Skip to main content Skip to footer

EMEA Capital Markets | Q3 2022

EMEA Capital Markets | Q3 2022

European real estate markets stand firm through Q3 economic headwinds, brace for tougher Q4.

Waves of uncertainty emanating from Europe’s macro-economic and geopolitical turbulence are beginning to ripple through commercial real estate (CRE) markets, but on the evidence of Q3 investor activity appetite remains strong, as reported in the latest Capital Markets snapshot for Europe, the Middle East and Africa (EMEA).

Germany, France, Italy and Spain all saw strong headline investment volumes for Q3, even as central banks hiked interest rates over the quarter in the face of double-digit inflation across Europe.

Nevertheless, despite robust headline figures, Colliers experts expressed caution, stating that the macro-economic picture cannot be ignored, and is likely to pressurize activity and pricing in the months ahead. “The days of yields of 2-plus percent may be over,” said Luke Dawson, Managing Director, EMEA Cross Border Capital Markets at Colliers, “Higher interest rates are re-pricing assets, and yields are softening accordingly.

France sees active Q3

The €640 million sale of the super-prime 160 Champs Elysées in central Paris was one component of €7.4 billion-worth of transactions over the quarter, with total transactions up 34% in the year to date, at €19.7 billion. While the greater Paris region made up about a quarter of the total, it was by no means the whole story, with sectors such as logistics holding up well nationally. Nevertheless, as elsewhere, rising bond yields and debt costs are heightening market uncertainty going into the fourth quarter.


Related Experts

Magali Marton

DIRECTEUR(TRICE) MARKET, COM, ETUDES & RECHERCHE

Paris

Magali began her career at Grecam in 1998 where she was responsible for the Residential Real Estate database in the Île-de-France region and then for the Commercial Real Estate database. She joined Cushman & Wakefield in 2005 - formerly DTZ - where she spent most of her career as Research Director. With her teams, she was in charge of producing research reports on the investment, office, retail, logistics, hospitality, healthcare assets markets. Magali was also responsible for developing business intelligence tools and market data management covering all asset classes (office, retail, logistics, residential, healthcare, both on the user and investment markets). From 2009 to 2016, she coordinated the Research team for the EMEA region (Europe, Middle East, Africa), before refocusing her activity on the French market. 

She joins Colliers France in 2021 as Marketing, Communication, Research & Data Director and member of the Board.

View expert

Philippe Ravoire

SENIOR DIRECTOR

Paris

Philippe has been working at Cushman & Wakefield since 2005, where he held various positions. He began as a real estate consultant with the Office Rental Agency, then moved on to the position of Associate Manager and Key Account Manager, then Director of the Corporate Services department dedicated to users. Since 2014, he has held the position of Partner in the Capital Markets department. 

In 2019, Philippe joins the new management team of Colliers Global Investors as Deputy Managing Director and brings to it his experience in the sourcing of investment opportunities as well as his relationships with numerous French and international investors. Today, Philippe has joined the Capital Markets department of Colliers France in order to pursue and strengthen the development of this strategic activity for the group.

He is a graduate of IDRAC Lyon and ISC Paris.

View expert

Benoit Fort

SENIOR DIRECTOR

Paris

Benoit began his career in real estate consulting in 2002 with Cushman & Wakefield's Capital Markets team and then CBRE's. From 2006 to 2013, he worked with several institutional investors: Henderson Global Investors, which became Nuveen, and the General Electric pension fund, where he supervised a pan-European portfolio of assets and indirect holdings.

He continued his career at DTZ Investors in charge of business development and then advised institutional clients as an independent consultant on fund structuring, arbitrage and financing issues. Benoit joined Sofidy (Tikehau Group) in 2018 where he worked in France and Europe on direct and indirect investments (office & retail assets, sale & leaseback, participations and discretionary funds). He was then appointed Investment Director in charge of club deals. He graduated from the Sorbonne (MSG) and ESSEC (Master in Real Estate Management).

Benoit joined the Capital Markets department headed by Ludovic Delaisse as a Senior Director in February 2022.

View expert