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1、REPORTCBRE RESEARCHMARCH 20232023 European Investor Intentions Survey ReportIntelligent Investment2CBRE RESEARCH 2023 CBRE,INC.Intelligent Investment2023 European Investor Intentions Survey Report CBREs 2023 European Investor Intentions Survey was conducted between 10 November 2022,and 5 December 20
2、22.629 Europe-based investors participated in the survey,which asked respondents a range of questions regarding their buying appetite and preferred strategies for sectors and markets in 2023.Despite a challenging macro-economic and geopolitical landscape,investors signalled a degree of optimism for
3、2023 European property markets.Buying and selling expectations,as well as allocations to real estate,are expected to remain stable compared to the previous year.The repricing of assets has also peaked investor interest,especially among those seeking to capture higher yields.Opportunistic and value-a
4、dd strategies are expected to be widely employed to this effect.Undeployed capital also remains available,with high levels ready for deployment across all sectors.As real estate pricing stabilises,alongside the ECBs actions of implementation of QT(Quantitative Tightening)and further interest rate hi
5、kes,investors are expected to sit tight in H1 2023.Investment volumes are expected to fall in 2023 between 5-10%relative to 2022 levels,but this is an improvement from the performance seen in 2022.CBRE forecast a recovery in investment activity by H2 2023 before further improvement into 2024.A poten
6、tial upside exists if inflation reduces more than expected,supply chain issues continue to abate with the reopening of global economies,and a Ukrainian resolution looks more likely.Executive SummaryHenry Chin,Ph.D.Global Head of Investor Thought Leadership Chris Brett,Managing DirectorHead of Capita
7、l Markets,Europe3CBRE RESEARCH 2023 CBRE,INC.Intelligent Investment2023 European Investor Intentions Survey Report ContentsInvestment Activity Outlook Real Estate StrategiesInvestment Destinations in 2023ESGand Commercial Real Estate InvestmentRespondent Profile01020304054CBRE RESEARCH 2023 CBRE,INC
8、.Intelligent Investment2023 European Investor Intentions Survey Report More than half of investors expect purchasing and selling activity to either increase or remain the same relative to 2022.Real estate allocations,from both institutional investors and firms with the largest AUM profiles,are also
9、expected to remain stable or increase.Both these findings signal a degree of investor optimism for 2023 Repricing of assets is a key topic in the current investment market and presents both a challenge and opportunity for investors.The deepest discounts are expected in secondary offices and retail w
10、hile multifamily is expected to remain the most resilient The UK came in ahead of Germany and France in terms of total property returns expectations.In terms of cities,Southern Europe also had a strong showing.Several cities in the region finished among the ten markets expecting to see the most cros
11、s-border interest in 2023 Office remains the most sought-after asset class,although preference towards the sector has decreased moderately year-on-year.Residential continues to attract strong interest.Investors also forecast heavy deployment of opportunistic,distressed and value-add strategies in 20
12、23 ESG compliance remains top of mind for investors active in Europe despite the more challenging investment landscape.The upgrade of existing assets to obtain a sustainability certification is the primary method of strategy implementation.Some investors are also willing to pay a premium of 20%or mo
13、re for ESG-compliant assetsKey FindingsInvestment ActivityOutlook016CBRE RESEARCH 2023 CBRE,INC.Intelligent Investment2023 European Investor Intentions Survey Report FIGURE 1:Percent of investors expecting to maintain investment activity in 2023Investment activity to remain stable year-on-yearThe ge
14、neral economic consensus remains that Europe will likely experience minimal GDP growth in H1 2023.However,half of investors expect purchasing and selling activity to either remain the same or increase in 2023.This indicates that investment activity in real estate may prove resilient in the coming ye
15、ar,especially compared to other industries In terms of purchasing activity by AUM profile,the smallest firms surveyed with USD 50bn.They were most likely to suggest that their selling activity will remain stable or increase.This could signal their willingness to dispose of underperforming assets and
16、 reposition their capital by taking advantage of repricing opportunitiesOn a country level,respondents from the UK and Germany stated higher purchasing activity and selling intentions than the European average.These two countries host the largest real estate markets across Europe,and report strong d
17、omestic,European,and cross-regional activity.They were also voted as the top two markets in terms of total property return expectations by survey participants.These markets will likely play a major role in a potential resurgence of investment activity in 2023 and beyond0%5%10%15%20%25%30%35%40%45%Bu
18、y/sell moreAbout the sameBuy/sell lessNo intention to buy/sellPurchasing activitySelling activitySource:2023 European Investor Intentions Survey,CBRE Research7CBRE RESEARCH 2023 CBRE,INC.Intelligent Investment2023 European Investor Intentions Survey Report FIGURE 2:Institutional investors intended a
19、llocations to real estate in 2023Real estate allocations also expected to remain stable while repricing has become a key factor in decisions0%10%20%30%40%50%60%$50bn$50bn$50bn$50bn$50bnLarge increaseSmall increaseRemain about the sameSmall decreaseLarge decrease4%21%30%86%0%20%40%60%80%100%Other,ple
20、ase specifyRisk-adjusted returns favouringreal estateAppetite for real assets and/orhedge against inflationPotential opportunities given priceadjustment6%20%26%52%55%0%10%20%30%40%50%60%OtherDenominator effectDifficulty securing and servicingdebtDiminished relativeattractivesness of real estatecompa
21、red to other asset classesPostponement of decisionsbecause further price movementexpectedFIGURE 3:Reasons to increase allocationsFIGURE 4:Reasons to decrease allocationsAllocations to real estate are expected to remain stable as approximately 75%of investors expect their allocations to either increa
22、se or remain the same in 2023.If there was strong negative sentiment among institutional investors for real estate,we would see intentions to rebalance away from this asset class.Investors remain confident in maintaining allocations to real estate in the current macro-economic climate given its hedg
23、e against inflation,and in some cases,the countercyclical nature of its sectors Investors were asked their main reason for either increasing or decreasing their allocations to real estate based on the question in Figure 2.Repricing was identified as the primary reason for both increases and decrease
24、s in real estate target allocations Among the respondents stating that they intended to increase target allocations,86%of them stated it was in part due to potential opportunities given price adjustment.Just over half of respondents forecasting a decrease in target allocations stated that it was due
25、 to a general postponement of investment decisions in real estate since further price movement is expected Our survey results show that the denominator effect has had limited effect on 2023 target allocations for investors expecting to decrease their allocation to real estate.This might mean those i
26、nvestors will still seek to sell assets if they are overweight versus their target allocations.However,the other responses displayed in Figure 4 should play a bigger factor in their decisions to decrease allocationsSources:2023 European Investor Intentions Survey,CBRE Research8CBRE RESEARCH 2023 CBR
27、E,INC.Intelligent Investment2023 European Investor Intentions Survey Report Mismatch in buyer and seller expectations,fear of a recession,and shift in credit availability and loan terms tied as the three largest challenges facing European real estate investment market.Higher and more/persistent infl
28、ation along with uncertain geopolitical uncertainty also remains on the forefront of investors mindsMarket evidence collected in our recent European Debt Financing Review has shown a tightening of debt markets and increased cost of financing since the start of H2 2022.Margins have increased through
29、the end of the year,while swap rates have also risen.The total cost of debt has thus increased across most marketsThe Euro area continues to fare better than expected.Real GDP grew by 0.1%in Q4 2022,exceeding expectations and confirming our view that the Euro area will likely avoid recession in 2023
30、.The key reason for an improved outlook has been falling energy prices which support economic activity and lowering headline inflation.However,core inflation(a better measure of underlying inflationary pressure)remains high.Because of this,we expect the ECB to continue raising interest rates,with th
31、e key policy rate peaking at 3.5%in the second half of the yearFIGURE 5:What are the major challenges facing real estate investment in 2023?(select top three)Tighter debt markets,fears of recession,and re-pricing all challenges for 20230%10%20%30%40%50%60%Higher and/or more persistent inflation Unce
32、rtain geopolitical landscape(ex.Ukraine,Tension inNortheast Asia)Mismatch in buyer and seller expectationsFear of a recessionShift in credit availability and loan termsSource:2023 European Investor Intentions Survey,CBRE Research9CBRE RESEARCH 2023 CBRE,INC.Intelligent Investment2023 European Invest
33、or Intentions Survey Report Undeployed capital remains available,especially for opportunistic assets and value-add strategiesFIGURE 7:European investment volume forecast(EUR millions)Ample capital targeting European investment remains,especially for value-add and opportunistic assets.According to Pr
34、eqin,EUR 90 billion in undeployed capital is available to deploy as of January 2023Just over half of all funds raised in 2022 targeted opportunistic real estate strategies,a 40%increase from the 2017-2021 five-year average.Investors will likely wait until pricing levels form before deploying capital
35、;this should happen by the start of H2 20232022 investment volumes totaled EUR 305 billion,which represents an 18%decrease year-on-year;this was in line with our forecast.Last years investment market was distinct,in that H1 investment was the highest on record,while H2 was the lowest since 2013Findi
36、ngs from our survey do support our forecast of stable investment activity in 2023 year-on-year.We expect 2023 investment to decrease between 5 and 10%relative to 2022 levels,although rolling four-quarter figures should turn positive in H2 2023.As macro-economic challenges continue to abate and prope
37、rty markets recover,2024 may see a further resurgence in transactionsSource:Preqin,January 2023FIGURE 6:Undeployed capital of European focused real estate funds(EUR billions)050,000100,000150,000200,000250,000300,000350,000400,00020072008200920000022 2023
38、F020406080100120Dec-15Dec-16Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22Jan 2023CoreValue-addOpportunisticCore plusDebtOtherSources:2023 European Investor Intentions Survey,CBRE ResearchReal EstateStrategies0211CBRE RESEARCH 2023 CBRE,INC.Intelligent Investment2023 European Investor Intentions Survey Report
39、 In our 2021 survey,investor interest was highest for core strategies due to a flight to security amid the pandemic,which has since declined.In 2022,intense competition increasing capital values faster than expected peaked investor interest in value-add assets.This year,tighter lending conditions an
40、d higher cost of debt,as well as a desire to capitalise on discounts,have further pushed investors away from core strategies and up the risk spectrumValue-add remains the most sought-after strategy for the second year in a row,but it has lost competitive edge to opportunistic and distressed assets.O
41、pportunistic and distressed combined,the two riskiest strategies,garnered more than 30%of investor preferences,higher than any other individual category.Opportunity for yield conscious investors is emerging in large part due to the discounted environmentSome country level variances did emerge.Over a
42、 third of UK respondents stated their preference for opportunistic and a quarter for value-add.German respondents split two-thirds of their selections equally between value-add and core.French respondents split 50%of their votes evenly between value-add and core plusOpportunistic and value-add strat
43、egies can be deployed across all sectors,but,as shown in figure 9,may be seen most prominently in office,retail,and hotels where discounts are most existentOfficeResidentialIndustrialRetailHotelsOther FIGURE 9:Favoured investment strategy by sector preference in 20230%10%20%30%40%50%60%70%80%90%100%
44、CoreCore plusValue-addOpportunisticDebt strategiesDistressed assets and NPLFIGURE 8:Preferred investment strategy in 2023Debt strategiesCoreCore plusDistressed assets andnon-performing loans(NPL)OpportunisticValue-add0%5%10%15%20%25%30%35%40%All respondents 2022All respondents 2023Interest increasin
45、g for opportunistic and distressed assetsSource:2023 European Investor Intentions Survey,CBRE Research12CBRE RESEARCH 2023 CBRE,INC.Intelligent Investment2023 European Investor Intentions Survey Report 0%10%20%30%40%Hotels/Resorts Industrial andlogisticsOfficeOther,pleasespecifyResidentialRetail2021
46、20222023Interest in office has declined year-on-year,with 29%of investors selecting the sector as their most preferred.This in part can be attributed to very tight supply and demand dynamics in the sector across all major markets,were stock is either limited or expensive.Cost of financing has also i
47、ncreased,putting pressure on total property returns.Secondary product remains available,but occupancy levels have not fully made their way back to pre-pandemic levels,which has put downward pressure on investor demandMultifamily registered the highest level of investor interest since the inception o
48、f our European survey,with 25%of investors selecting it as their most preferred sector.Furthermore,of the 7%specifying“Other”as the most favouredsector,approximately one-third specified a residential alternative such as student living or senior housing Retailand hotels also saw increased interest ye
49、ar-on-year.In terms of investment volumes,the retail sector was the only sector that posted growth in investment volumes in 2022 compared to 2021.Investors have shown renewed interest in convenience type assets such as supermarkets and retail parks,given their resilience in the face of e-commerce.Ho
50、tels also saw a stabilisation of investment activity in H2 2022 as forecasts strengthen for a return of business travel and tourism.These two sectors are likely at the start of a rebound in their respective cycles Industrial and logistics also saw incrementally higher interest year-on-year.Limited a
51、vailable stock in prime centralised locations is incentivising investors to explore decentralised assets.Assets in Southern Europe,the Atlantic coast of France,and Yorkshire,England,have all been identified as potentially attractive to occupiers looking for better availability,and,therefore,present
52、potential growth for investorsCountry level variance exists due to differing market conditions.Germany surpassed France as the market with the most interest in the office sector,as prime centralised stock remains available for investment.However,France did see the second strongest preference for off
53、ice overall,as well as heightened interest in retail where preference surpassed the pan-European average by three percentage pointsThe UK saw the lowest interest in office among major markets,and the highest interest for residential and industrial.One-quarter of investors from Italy stated preferenc
54、e for hotel assets,the most of any major market,as the sector is highly established in the country.Investors in Italy currently seek repurposing of assets in up-and-coming locations to achieve higher returnsFIGURE 10:Investors preferred sector for investment in 2023Source:2023 European Investor Inte
55、ntions Survey,CBRE ResearchOffice remains most popular while residential attracts interest13CBRE RESEARCH 2023 CBRE,INC.Intelligent Investment2023 European Investor Intentions Survey Report Investors sub-sector preferences vary across traditional assetsFIGURE 11:Investors preferred asset type in eac
56、h sectorOver half of respondents selected Grade A office in a prime location.One-third selected Grade B in a prime locationRetail parks remain most preferred.Supermarkets,high street,and shopping centres all received strong interestMultifamily build-to-rent was the overwhelming favouriteMultifamilyO
57、fficeLogisticsRetailJust over half of respondents selected full-service hotels,and approximately one-third selected resort HotelInvestors are split between aged and modern logistics assets in main citiesIn terms of asset centralisation and quality,each main sector has its own sub-sector preferences.
58、This is because each sector has its own unique market dynamics,and key trends impacting sub-sector preference including lack of available centralised stock.This is especially true in the logistics,prime office,and multifamily sectors,where higher cost of debt may impact potential returnsAmong invest
59、ors who selected office as their preferred sector,just over half selected Grade A office and one-third selected Grade B,both in prime locations.Large variance exists between French and German respondents.61%of German respondents preferred Grade A office in prime locations and only 27%favouredGrade B
60、 in prime locations.This was the inverse for French respondents as only 26%favoured Grade A office in prime locations while 63%preferred Grade B in prime locations.Germany has more available stock across several cities,while investors in France are being priced out of Paris due to tight supply and d
61、emand dynamics.UK responses fell in line with the European averageUndersupply in the logistics sector since the Covid pandemic has pushed investors to seek acquisitions in secondary locations.However,our survey revealed that logistics investors still value centralisation of assets.Over three-quarter
62、s of investors selected modern or aged facilities in major citiesThe retail sector saw the most variance in preferences,due in part to the structure of the asset class with its various sub-sectors.35%of investors selected retail parks,25%supermarkets,17%prime shopping centre/high street,and 15%chose
63、 shopping centres.Retail may see strong 2023 deal flow due to the availability of stock across its sub-sectors,improving demand drivers,and emerging opportunities from repricingFor multifamily,build-to-rent remains the most preferred sub-sector.This is in part due a rise in interest rates and an inc
64、rease in housing costs.Therefore,renting continues to become more affordable in relative terms.Structural fundamentals also remain strong due to household growth and a lack of development meaning existing shortages will likely persist.For the hotel sector,over half of respondents selected full-servi
65、ce hotels as their preferred sector,and approximately one-third selected resorts 14CBRE RESEARCH 2023 CBRE,INC.Intelligent Investment2023 European Investor Intentions Survey Report Opportunities emerging in currently discounted environment FIGURE 12:Pricing expectations in 2023 compared to 20220%10%
66、20%30%40%50%60%70%80%90%100%Shopping centreGrade A value-addHigh st.retailLogisticsHotelGrade A officeMultifamilyDiscount of 30%+Mid discount(10-30%)Small discount(less than 10%)No discountWilling to bid above asking prices(up to 10%)UnsureMacro-economic challenges facing the commercial real estate
67、market have put downward pressure on pricing,with discounts now expected across all sectors.Repricing is largely underway,with the market likely to bottom out by H2 2023.Investors are waiting for further market evidence on new price levels before deploying capitalThe deepest discounts expected by in
68、vestors are in retail and value-add offices.Multifamilyis seen as the most resilient in pricing,as prime stock remains limited across most European markets.Grade A offices should also remain stable,although investors will be seeking discounts given the higher cost of financing and tighter debt marke
69、tsLess than 5%of investors stated willingness to bid above the asking price for logistics,a large decrease from our 2022 survey,where nearly half were prepared to do so for acquisition.Demand for assets in the sector will remain high due to structural undersupply,although capital values may have alr
70、eady peaked in the current cycleHotels saw some of the deepest discounts in pricing expectations over the past two editions of our survey.In our 2023 survey,investors stated that they expect pricing to remain resilient.Investor interest in hotels is at its highest level since the pandemic.A return o
71、f business travel in the medium-term improve occupier fundamentals in the sectorAmong all asset types,the deepest discounts were expected in shopping centres.However,discounts in the sector may have already formed early in the market cycle.Therefore,pricing could see more limited movement from where
72、 it currently stands in the coming monthsSource:2023 European Investor Intentions Survey,CBRE Research15CBRE RESEARCH 2023 CBRE,INC.Intelligent Investment2023 European Investor Intentions Survey Report 11%14%19%20%21%22%23%25%31%0%10%20%30%40%Residential alternatives,life sciences and healthcare rel
73、ated assets highly sought afterFIGURE 13:Investors preferred alternative asset for investment in 2023(percentage from 2022 edition)Cold storage(16%)Infrastructure(13%)Affordable housing(22%)Data centre(19%)Healthcare related assets(26%*)Real estate debt(17%)Senior housing(28%)Life sciences related a
74、ssets(26%*)Student living(28%)Interest in alternative investment has remained nearly identical to last years survey.Just under three-quarter of investors stated their interest in exposure to at least one alternative sectorResidential alternative assets,such as student and senior housing,as well as l
75、ife science and healthcare related assets remain top of mind for European investors.However,stock remains limited,especially in mid-sized European marketsReal estate debt also received some interest on a pan-European level,especially from Italian respondents.Italy was included in the survey for the
76、first time in 2023,which likely drove the year-on-year increase in surveyed preference.Securitisationmarkets for distressed loans are developed in Italy as there is available stock.In general,private debt is also a more attractive investment in a rising interest rate environmentA degree of variance
77、exists on a country level due to differing market conditions and availability of stock.In Germany and the UK,respondents preferred exposure to life sciences and student living.In these two markets demand for these assets are the highest in Europe as they host the most advanced biotech markets and a
78、large inflow of foreign students.In France,alternative residential assets such as student living,and senior housing were seen as the most lucrative,especially on the development side as stock remains significantly undersupplied.Italian respondents also favouredstudent living and real estate debt as
79、their first and second preferred alternativesSource:2023 European Investor Intentions Survey,CBRE ResearchInvestment Destinations0317CBRE RESEARCH 2023 CBRE,INC.Intelligent Investment2023 European Investor Intentions Survey Report In our annual Investor Intentions Survey,respondents are asked to sel
80、ect the markets with the highest expected total property returns for the year ahead.Selection for a respondents home market is filtered out to remove in-country bias.Furthermore,the composition of those surveyed is representative of a countrys overall contribution,in percentage terms,to the European
81、 investment market The UK overtook Germany as the market where investors expect the strongest property returns in 2023.The 2022 UK property markets showed a degree of resilience,and investment only decreased by 1%year-on-year.Europe saw a decline of 18%in volumes year-on-year.The London office marke
82、t remains a driving force and continues to benefit from very tight supply and demand dynamics.Stock for residential assets remains available on a country level and are highly sought after.Decentralised logistics assets have also peaked investor interest Germany,while still the largest European marke
83、t in terms of investment turnover,fell one place in our rankings year-on-year,likely due to a challenging macro-economic climate.Germanys GDP decreased by 0.2%in Q4 2022,and the general economic consensus is that Q1 2023 may see a further contraction.Investment in real estate also decreased year-on-
84、year by 41%,in part due to an absence of large platform residential deals that took place in 2021.However,Germanys strength as an investment market remains due to its wide range of highly investible cities and ample stock for all asset types on a country level*Only responses from investors selecting
85、 markets outside of the country they are domiciled are taken into account.Francealso posted a resilient 2022,with inflation considerably lower than the eurozone average,and incrementally higher GDP growth than the European average.Tight supply and demand conditions remain in Paris office markets,wit
86、h rental growth and tighter vacancy are forecasted through 2023.Furthermore,the 2024 Olympics have generated considerable investor interest,especially in the hotel and retail sectors Southern European countries saw a resurgence in the rankings,with Spain and Portugal placing 4th and 9th,respectively
87、.These findings support the positive market sentiment and increase in investment we have observed both anecdotally and quantitatively.Notably,Spain and Portugal combined posted strong investment,with 33%investment growth combined in 2022 while the European average was-18%.Most of this deal flow occu
88、rred in the first three quarters of the year as these markets saw some lag to recovery in 2021 to the rest of Europe Italy finished just outside the rankings at 11th place and saw an increase in overall investment year-on-year.The relaunch of the European Commissions EUR 235 billion recovery package
89、,which in part aims to restructure Italys economy through digitisation and ESG,has begun to feed into the economyUK overtook Germany as the market with the strongest total property returns expectations and several Southern European countries finished atop rankingsSource:2023 European Investor Intent
90、ions Survey,CBRE ResearchFIGURE 14:Cross-border*country level total property returns expectations1 UK2 Germany3 France4 Spain5 Poland6 Netherlands7 Switzerland8 NorwayT.9 IrelandT.9 PortugalHigher ranking than in 202218CBRE RESEARCH 2023 CBRE,INC.Intelligent Investment2023 European Investor Intentio
91、ns Survey Report Parisremains highly sought after in terms of expected property returns,with very tight supply and demand dynamics for centralised prime offices.Retail has also seen a resurgence,and the 2024 Olympics are generating positive market sentiment in the city On a country level,German citi
92、es remain the most attractive overall with Munich,Berlin,Frankfurt,and Hamburgall generating strong cross-border interest.Two cities were included in our top ten rankings,and Munich finished just outside our rankings in 11th place.As the largest real estate market in Europe,investors are attracted b
93、y the wide range of investible markets and asset types across the country Amsterdam retained its third-place ranking year-on-year,while Copenhagen and Warsawremain principal drivers of the Nordic and Eastern European investment markets,respectively The methodology for our market-level rankings in te
94、rms of cross-border interest is identical to our country rankings.In-country responses were removed to adjust for home market bias.However,respondents were given three selections from a predetermined list,as opposed to just one in the country question The cities expected to see most cross-border int
95、erest are nearly identical to our 2022 survey.The only change was the addition of Lisbon,which replaced Munich in the rankings.However,Munichstill had strong results,finishing in 11th place,just outside of our top ten rankingsOverall,the main themes between the country and market rankings are simila
96、r.London ranked number one in the European Investment market and had significant vote differential with second place Paris.Southern European cities,notably Barcelona,Lisbon,and Madrid,all saw strong investor sentiment propel them upwards in our rankings.We have revised vacancy forecasts downwards an
97、d rental growth upwards for prime centralised office assets in these marketsSeveral Southern European cities enjoy considerable cross-border interest while London and Paris solidify their status as the top markets1 London2 Paris3 Amsterdam4 Berlin5 MadridT.6 LisbonT.6 Barcelona8 Copenhagen9 Warsaw10
98、 FrankfurtFIGURE 15:Markets expected to see highest cross-border*interestHigher ranking than in 2022*Only responses from investors selecting markets outside of the country they are domiciled are taken into account.Source:2023 European Investor Intentions Survey,CBRE ResearchESGand Investment0420CBRE
99、 RESEARCH 2023 CBRE,INC.Intelligent Investment2023 European Investor Intentions Survey Report FIGURE 16:Preferred methods of ESG strategy implementation0%10%20%30%40%50%60%70%80%Upgrade existing assetsfor green certificationConsult external ratingparties(e.g.GRESB)inassessing assetacquisitionPartici
100、pate in greenfinancing for real estateWilling to pay a slightpremium for ESG-friendlyassetsDivest assets that do notmeet ESG criteriaAdoption of ESG criteria remains on top of mind for investors active in Europe,despite the challenging geopolitical and macro-economic landscape.Over 80%of investors a
101、ffirmed that they would continue to apply ESG criteria to all investment decisions,regardless of macro-economic or geopolitical pressures.This is a 10%increase from the 2022 European average and further solidifies our finding that ESG has become mandatory in firms investment decisionsAcross Italy,Ge
102、rmany,and France,just over 80%of investors stated that they will continue to adopt ESG criteria in all investment decisions.This was incrementally higher than the European average.UK respondents surpassed the average,with 88%of respondents intending to continue adopting ESG criteria in the coming ye
103、arThe upgrade of existing assets in order to meet the criteria of sustainability certifications remains the primary method of ESG implementation.This trend will continue to accelerate in major cities with tight supply and demand office dynamics as repurposing of slightly decentralisedGrade B assets
104、offers attractive yield.Increased energy costs and employee wellbeing are other principal reasons for upgrading existing buildingsOne-third of investors also stated that they are willing to pay premiums for ESG-friendly assets.Among these respondents willing to pay a premium,over half stated they we
105、re willing to pay over 20%for acquisition of an ESG certified asset relative to a comparable one that is non-compliant.Of the remaining respondents willing to pay premiums,their willingness to bid above the asking price was approximately 10%compared to a non-certified assetThese findings are in line
106、 with our recent ESG European analysis for offices,where we found a 6%rental premium for ESG compliant office assets in major marketsESG criteria a“must have”in acquisitionFIGURE 17:Of respondents willing to pay premiums to acquire ESG assets,what%are they willing to pay?0%10%20%30%40%50%60%70%20%+1
107、6%-20%11%-15%6%-10%Less than 5%No such planning yetSources:2023 European Investor Intentions Survey,CBRE Research,February 2023Respondent Profile0522CBRE RESEARCH 2023 CBRE,INC.Intelligent Investment2023 European Investor Intentions Survey ReportSource:2023 European Investor Intentions Survey,CBRE R
108、esearch,February 2023FIGURE 19:Percentage of respondents by investor typeRespondent profile and total responses=629FIGURE 18:Percentage of respondents by market*Other includes respondents from The Baltic States,Central and Eastern Europe,The Nordics,Ireland,Portugal,Switzerland,and The United States
109、 Germany24%UK14%Italy14%France12%Other*18%Sweden5%Netherlands5%Spain4%Austria4%Real Estate Fund30%Developer/Owner/Operator28%Other(please specify)10%High Net Worth Individual/Private Individual Investor/Family Office10%Private Equity Fund9%REIT5%Insurance Company4%Bank4%23CBRE RESEARCH 2023 CBRE,INC
110、.Intelligent Investment2023 European Investor Intentions Survey Report Copyright 2023.All rights reserved.This report has been prepared in good faith,based on CBREs current anecdotal and evidence based views of the commercial real estate market.Although CBRE believes its views reflect market conditi
111、ons on the date of this presentation,they aresubject to significantuncertaintiesand contingencies,many of whichare beyond CBREscontrol.In addition,many ofCBREsviewsare opinionand/orprojectionsbased on CBREssubjectiveanalyses ofcurrent market circumstances.Other firmsmayhave differentopinions,project
112、ionsand analyses,andactual market conditions in the future maycause CBREscurrent viewsto laterbe incorrect.CBREhas no obligationto update its viewsherein ifits opinions,projections,analysesormarket circumstances later change.Nothing in this report should be construed as an indicator of the future pe
113、rformance of CBREs securities or of the performance of any other companys securities.You should not purchase or sell securitiesof CBRE or any other companybased on the views herein.CBRE disclaims allliability for securities purchased or sold based on information herein,and by viewing this report,you
114、 waive all claims against CBRE as well as against CBREs affiliates,officers,directors,employees,agents,advisers and representatives arising out of the accuracy,completeness,adequacy or youruse ofthe informationherein.Survey CriteriaCBREs 2023 European Investor Intentions Survey was conducted between
115、 10 November 2022,and 5 December 2022.629 Europe-based investors participated in the survey,which asked respondents a range of questions regarding their buying appetite and preferred strategies for sectors and markets in 2023.Chris BrettManaging DirectorHead of Capital Markets,ERichard BarkhamGlobal
116、 Chief EconomistHead of Global Research&Americas Research Henry ChinGlobal Head Of Investor Thought Leadership&Head of Research,Asia PTasosVezyridisExecutive DirectorGlobal Thought LJos TrompGlobal Head of Data Intelligence&Head of Continental Europe Research and Data IDarin MellottSenior Research DirectorGlobal Investor Thought LContactsBenjamin PipernosSenior Research AnalystGlobal Investor Thought Leadershipbenjamin.pipernoscbre.fr