Europe Capital Trends, Q2 2023

2023 continued to be a challenging year for property investors. Further rises in interest rates meant continued uncertainty over property pricing, which held back transaction volumes and also increased the chances of a wave of distress due to refinancing challenges. Moreover, structural shifts in the occupier sector and concerns regarding obsolescence meant office investment fell to an all-time low.

Tom Leahy, Head of EMEA Real Assets Research, and David Green-Morgan, Head of Global Real Assets Research examined how European property adjusted to this new environment and provided an overview of the top markets and sectors, most active players, and pricing and valuation trends.