Gothenburg 0.0% 0 bp 0.0% 0.0% 0 bp 0.0% 0.0% -10 bp 2.4%
Sweden Malmo 0.0% 0 bp 0.0% 0.0% 5 bp -1.0% 0.0% -10 bp 2.2%
Switzerland Zurich 0.0% 0 bp 0.0% -1.1% 0 bp -1.1% 0.0% 0 bp 0.0%
Switzerland Geneva 0.0% -30 bp 12.0% 0.0% 0 bp 0.0% 0.0% 0 bp 0.0%
Turkey Istanbul -3.7% 0 bp -3.7% 0.0% 0 bp 0.0% 0.0% 0 bp 0.0%
United Kingdom London* -2.4% 0 bp -2.4% 0.0% 0 bp 0.0% 3.2% -15 bp 7.2%
United Kingdom Birmingham 0.0% 0 bp 0.0% -2.6% 25 bp -6.2% 0.0% -25 bp 5.6%
United Kingdom Bristol 0.0% 0 bp 0.0% 0.0% 0 bp 0.0% 0.0% -25 bp 5.3%
United Kingdom Cardiff 0.0% 0 bp 0.0% -6.2% 0 bp -6.2% 0.0% -10 bp 1.9%
United Kingdom Leeds 0.0% 0 bp 0.0% -7.9% 25 bp -11.3% 0.0% -10 bp 2.0%
United Kingdom Manchester 0.0% 0 bp 0.0% -12.0% 0 bp -12.0% 0.0% -25 bp 5.6%
United Kingdom Newcastle 0.0% 0 bp 0.0% -7.9% 25 bp -11.3% 0.0% -25 bp 5.0%
United Kingdom Edinburgh* 1.4% 0 bp 1.4% -2.1% 0 bp -2.1% 8.3% -10 bp 10.3%
United Kingdom Glasgow 0.0% 0 bp 0.0% -3.3% 0 bp -3.3% n/a n/a n/a

Notes:

* London Office data above relate to the West End; Paris Office data relate to the CBD. For Logistics Edinburgh refers to Central Scotland

RG = Rental growth quarter-on-quarter, %

Y = Yield shift quarter-on-quarter, basis points
CVG = Capital value growth quarter-on-quarter, %

Legend
Decline market Growth market

Source: Cushman & Wakefield Research

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