According to CBRE´s 2015 Investor Intention´s Survey from the traditional sectors, offices remain the most popular asset class by some margin, accounting for nearly half of all expected investment activity in 2015. However, there was also a noted preference this year for industrial and logistics assets, which is well in excess of the overall amount of investable stock, suggesting that demand is much greater than supply for this asset class. For the Czech Republic demand amongst investors remains high especially in the retail and logistics segment and there is significant unsaturated demand also in prime office product.

At a country level, the UK remains the most attractive market for real estate investment in Europe, selected by 31% of all respondents, with Germany and Spain sharing second place on 15%. Beyond these top three results, which closely mirror investors’ preferences in 2014, there have been some substantial shifts. The largest change this year was the 10% of investors who selected France as EMEA’s most attractive market, up from just 5% last year. Italy also saw an increase attracting 6% of responses up from 4% in 2014. Both countries experienced a significant jump in investment activity in the final quarter of 2014, and in the case of Italy very nearly half the year’s turnover was seen in the final quarter, suggesting further investment growth in France and Italy this year.

Tomáš Jandík, Associate Director Capital Markets, CBRE
“In terms of the Czech Republic, our country has been traditionally benchmarked as the alternative investment destination to Poland. As prime yields in Poland compress together with other liquid EMEA markets, the risk-adjusted pricing for Czech Republic becomes more interesting. Of the ca. EUR 6 billion of capital allocated to CE countries in 2014, over 85% of this capital went into either Poland or Czech Republic. Czech share on the CE investment volumes has been increasing since 2012 and it currently stands at ca. two thirds of the Polish volumes.”
Tomáš Jandík, Associate Director Capital Markets, CBRE

As for 2015, we anticipate the Czech investment volume to grow further. Key impact on this trend in 2015 will have the Palladium transaction, the largest single asset trade in history of CE, where CBRE represented the buyer Union.

“The interest for Czech Republic amongst investors remains high especially in the retail and logistics segment and there is significant unsaturated demand also in prime office product,” adds Tomáš Jandík.

Respondents’ selections for city preference closely followed country level preferences. London was the most frequently chosen option at 30%, with Madrid second at 14%. Paris also produced a strong result with 10% of investors rating it as their preferred market and another significant mover was Milan, which attracted 5% of preferences. The main German cities combined were considered the most attractive investment location by 14% of respondents.

“Despite the fact that core real estate prices are now markedly higher across most of Europe than a few years ago, investors are still strongly attracted to the region. This is not surprising given the spread of property yields over government bond rates. When compared to other territories, Europe still appears to offer the best value,” adds Richard Barkham, Global Chief Economist, CBRE.

About CBRE

CBRE Group, a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2016 revenue). The Company has approximately 75,000 employees and serves real estate investors and occupiers through approximately 450 offices worldwide (excluding affiliates). CBRE offers a broad range of integrated services including project management; property management; investment management; valuation; property leasing; strategic consulting and research and consulting. In the Czech Republic, CBRE has almost 350 employees and manages nearly 70 commercial premises with a total area nearly 1.2 mil. sq. m. Read more at