Central & Eastern European Research

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The Colliers International EMEA Research team provides expert advice and detailed reports, focusing on the following specialist areas - Investment, Offices, Industrial and Logistics, Retail and Hotels. Our dedicated researchers are continuously observing, tracking and reporting on major CEE and EMEA markets. We understand the importance of up to date and accurate information and know that trend monitoring and projections help you make critical decisions for the future of your business.

VIEW OUR LATEST CEE REPORTS


CEE BPO/SSC - A thoroughbred racer

Do wage rise pressures threaten the globally-recognised “thoroughbred” status of the CEE-6 BPO/SSC sector? What are the other factors contributing to the decision by so many BPO/SSC players to locate in the CEE region? We answer these and other questions in our latest CEE Office sector report.


ExCEEding Borders - The retail market in the CEE-13 countries

What is the opportunity for retail brands to expand across borders in the CEE-13 countries? Where are the demand drivers strongest? Are shopping centre developers reacting? We assess these questions and others in our latest CEE Retail sector report.


The CEE Investment scene - Q3 CEE flows and drivers

Czech, Bulgarian, retail and hotel flows are the most significant contributors to the 12% Q1-Q3 year-on-year growth rate featured in our Q3 CEE Investment infographic. With year-to-date volume of EUR 7.6bn overall, this cycle’s high of EUR 12.2bn for 2016 still looks likely to be overhauled. 


The road kings: CEE Autos

As a very significant contributor to CEE-6 exports and GDP, take-up of space in the auto sector is an important bellwether for industrial demand. We examine the recent trends, likely future dynamics and the factors driving the location decision-making of auto suppliers. We touch also on the implications of the potential disruptor that is electric cars. 

 

The CEE Investment scene - H1 CEE flows and drivers

Real estate investment flows into the Central & Eastern European region rose 17% year-on-year in the first half of 2017 to EUR 5.4bn, putting 2016’s cycle high of EUR 12.2bn well in 2017’s range.

 

Labour Force "Boomerang"

Will there be a “boomerang” of emigrants back to CEE in coming years? Is the “tug-of-war” equation shifting in CEE’s favour away from Western Europe? We assess the likelihood and implications of a reversal in the westward flow of CEE workers.  


The CEE Investment scene - Q1 CEE flows and drivers

Investment flows into CEE real estate rose substantially to EUR 2.8bn in Q1 2017 (up from our early April estimate of EUR 2.3bn).  In terms of destinations,. money into Czech Rep. and Hungary and the Retail sector dominated. Considering origin of funds, domestic and cross-border CEE flows were the most significant. Will 2016’s cycle-high total of EUR 12.2bn be overhauled? 


The CEE Investment Outlook Compass 2017

CEE started the year strong with EUR 2.3bn invested in its real estate markets in Q1 2017. This represents a 41% growth compared with Q1 2016. Inward investment from UK predicted to remain at around 7 – 9 % of total investment into the CEE real estate sector. Western Europe and US capital flows expected to be somewhat similar in size to the EUR 4.9bn level reached in 2016. Brexit could have a positive effect on investment volumes in the CEE in the longer term.


The Changing of the Guard

Where will the “next South Africa for CEE be”? How strong are domestic and CEE cross-border flows presently? These are two questions amongst others that we ponder in our new Investment Outlook report. The traditional and expected sources of investment (USA/UK/Europe/G10) are still there but the dynamic growth is coming from Asia , South Africa and from within CEE itself. 


CEE Investment Outlook for 2017

We on balance believe the outlook for CEE Real Estate for 2017 is still positive, based on continued strong consumption growth across the CEE-6 countries and export demand support, chiefly from Germany.


The CEE Investment scene - outlook, volumes and yields

Key investment data, 2017 outlooks for the region, and yields, demand and supply, vacancy rates and rent dynamics for the key CEE capital city markets. 


Czech Republic - The new Switzerland of CEE?

The Czech National Bank says it won’t remove the koruna cap before Q2 2017, but might it still shock us? Will it follow in Switzerland’s footsteps and what effect will all this have on the Czech real estate market?

CEE Investment volumes: Are you in the game?

CEE Investment landscape 2016 H1.


Opportunity knocks for CEE?

This report will review the key investment trends to date, positioning CEE markets against a wider European and global backdrop. Does CEE warrant further investment?


Oustsourcing and Offshoring in CEE

The CEE region is now one of the most competitive destinations for the Offshoring and Outsourcing (O&O) sector globally - our recent analysis of office demand for the CEE region shows that the volume of office space occupied by the O&O sector has grown by 80% since the start of 2010.



The Changing Face of Retail

​Find out how retailers are adapting their operating models and stores in response to customer, corporate and technological shifts in demand in CEE.
 

The evolution of distribution: European hubs today and tomorrow

Change  in trade, technology, infrastructure and operating models are re-shaping the EMEA logistics landscape according to Colliers International latest research paper.


Tenuous Turnover Implications of E-commerce Growth

Growth of online retailing and omnichannel shopping poses risks for the model of turnover rents and potentially long-term development in the retail property sector according to Colliers International’s latest research paper.
European Industrial and Logistics Report

Industrial & Logistics Demand - What’s driving change?

E-commerce enabled shipping, new technologies and sophisticated supply-chain networks are accelerating demand for industrial and logistics space in the Central and Eastern European region.

Charting a value path for Russia

A review of the evolution of industrial and logistics rents, yields and capital values in Poland and the Czech Republic showing how this could be used to chart a path for future values in Russia.

Winter Olympic Games - long-term lessons for Sochi

The report addresses the motivation behind the desire to host the Olympic Winter Games and analyses the pros and cons of the host role.


Dynamics of dominant shopping centres

This short report examines these trends across the capital cities of the CEE region, to understand their influence of the retail development and investment market and how this may change in light of current and future retail demand, supply and investment dynamics.
 

If I were a rich man - Diversifying into CEE

At the end of its regular property forums, a leading European property magazine asks its participants how they would invest €500 million in European commercial real estate (CRE). We have taken this question and applied it to the CEE region.


‘Low-flation’: The impact on CEE CRE

In this paper, we will be looking at how this new inflationary era will affect commercial property. In particular, we will focus on the performance of the more mature central and eastern European (CEE) office markets in relation to wider inflation and economic growth trends. 

Office outsourcing info-graph series for CEE

In this series we look at the drivers behind BPO: Part 1: locations; Part 2: costs; Part 3: changes in the volume of space occupied by BPO/SSC/ITO occupiers since 2010. 


A new era for institutional investment

With a good couple of years left to run of the current European property investment cycle, significant potential volumes of equity should lead to real estate investment volumes in Europe outperforming 2013 levels – both in 2014 and 2015.

Generation Y

Generation Y - A change in the boardroom?

Learn how Generation Y will effect the real estate market through a series of white papers.
Issue 1 - Implications for office markets
Issue 2 - How population change will affect office demand 
Issue 3 - Space planning and the future of workplace design

The Cyprus debate: from black cygnet to swan?

In this article we focus on the real estate impact, especially given the large number of Special Purpose Vehicles and companies established in Cyprus to hold and manage real estate located in Eastern Europe.


Yields and capital gains tax 

In the ‘Yields and Capital Gains Tax’ report, Colliers draws attention to the importance of understanding Latent Capital Gains Tax (LCGT) - and the impact this can have on a quoted gross yield.


Mind the Gap - BONDS, YIELDS & RETURNS

In this paper we take a brief look at what explains the rush out of bonds and into property in safehaven locations and the sustainability of the superior yields of CRE over sovereign bonds, particularly in CEE.

Closing the Gap

In our ‘Mind The Gap’ report we analysed a number of key macro and finance trends and their impact on the sustainability of yield pricing in the CEE office markets.


Banks, regulations & property market

The position of European banks is not as precarious as one may think, from both a capitalization and liquidity perspective. Our analysis shows that by applying certain assumptions the current capital requirement could be lower than €20 billion – this equates to less than 1% of GDP in the European countries concerned.


The markets for sales and leasebacks

Although no SLB transactions have been recorded in Eastern Europe during 2012 to date, current market conditions comprising a combination of restricted credit, muted economic growth and subdued debt provision provide a strong platform for Sale and Leaseback (SLB) investment transactions to occur.

CEE Regional Research Contacts


EMEA