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Economic uncertainty is beginning to impact investment activity in Europe’s commercial real estate market, as reported in our EMEA Q2 2022 Capital Markets Snapshot. Providing balance, the Q2 assessment also suggests that the forecast of any impacts will vary widely, with a continued appetite for specific sectors and sub-markets.
Declining growth projections, rapid price rises, tighter monetary policy and Russia’s ongoing war in Ukraine led to a wait-and-see attitude among investors in some major markets. The softening in investment demand was felt in Q2 2022 particularly at the core end of the market across most asset classes. However, the end of most COVID-19 restrictions has fuelled a boom in leisure travel that is bringing interest back to the hotels and hospitality sector, particularly in the tourism hotspots of southern Europe. While uncertainty is expected to persist in the latter half of 2022, any broad downturn is likely to be accompanied by bright spots in certain sectors and sub-markets as investors look to unlock value.