《CBRE:2023年英国房地产市场年中展望报告(英文版)(60页).pdf》由会员分享,可在线阅读,更多相关《CBRE:2023年英国房地产市场年中展望报告(英文版)(60页).pdf(60页珍藏版)》请在三个皮匠报告上搜索。
1、REPORTMid Year MarketOutlookIntelligent Investment2023UKREAL ESTATECBRE RESEARCH2CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKWe entered 2023 under the spectre of a moderate recession,with high inflation and rising interest rates putting downward press
2、ure on growth.And the UK economy remains under these clouds,albeit it has so far avoided a recession.As expected,the environment has been more challenging for the real estate sector due to higher debt costs which has resulted in lower investment volumes.Considering this complex backdrop,it is not su
3、rprising that each of our sectors have faced their own challenges,with some sectors performing better than others.To assess how the year has progressed so far and the prospects for the remainder of the year,we present our Mid Year Outlook Update.Here,we review our 2023 Real Estate Market Outlook and
4、 consider:What we said would happen,What has happened,andWhat will happen nextRead on to explore our full analysis.Introduction3CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKEconomyInvestmentSustainabilityOfficeIndustrial&LogisticsRetailResidential01020
5、304050607ContentsStudent AccommodationAffordable HousingHotelsHealthcareLeisureData CentresLife Sciences08091011121314Economy015CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UK01ECONOMYWhat we said would happen The economic downturn evident in the latter
6、half of 2022 would continue into the new year,and we expected a moderate recession in 2023.This was in part driven by the inflationary backdrop and the policies in place to bring inflation back to its target level.Unemployment would rise from a historically low level,and job vacancies would decrease
7、.Wage growth would not be able to keep up with inflation until late 2023,eroding consumer purchasing power.Having peaked,inflation would slowly recede throughout 2023.This would reflect a reconfiguration of supply chains,falls in commodity prices,and weaker consumer demand.During 2023,the Bank of En
8、gland would continue to raise interest rates,which would be likely to peak at around 4.5%.As inflation began to cool,rates would begin to decrease,declining gradually to a new normal of about 2%from 2026 onwards.Long-term interest rates would peak at 3.9%in early 2023 and slowly fall to 3%by the end
9、 of 2025.This decline partly reflected the movement expected for base rates,as well as by lower public spending and higher taxes,as outlined in the 2022 Autumn Statement.It would also follow the trajectory we expect in long-term global rates.6CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Es
10、tate Mid Year Market Outlook 2023|UKDespite continued high inflation and rising interest rates,UK GDP grew by 0.1%in the first quarter of 2023.This partly reflects improving consumer and business confidence.Headline inflation declined to 8.7%in April and May,down from its peak of 11.1%in October.How
11、ever,core inflation has remained stubbornly high,underlining the danger that high inflation remains persistent in the UK.The Bank of England has continued to increase rates in the first half of 2023;the rate has increased by 100bps since the start of the year.The labour market has remained relativel
12、y tight,although unemployment and vacancies have risen.At 3.9%,unemployment is still comparatively low,which has driven a healthy growth in nominal pay.Vacancies are still above a million,significantly higher than pre-pandemic numbers but below the 2022 peak.Increases in current and expected short-t
13、erm interest rates have caused long-term interest rates to increase.The 10-year gilt yield has risen by over 50bps since the beginning of the year,from around 3.70%to around 4.50%.The credit environment is considerably tighter than at the end of 2022.01ECONOMYWhat has happened 7CBRE RESEARCH 2023 CB
14、RE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKHigher interest rates,the squeeze on real disposable incomes and international headwinds means that the UK economy will be broadly flat in 2023 and may even go into recession.The prospects are better for 2024 as inflation comes
15、under control.Lower inflation and restored consumer purchasing power in 2024 will help to drive recovery.Still,the lagged effect of interest rate rises will continue to drag on growth.We project GDP to grow by a modest 0.9%in 2024 and by 2.2%in 2025.We expect inflation to continue its slow decline a
16、nd will end the year at 4.4%.It will continue this trend and get back to the target rate of 2%in early 2025.The Bank of England is projected to increase interest rates to a peak of 5.75%in Q4 2023.From early 2024,we expect the Bank to begin cutting rates,as inflation declines and priorities shift to
17、 supporting growth.Long-term interest rates will peak in the current quarter(Q2 2023)and then decline to around 3.75%by the end of 2023.By the end of 2025,they will settle at 2.50-3.00%,representing a new normal interest rate range.01ECONOMYWhat will happen next Investment029CBRE RESEARCH 2023 CBRE,
18、INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UK02INVESTMENTWhat we said would happen Real estate prices would stabilise in 2023.Real estate yields would not rise to the same extent as Government bond yields and going forward,the spread over gilt yields would be tighter than in
19、the last decadeIncome returns,rather than capital growth,were likely to drive commercial real estate returns.This meant more focus on asset management,and on the financial performance of occupiers as key factors that affect income and occupancy at the asset levelThe performance of other asset classe
20、s would affect capital flows to real estate in 2023,as multi-asset investors would be underweight in bonds and overweight in real assets,based on how values moved throughout 2022Transaction volumes would be lower in 2023.Still,constraints impacting some investors mean opportunities for others,and pr
21、ivate capital awaiting deployment could have been one of the beneficiaries.The debt market would remain resilient as UK real estate is less leveraged than in the Global Financial Crisis and features a wider range of lenders.Yet higher debt costs,together with lower asset values,would pose challenges
22、 for investors that need to refinance next year.Source:CBRE UK Monthly Index May 2023Figure 1:UK commercial real estate month-on-month returns,%-8-6-4-20246Jan-19Apr-19Jul-19Oct-19Jan-20Apr-20Jul-20Oct-20Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-22Jan-23Apr-23Income ReturnCapital Value GrowthTot
23、al Return10CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKAccording to CBREs monthly Index,capital values for commercial real estate saw little change in the first part of the year(this follows a fall of c.20%in the latter half of 2022).Real estate yield
24、s stabilised,but Government bond yields fluctuated in 2023 so far,reflecting the uncertain outlook for inflation and interest ratesIn the absence of any capital growth,total returns for the year-to-date have been driven by income returns,while some parts of the real estate market have also seen rent
25、al growth,notably the industrial and logistics sectorThe adjustment in real estate pricing has alleviated but not altogether removed the denominator effect for multi-asset investors.This has created redemption pressures in some real estate funds and capital raising for new funds has slowed considera
26、bly.Transaction activity has fallen significantly.We estimate that 8.1bn of investment property transacted in Q1 2023,down from 10.3bn in Q4 2022,and far below the 21bn that transacted in Q1 2022.Foreign investment has been relatively low,with c.30%of volumes in Q1 attributable to cross-border purch
27、ases.High costs of debt have impacted market activity while lender underwriting has been more cautious.This has created challenges for borrowers looking to refinance,but existing lenders have been supportive at loan maturity for most asset types so far,albeit at slightly lower LTVs and higher margin
28、s.02INVESTMENTWhat has happened Source:CBRE ResearchFigure 2:UK quarterly investment transaction volumes(bn)058 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q12021 Q22021 Q32021 Q42022 Q12022 Q22022 Q32022 Q42023 Q1Volume bnAverage bn11CBRE RESEARCH
29、2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKWe do not anticipate any notable recovery in capital values for UK commercial real estate in 2023,especially if interest rates continue to climb,but parts of the market where rental growth prospects are stronger might far
30、e betterWe do expect a gradual recovery in transaction activity in the second half of the year.While some investors might maintain a wait and see position,other investors will come under pressure to either release or deploy capital as the year progresses.Repricing should also make the UK more attrac
31、tive relative to other national markets.Any recovery in either market activity or capital values is likely to be uneven,with investors exhibiting more appetite at present for residential,logistics and operational assets,but we are likely to see divergence in the fortunes of prime versus secondary qu
32、ality assets across all sectorsDebt will remain expensive compared with recent years,which will continue to pose issues for refinancing real estate loans.Yet,we anticipate that debt markets will be reasonably active,with most liquidity available for the residential,logistics and life sciences sector
33、s.Some borrowers will need to inject more equity to facilitate refinancing,and other borrowers may need to reduce leverage levels in existing loans following recent adverse movements in values.02INVESTMENTWhat will happen next Sustainability 0313CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal
34、 Estate Mid Year Market Outlook 2023|UK03SUSTAINABILITYWhat we said would happen Elevated energy prices would continue throughout 2023.Despite six months of energy bill support from the Government,high prices would create strong incentives to improve energy efficiency.Onsite renewable energy sources
35、 may become more attractive.More mandatory disclosure requirements would be introduced in the UK.They aim to prevent greenwashing and direct investment towards more sustainable practices.New requirements would include mandatory net zero transition plans.Despite net zero guidelines,there is a lack of
36、 transparency and verification for net zero buildings and currently no formalised certification process.As demand for net zero buildings increases and more come to market in 2023,what it means to be a net zero building would come under greater scrutiny.14CBRE RESEARCH 2023 CBRE,INC.Intelligent Inves
37、tmentReal Estate Mid Year Market Outlook 2023|UKSince December 2022 wholesale energy prices have fallen sharply.But this is only now starting to feed through to consumer prices.The Government energy bill support for businesses was extended in April,but at a reduced level,until March 2024.High energy
38、 prices have likely contributed to an increased focus on efficiency and renewable energy.Q4 2022 and Q1 2023 saw the most non-domestic energy performance certificates(EPCs)of B or better issued both in real terms and as a proportion of total issuance,and solar photovoltaic deployment has grown at it
39、s fastest rate since Q1 2017,shortly after solar subsidies were cutUK asset managers and asset owners with more than 5bn in assets under management have been required to make TCFD disclosures at both the entity and product level.These disclosures should explain how organisations consider the climate
40、 risks and opportunities related to the real estate they manage.New Government plans for the UK to reach net zero by 2050 lacked widespread new measures to address energy inefficiency in existing building stock.Instead,the focus remained on pre-existing policies of transitioning to low carbon heatin
41、g systems,such as heat pumps,in residential buildings as the main driver of decarbonisation.There was no clarification of how the Government intends to proceed with its proposed plans to increase the minimum energy efficiency standards(MEES)03SUSTAINABILITYWhat has happened Figure 3:Quarterly issuan
42、ce of non-domestic EPCs of B or better(England and Wales)Source:Department of Levelling Up,Housing and Communities02,0004,0006,0008,00010,00012,00014,00016,000Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q
43、1 2022Q2 2022Q3 2022Q4 2022Q1 202315CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKIncreasing sustainability data in the valuation process will allow better interrogation of the costs and benefits of green building features.Particularly,there will be mor
44、e insight into how such features can protect assets from value depreciation.Existing best practice for valuing green features will be developed further.The Government indicated a desire to introduce mandatory private sector net zero transition plans(for at least some companies)in 2023.However,this d
45、isclosure requirement now seems more likely to be enforced in 2024,with the Transition Plan Taskforce only due to publish its final disclosure and implementation guidance in Autumn 2023.Mandatory biodiversity net gain regulation for development is set to come into force across England and Wales in N
46、ovember 2023.Developers will need to prepare for this new requirement and understand the cost implications.Read CBREs guide to these regulations for more information.As suggested by CBREs ESG survey,occupier demand for net zero aligned buildings will continue to ramp up as net zero pledge dates appr
47、oach.However,the supply of such buildings is likely to fall short of demand.The demand for net zero aligned assets will result in increasing scrutiny of whether net zero marketed buildings live up to their claims.The UK Net Zero Carbon Buildings Standard currently in development will aim to standard
48、ise the methodology for defining net zero buildings in the UK.The SBTi is also developing international tools and guidance for setting science-based targets for decarbonising buildings.03SUSTAINABILITYWhat will happen next Office0417CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Y
49、ear Market Outlook 2023|UK04OFFICEWhat we said would happen Take-up in 2023 would be lower than in 2022 due to a slowdown in employment growth and weak GDP growthThe market would polarise,with the best quality space continuing to lease and pre-lease well but poorer quality,poorly located stock will
50、become more difficult to letThe outward movement in yields seen at the end of 2022 would continue into 2023,with further expansion in 2023Towards the end of the year,pricing in the investment market would stabilise and this would enable a resumption of more normal levels of investment activity from
51、the second half of the year18CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKThere has been a slowdown in leasing activity;provisional data for H1 2023 suggests that the year-on-year fall in take-up has been c.20%The transaction evidence from the first ha
52、lf of the year shows a clear preference for the highest quality buildings.For example,in H1 2023(to date),35%of all Central London deals were transacted at a“super-prime”levelThe market for secondary,poorly located space has remained slow in the first half of the year and is limiting overall leasing
53、 volumesIn the investment market,most markets have seen yields increase in the first half of 2023,having already seen outward movement in the second half of 2022.Provisional data for the City of London market,for example,shows that by Q2 2023,prime yields reached 5%following two consecutive increase
54、s of 25bps in the first two quarters of the year.UK office investment volumes have fallen by c.70%year-on-year in H1 2023 from the heightened levels seen in the first half of 2022 according to provisional data.Office investment activity,especially at the higher end of the lot-size spectrum,have been
55、 severely constrained by the rising costs of debt,caused principally by an increase in interest rates(the five-year SONIA swap rate at the beginning of June 2023 was more than 200bps higher than it was 12 months earlier).04OFFICEWhat has happened 19CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentR
56、eal Estate Mid Year Market Outlook 2023|UKBusiness confidence is stronger now than at the beginning of the year as the likelihood of a 2023 recession has reduced.This will boost demand in the office occupier market.However,we still expect that aggregate leasing activity for 2023 will be lower than 2
57、022.The best quality space will outperform in the second half of the year.Occupiers remain focussed on office space that helps them attract employees back to the office and helps them meet their sustainability goals,which are becoming more prevalent,especially for larger corporates.Flexibility is al
58、so in high demand from a significant number of large occupiers.As a result,we expect to see continued high demand for flexible office solutions across the UK for the remainder of the year.Key interest rates at the mid-year stage have been higher and more volatile than was expected at the start of th
59、e year.This has had the effect of increasing the costs of borrowing and is constraining investment volumes.Although we expect a greater volume of office investment volumes in the second half of the year,the full-year 2023 total will likely be lower than we had expected six months ago.04OFFICEWhat wi
60、ll happen next Industrial&Logistics0521CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UK05INDUSTRIAL&LOGISTICSWhat we said would happen Occupier demand for logistics space would continue,albeit below recent record-breaking periods.Third-party logistics wou
61、ld dominate take-up as companies seek to outsource their supply chain processes.Rents would continue to rise as vacancy rates remain at a critically low level,although rental growth will moderate compared to the quarterly double-digit rental growth recorded in 2021 and early 2022Following a period o
62、f significant repricing,prime logistics yield movement would slow down in early 2023 before stabilising towards the end of the yearDespite overall total real estate investment decreasing,fund allocations will continue to target the industrial and logistics sector due to its anticipated continued ren
63、tal growth and occupational demand22CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKTake-up in Q1 was down 18%YoY as occupiers became more cautious and decision-making slowed down.Demand was dominated by third-party logistics operators,contributing to ove
64、r 50%of take-upThe vacancy rate increased to 2.71%in Q1,up from 2.00%in Q4 2022,driven by an increase in second-hand availability and speculative completions.Although up QoQ,the vacancy rate remains significantly below the long-term average due to supply being exhausted during the covid-boosted dema
65、nd period.The development supply response has shown signs of slowing,with space under construction remaining stable and completions halving QoQ.Development financing became more challenging.All regions have experienced continued prime rental growth,with South East prime rents up 23%YoY to Q1;however
66、,the quarterly rate has moderated to single digit growth between 2 to 6%From a valuation perspective,the equivalent prime yield has been steady at 5.25%through the early part of 2023.Economic uncertainty and a turbulent lending market has led investors to take a cautious approach,resulting in lower
67、industrial investment volumes in line with total real estate investment.05INDUSTRIAL&LOGISTICSWhat has happened Source:CBRE Research*Vacancy Rate shown is as of end Q4 of each given year,apart from 2023 where the Q1 vacancy rate is shownFigure 3:UK logistics vacancy rate0246810122010 2011 2012 2013
68、2014 2015 2016 2017 2018 2019 2020 2021 2022 1Q23Vacancy Rate(%)UK Vacancy Rate(%)*Long-term av.Vacancy Rate(%)23CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKOccupational market fundamentals will remain robust,with demand continuing to be derived from
69、a wide range of occupiers and particularly from third-party logistics.We expect that take-up levels will stabilise slightly above pre-pandemic levels,sitting above the long-term average.Some regions will experience a growth in the vacancy rate as supply of new speculative space reaches completion.Ho
70、wever,occupiers appetite for grade A facilities,especially those that offer sustainability features and operational cost saving,should contribute to relatively quick absorption.Rental growth will continue across all regions,albeit at the more moderated rate recorded over the last few quarters,with S
71、outh East prime rents anticipated to increase by 4.7%in 2023 as a wholeContinued emphasis will be placed on the need for alternative decentralised energy solutions,along with the provision of ultra-rapid EV chargers to service growing EV distribution fleetsWith positive fundamentals evident in the o
72、ccupational market and a reduced risk of recession,we expect to see an increase in investment activity after summer.There is still substantial capital targeting the sector,with smaller lot sizes particularly in demand.05INDUSTRIAL&LOGISTICSWhat will happen next This increase in the national vacancy
73、rate is good news for the occupier world.However,with supply almost completely exhausted during the recent extraordinary demand period,the vacancy rate is still very low and we will continue to see fierce competition for the best available facilities and sites.Jonathan PriestleyHead of UK Industrial
74、&Logistics Occupier Services,CBRERetail0625CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKConsumer confidence had fallen to near record lows,and as such UK retail sales were expected to decrease in the year ahead.However,there would be fewer business cas
75、ualties than during the pandemic,as many occupiers have already undertaken portfolio restructuring in the last couple of years.Modest expansion was anticipated for well positioned occupiers,resulting in vacancy rates remaining stable.Given yields were comparatively higher than other sectors,retail w
76、ould be better protected against the increasing cost of debt and yield movements would be less significant.The attractive pricing of shopping centres was expected to continue to fuel their recovery.Meanwhile,with the average tenant mix well-suited to the current economic environment,investor interes
77、t in retail parks would be maintained.06RETAILWhat we said would happen 26CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKConsumer confidence has steadily improved since the beginning of the year and is now at its highest point since the war in Ukraine.Al
78、though this has not translated to improvements to Springboards all-retail average footfall,this metric remains relatively stable at 12%below 2019 levels for the first 20 weeks of the year.While retail parks continue to see the strongest footfall performance on average-2.7%vs 2019*in our experience,s
79、uper regional shopping centres remain popular amongst consumers,with footfall performance well ahead of the all-retail average.Sales surprised on the upside,with the ONS reporting volumes remaining somewhere between 12%below 2019 levels.However,as with footfall,we note a polarisation of performance,
80、with smaller convenience and larger regional schemes demonstrating the most resilience.In line with expectations,the share of sales occurring in-store has remained stable.Recognising the value of the physical store,in the first half of 2023 we have seen several former online-only brands secure their
81、 first retail unit and even certain brands return to the high street.However,not all retail has been immune from the wider economic headwinds,with several administrations announced.Positively,the brands affected are not typically large space users as has been the case in the past.Moreover,as anticip
82、ated this has not been to the same level seen during the pandemic and so vacancy rates have remained stable.Following the modest outward movement seen in Q4 2022,yields have remained stable for high streets and shopping centres.Meanwhile,retail park yields have already begun to compress,reflecting i
83、nvestor interest in the sub-sector.However,uncertain macroeconomic conditions have thus far dampened investment activity for 2023,with volumes traded in Q1 down 38%year-on-year.*Source:Springboard06RETAILWhat has happened Source:ONSFigure 4:UK retail sales chained volume index(seasonally adjusted)02
84、0406080100120140Jan 2020Mar 2020May 2020Jul 2020Sep 2020Nov 2020Jan 2021Mar 2021May 2021Jul 2021Sep 2021Nov 2021Jan 2022Mar 2022May 2022Jul 2022Sep 2022Nov 2022Jan 2023Mar 2023Index 100=2019Total sales(excl fuel)FoodClothing&FootwearHousehold Goods27CBRE RESEARCH 2023 CBRE,INC.Intelligent Investment
85、Real Estate Mid Year Market Outlook 2023|UKBy the end of 2023,lower inflation will have fed through to household bills,meaning real incomes will have started to gradually recover.Improvements to consumer purchasing power are expected to translate to an increase in retail sales.The golden quarter cou
86、ld be seen as an opportunity for consumers to treat themselves after a challenging year.Online penetration is set to see mild growth,but with a focus on profit margins,occupiers will continue to encourage consumers to utilise their physical store network.Well positioned occupiers will continue to se
87、ek expansion opportunities in the right locations,with competitive tension and rental growth delivered in prime assets.However,more administrations are expected,with certain occupiers unable to withstand rising prices and cuts to consumer spending.Despite this,overall vacancy rates will remain stabl
88、e,with opportunities for compression in prime locations.While the Bank of England will continue to increase interest rates in the short-term,we anticipate it will reach its peak rate in late 2023.A clearer macroeconomic environment will translate to improved investor confidence in the market.Retail
89、parks are set to remain the most popular retail sub-sector,given their strong occupancy fundamentals and relatively small lot sizes.Meanwhile,interest in shopping centres is expected to regain momentum in the second half of the year.06RETAILWhat will happen next Residential0729CBRE RESEARCH 2023 CBR
90、E LimitedIntelligent InvestmentReal Estate Market Outlook 2023|UK07RESIDENTIALWhat we said would happen Sales activity would fall below its long-run average,but the market would avoid a cliff-edge fall in activity.In line with the wider economic slowdown,prices would fall moderately in 2023.But stri
91、cter mortgage regulations(since 2014)would insulate the housing market against large scale distressed sales and,as such,a significant fall in prices.Rental growth would continue to be strong in 2023,driven by an acute supply and demand imbalance.Wider inflation would also push up rents,particularly
92、for renters with inflation-linked tenancy agreements.Investment appetite for Build-to-Rent(BTR)and co-living would remain strong.However,pricing would adjust to reflect the higher interest rate environment.The challenging sales market would present opportunities for single family BTR investors.Howev
93、er,high build cost inflation would continue to hamper forward-funding viability in early 2023.30CBRE RESEARCH 2023 CBRE LimitedIntelligent InvestmentReal Estate Market Outlook 2023|UKTransaction activity at the start of 2023 has been slow as households continue to navigate a new higher-interest rate
94、 environment and an ongoing cost of living crisis.Mortgage approvals are running at around a third lower than in the same period of 2022.Although the Bank of England base rate has risen this year,mortgage rates have seen a gradual decrease.This reflects unusually high mortgage rates at the end of 20
95、22 as a legacy from the mini-budget.The average rate on an 85%LTV two-year fixed mortgage has fallen from 5.57%in December 2022,to 4.95%in May 2023.However,the recent rise in the Bank of England base rate has resulted in a further spike in mortgage rates.House prices have decreased by 1.4%across the
96、 UK,and by 0.4%in London since the end of 2022,according to the ONS.A correction in values had been overdue following a post-pandemic surge in prices,but the average UK house price is still 55,900 higher than pre-pandemic.UK rents have increased by 2.1%since the end of 2022,and by 2.2%in London.Annu
97、al growth figures are at their highest ever levels since the ONS index started in 2006.This has been driven by a shortage of supply and continued high demand.BTR investment totalled 1.9bn in H1 2023,21%below than the same period last year.The Single-Family Housing(SFH)sector saw record volumes of in
98、vestment of 460m in H1 2023.Yields across the sector have trended stable.Development activity in London dropped to its lowest level since 2013.The sum of new applications,permissions and construction starts in Q1 2023 is 39%below the 2022 quarterly average,and 69%below the peak of 2015,according to
99、Molior.In Prime Central London(PCL),the figure is 33%below the quarterly average of 2022 and 86%below the peak of 2016.What has happened Source:Bank of EnglandFigure 6:Mortgage approvals,mortgage rates and BofE base rate-20,000 40,000 60,000 80,000 100,000 120,00001234567Jan 2021Feb 2021Mar 2021Apr
100、2021May 2021Jun 2021Jul 2021Aug 2021Sep 2021Oct 2021Nov 2021Dec 2021Jan 2022Feb 2022Mar 2022Apr 2022May 2022Jun 2022Jul 2022Aug 2022Sep 2022Oct 2022Nov 2022Dec 2022Jan 2023Feb 2023Mar 2023Apr 2023May 2023Jun 2023%Mortgage approvals,RHS95%LTV rate,LHS85%LTV rate,LHS60%LTV rate,LHSBofE Base Rate,LHS07
101、RESIDENTIAL31CBRE RESEARCH 2023 CBRE LimitedIntelligent InvestmentReal Estate Market Outlook 2023|UKThe number of new sales instructions recorded by the RICS monthly residential survey has been gradually increasing.While this will help support transactions,the comparative shortfall in buyer enquirie
102、s points to further house price falls.We forecast prices to fall in the region of 6%in 2023.Assuming the economic backdrop continues to improve,and inflation continues to trend lower,we would expect sales volumes to continue to gradually recover.The rental market will continue to see demand signific
103、antly outstrip supply.Increasing mortgage costs for potential first-time buyers who are currently renting,a strong labour market and high inflation will fuel rental demand.The recent Renters Reform Bill adds protection to tenants rights but taking away power from landlords may have negative impacts
104、on rental supply.We forecast that rental values will increase by 4.7%across the UK in 2023.We are seeing liquidity from lenders and an appetite to sponsor residential investment assets.As a result,we expect the positive momentum in the BTR investment volumes to continue for the remainder of the year
105、.There is currently over 2bn worth of deals currently under offer and new opportunities ready to be launched to the market.However,investors remain cautious and investment activity will ultimately depend on the economic backdrop continuing to improve in the second half of the year.In the development
106、 market,a slowdown of planning activity points to a continued undersupply of housing.Developers will continue to face challenges in the rest of 2023,with interest rates remaining high,new planning regulations surrounding second stairwells and a slow sales market post-Help-to-Buy.What will happen nex
107、t Source:CBRE Research,ONSFigure 7:UK house prices07RESIDENTIAL200,000210,000220,000230,000240,000250,000260,000270,000280,000290,000300,000Feb 2019Apr 2019Jun 2019Aug 2019Oct 2019Dec 2019Feb 2020Apr 2020Jun 2020Aug 2020Oct 2020Dec 2020Feb 2021Apr 2021Jun 2021Aug 2021Oct 2021Dec 2021Feb 2022Apr 2022
108、Jun 2022Aug 2022Oct 2022Dec 2022Feb 2023Apr 2023Jun 2023Aug 2023Oct 2023Dec 2023ONS UK house priceCBRE ForecastStudent Accommodation 0833CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UK08STUDENT ACCOMMODATIONWhat we said would happen The development of Pu
109、rpose-Built Student Accommodation(PBSA)would continue to slow due to barriers such as rising construction costs,and difficult planning conditions.Rising operational costs(inflation)would continue to hinder the development of new PBSA schemes.Demand for PBSA would continue to significantly outpace su
110、pply with severe shortages in certain locations.Occupational demand would reach unprecedented levels,which would translate into strong rental growth across the sector.Low supply and strong demand were expected to drive investors and new entrants into the market34CBRE RESEARCH 2023 CBRE,INC.Intellige
111、nt InvestmentReal Estate Mid Year Market Outlook 2023|UKDemand for higher education(and therefore PBSA)has increased,with over two million full-time students in the UK,up by approximately 30%compared with ten years agoEnd of cycle data from UCAS shows that after a period of hyper-recruitment followi
112、ng the pandemic,higher tariff universities have started to cut back on the number of students they are accepting.In turn,lower and medium tariff universities have increased acceptances,benefitting from the reductions at higher tariff institutions.Strong rental growth has been observed,driven by supp
113、ly and demand dynamics.Empiric Student Property has reported rental growth in excess of 6%for the 2023/24 academic year and Unite Students has reported rental growth of 6-7%.Rental growth has also been driven by increases in operating costs,which have been predominantly driven by fluctuations in uti
114、lity prices.The war in Europe has been discussed as the cause for the widespread increases in utility prices,with some PBSA operators reporting rises of up to 300%,with an average of 73%.Investment activity in 2023 has so far been subdued(544m transacted between January and May 2023,compared to 2.6b
115、n within the same period in 2022)due to a mismatch between investor and vendor aspirations.Although investor demand remains strong,there is a lack of good quality opportunities being brought to market.Given the unexpected rise in inflation in February,wider global banking volatility and further rise
116、 in the UK base rate,there has been hesitation in investment.What has happened 08STUDENT ACCOMMODATION35CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKUCAS published its Journey to a Million in Q1 2023,projecting that by 2030 there could be one million u
117、ndergraduate applications per year,compared to the current figure of 750,000,due to improvements in both international student mobility and domestic trends.Applicant data for the upcoming 2023/24 academic year at the midpoint in the cycle shows it to be the third highest on record in the last 10 yea
118、rs.PBSA markets are expected to continue seeing a supply and demand imbalance while the student population continues to grow.Housing pressures will become more acute as PBSAdevelopment does not keep pace with demand.Onerous planning policies and ageing university-operated PBSA stock will further fue
119、l the supply and demand imbalanceWe expect rental tension to continue with schemes selling out much earlier than in previous cycles further driving rental performance.Unite Students announced 83%of the rooms were booked for the 2023/24 academic year as at December 2022 up from 67%for the 2022/23 aca
120、demic year at the same time in the previous year.Investor sentiment is likely to pick up,with the excitement of the strong rental growth for 2023/24 increasing demand as well as increased clarity around utilities and inflationWhat will happen next 08STUDENT ACCOMMODATIONAffordable Housing0937CBRE RE
121、SEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UK09AFFORDABLE HOUSINGWhat we said would happen Housing associations were resilient,so the sector would remain robust as an asset class.Arguably,the need for affordable housing(AH)would increase as it tends to during
122、 an economic downturn.The number of For-Profit Registered Providers(FPRPs)would continue to expand,which would drive investment in the sector.This would also be driven by the strong ESG credentials of AH.There would be an increase in mergers between Not-For-Profit Registered Providers(RPs).There hav
123、e been many mergers over the last few years,and this was predicted to continue throughout 2023.The Governments rent cap would mean the sector needs to act in a more effective and cost-efficient manner,which could have an impact on valuesThere would be an increase in joint ventures and partnerships b
124、etween local authorities,housing associations and investors.As we saw more investment from private capital,organisations would explore more creative ways of investing in the affordable housing sector.38CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKDespi
125、te continued demand for affordable housing,there are considerable challenges to viability and delivery because of market volatility,inflation and the ongoing requirements regarding decarbonisation and building/fire safety.It has therefore been a relatively quiet start to the year with fewer transact
126、ions taking place than originally envisaged.While there remains a great deal of interest from institutional investors,only a small number of parties are currently willing to transact,and we are in a period of“pricing discovery”and yields have softenedThe stock rationalisation market is active with a
127、 number of portfolios either currently in the market or about to be launched.This reflects a need to improve operational efficiencies due to inflation and the impact of the rent cap on rental income.Mortgage rate rises have dampened some providers appetite for shared ownership(SO)-particularly apart
128、ments-given that the cost of SO mortgages is typically higherNew Government policy has increased investor caution,with funders and RPs carefully considering rental cap impacts against the responsibilities to maintain and bring up to standard legacy stockBoth the Greater London Authority(GLA)and Home
129、s England have been reassessing previously agreed tariff rates with their strategic partners,in light of the continued viability constraints on delivering new stock.The deployment of grant funding will be essential to the continued delivery of new affordable housing.Mergers remain popular;the propos
130、ed merger between Sovereign and Network Homes will create a new 82,000 home provider.Silva Homes recently announced that they are in talks with Abri,which would create a 45,000 home provider.In February,the 11,000 home Swan officially become a subsidiary of 105,000 home provider Sanctuary.In April,P
131、eabody and Catalyst completed the final stage of their merger,creating one of the countrys largest housing associations with over 104,000 homes.09AFFORDABLE HOUSINGWhat has happened 39CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKInvestor confidence wil
132、l continue to gradually improve,which will lead to a pickup in transactional activity.But the level of recovery will depend on the inflation and interest rate trajectory.We estimate that c.10bn of capital is targeting the AH sector and we anticipate equity funded investors will need to start deployi
133、ng capital towards the end of the year/early 2024Price volatility,inflation and contractor insolvencies will continue to impact the sectors ability to deliver new build housing stock.The rent cap means rental income cannot keep pace with price rises,and so many providers will need to focus on mainta
134、ining existing stock rather than developing.Stock rationalisation will therefore continue to be an active sector of the market.The Chartered Institute of Housing(CIH)recently reported that 44%of Local Authorities are reducing their housing capital programmes and a quarter plan to halt development pr
135、ogrammes altogetherConstraints on providers ability to develop,coupled with the increased cost of finance and balance sheet pressures,mean that traditional providers will increasingly seek alternative funding sources including partnering with private capital,to de-risk their development pipelines an
136、d meet delivery targetsA key consideration for investors is the discussions around the Building Safety Act and the requirement for a secondary means of escape.Currently,a dual means of escape is only required at 30m,but this is subject to ongoing consultation.Both the CIH and National Fire Chiefs Co
137、uncil have backed the recommendation for all buildings over 18m to have a secondary means of escape.There will be an associated impact on viability and timescales to deliver the existing pipeline,as even consented schemes will require amending.09AFFORDABLE HOUSINGWhat will happen next Hotels 1041CBR
138、E RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UK10HOTELSWhat we said would happen Hotel demand would continue to grow,albeit at a slower rate,with high spending leisure replaced by volume based corporate and Meetings,Incentives,Conferences,and Exhibitions(MI
139、CE)sectorsDespite the various economic and financial headwinds,we expected the pricing gap between buyers and sellers to close,resulting in increased deal flow in the second half of 2023The recruitment and retention of hotel staff would be a material threat to the sector,with the potential to negati
140、vely impact service levels and hotel profitability.Hotel profitability would also be affected by inflation pressure,in particular from rising energy prices and food costs.42CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKWhile there is strong interest fro
141、m both buyers and sellers to transact,there is still a pricing gap,and consequently transaction volumes continue to be subduedThe economic and operational headwinds are continuing to impact the operational performance of hotels.On a positive note,strong average daily rates and continued occupancy re
142、covery are enabling hotels to offset some inflationary costs impacting GDP.In relation to the investment market,a number of high-quality assets have sold since the beginning of the year in strong urban locations,particularly London,with typical buyers being long-term owners who are acquiring for bot
143、h financial and strategic reasons10HOTELSWhat has happened 43CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKWe expect high spending leisure demand,especially in regional city centres,to be replaced by high volume,lower spending corporate and MICE segment
144、s,resulting in reduced average rates but higher occupanciesWe expect occupancy to continue to grow,albeit at a much slower rate,with volume being provided by increasing corporate activity.As occupancy grows,we expect average room rates to drop marginally.The pressure on household income may result i
145、n a reduction in leisure spend,but this will likely be offset by corporate and group demand10HOTELSWhat will happen next Leisure1145CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UK11LEISUREWhat we said would happen Urban leisure investment yields would st
146、art to stabilise,reflecting the sectors high attractive inflation protection.The delta between prime and secondary assets would increase,with yields anticipated to stabilise by the end of Q1 2023.Yields would be unlikely to recover to 2019 levels until the debt markets fully recoverCost inflation an
147、d pressure on consumer spending would squeeze operators,some would take additional debt,or equity,to bridge gaps in their balance sheetOperational,debt and macroeconomic pressures would see operators look to sale and leasebacks,or ground rent transactions to raise capital without losing sites46CBRE
148、RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKYields across health clubs have drifted due to price corrections in H1 2023,but interest around prime stock continues to drive yield deltas.Pub investment yields have continued to weaken in secondary areas(antici
149、pating a slowdown)and potential sellers of operating assets are not yet accepting the distressed pricing offers.Quality assets,in a good location with secure sustainable income,are holding up value and liquidity.Banks have given extensions to lending profiles,but this will not last indefinitely and
150、some more radical measures may be neededSales are more subdued due to lack of stock as landlords look to hold,collect the income and manage whilst there is a disparity between book values and market valuesThe anticipated agitated corporate action we expected due to higher operating and financing cos
151、ts has not yet emerged11LEISUREWhat has happened 47CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKCorporate activity is expected to improve when debt markets stabilise and the outlook for gyms remains healthy.Operational performance is expected to recove
152、r in H2 2023 and into 2024.Recovery across the leisure sector will occur later in H2 as profitability is forecast to improve and yields stabilise as buyers see the value within the sectorCorporate activity is expected to improve when debt markets stabilise11LEISUREWhat will happen next Healthcare124
153、9CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UK12HEALTHCAREWhat we said would happen Healthcare investment activity was expected to remain robust in 2023,with investors attracted to strong occupier demand,long lease terms,index-linked reviews and the ab
154、ility to deliver on ESG strategiesThe current lending environment would create opportunities for property investors that can work with operating businesses to create flexible,long term funding partnerships.We expected this to be an area of increased activity in 2023,particularly where refinancing ha
155、s become more challenging.Despite challenges that remain in the capital markets,there is strong investor demand for healthcare assets over the longer term,as a result of the sectors robust,needs-driven demand and the ability to make a positive social impact50CBRE RESEARCH 2023 CBRE,INC.Intelligent I
156、nvestmentReal Estate Mid Year Market Outlook 2023|UKThere has been evidence of operating company(OpCo)transactions in the UK,which is a clear link to the European model where many operators have limited exposure to real estate Care homes are seeing strong occupancy levels,but also an inflationary he
157、dge as cost rises have been absorbed by customers,protecting margins and enabling providers to continue investing in staff pay,training and assetsInvestor and consumer demand has remained strong for retirement living,particularly for the emerging rental product.However,constrained supply and the lac
158、k of mature operators means there have been limited investment opportunities.Regarding elderly and specialist care,operational performance continues to improve with increases in both private and local authority fees.Furthermore,staffing costs are stabilising with operators focussing on reducing agen
159、cy usage.12HEALTHCAREWhat has happened 51CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKWe expect to see upward pressure on primary care rents,which will enable and encourage third party developers to meet increasing demand and deliver on NHS ESG strateg
160、iesAcross private acute hospitals,in terms of investment,there will likely be some larger scale recapitalisations in the second half of 2023There are several retirement living platforms currently seeking funding partners and are marketing a ground-breaking long-income opportunity in this space.This
161、will provide proof of concept and pricing for retirement living over the next six months.There will be selective demand for high-quality real estate with strong ESG credentials.We will also see a focus on value-add opportunities in secondary markets as investors become more creative in their strateg
162、ies and seek higher returns.We expect to see continued demand for care home OpCos throughout 2023 due to the ability to access EBITDA income at day one,compared to the longer-term returns from turnkeys or developments12HEALTHCAREWhat will happen next Data Centres1353CBRE RESEARCH 2023 CBRE,INC.Intel
163、ligent InvestmentReal Estate Mid Year Market Outlook 2023|UK13DATA CENTRESWhat we said would happen Despite weaker macroeconomic conditions,demand for data centre space would remain near all-time highs as the largest cloud service providers look to expand their presence in LondonMergers and acquisit
164、ions were likely to feature prominently on the data centre landscape,as providers need to expand to meet the needs of their largest customers and the cost to do so has soared.New combinations would be created as a result.Data centre providers were likelier to cancel newer ventures,such as edge data
165、centres,or plans to expand into smaller locales where returns were less certainSustainability-related regulation was likelier to be introduced in the UK to ensure data centre providers dont develop facilities in certain areas of London.Limits on power consumption and district heat reuse may have als
166、o be mandated.54CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKIts been a slow start to the year for Londons data centre market,Europes largest by far.For example,there were 17MW of take-up in Q1 and no new supply was delivered.There were few deals signe
167、d with hyperscalers in Q1.Deals with hyperscalers are taking longer to sign given the economic uncertainty in Europe.Sales cycles are often longer than in the past as operators have a list of compliance and sustainability requirements that must be met before deals can be completed.Further complicati
168、ng matters are the lack of power and a lack of appropriate land to build data centres on for hyperscalers;these factors have made expansion efforts increasingly difficult in LondonNevertheless,CBRE has seen continued strong interest in London from hyperscalers this year.The worlds largest technology
169、 companies want to expand their presence in the market to ensure demand for their services can be met in future.What has happened 13DATA CENTRES55CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKDespite the noted resource constraints in London,the pace of
170、development hasnt slowed down much in the capital.Data centre providers are set to deliver an estimated 98MW this year,the second-highest amount of supply added in any given year.Data centre providers are adding supply to the market in response to continued strong demand from hyperscalers.To that en
171、d,there are new facilities and expansions that are expected in the second half of this year.By the end 2023,we expect the London market to have surpassed the 1GW mark in terms of operational capacity;it will be the first European market to do soIn global terms,London is the second-largest colocation
172、 data centre market behind only the Northern Virginia region of the USThere was a record-high of 132MW of capacity added last year.However,the forecasted supply in 2023 does represent a year-over-year decline from the record-high 132MW of capacity added in 2022.What will happen next 13DATA CENTRESLi
173、fe Sciences1457CBRE RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKWhat we said would happen The life sciences sector was expected to sustain its growth trajectory,with employment growing at twice the rate of wider employmentThe supply and demand imbalance of
174、 available lab space would likely to continue into 2023,particularly in the Golden Triangle of Cambridge,London and Oxford.Consequently,Laboratory rents were therefore expected to continue to increase in these locations.The Golden Triangle would remain the primary focus of life sciences activity,bot
175、h in terms of employment opportunities and fundingThe Government had ambitions to make the UK a“Science Superpower”by 2030 and the sector would benefit from continued Government R&D funding as part of a package to deliver thisOther life sciences hubs,such as Stevenage,Manchester,Edinburgh,and Birmin
176、gham,were expected to emerge as prominent centres of activity in the sector,alongside existing hubsEnergy costs would remain a significant concern as the industry strives towards achieving net-zero carbon emissions,further driving the demand for energy-efficient facilities14LIFE SCIENCES58CBRE RESEA
177、RCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKRents have continued to rise due to the ongoing supply and demand imbalance,as occupiers options for lab space is extremely limitedEmployment in the sector has continued to growThere has been a number of overseas biot
178、ech companies opening research and development facilities in the UK,drawn by the strength of UK science,particularly in advanced therapies.The Moderna Innovation and Technology Centre(MITC)is set to be constructed at the Harwell campus in Oxford.BioNTech has outlined its investment plans in the UK,i
179、ntending to establish a research and development(R&D)hub in Cambridge and a regional HQ in London.The UK Government Spring Budget outlined a number of initiatives to support the“Science Superpower”ambition,calling out the development of commercial lab space as a key growth enabler.Addressing the R&D
180、 tax incentives for SMEs was particularly welcome for the sector as well as a regulatory overhaul.By contrast,The UK Governments voluntary medicines pricing agreement has caused industry backlash with some companies citing the spiralling costs of big pharma operating in the UK vs other countriesWith
181、 emerging ecosystems,Manchester is seeing significant investment,with the allocation of 127.6 million to support the relocation of UK Biobank to a purpose-built facility at BruntwoodSciTechs Manchester Science Park.Kadans along with McLaren Properties,Property Alliance Group,Moda and Pioneer have al
182、so committed to the Manchester ecosystem by announcing a 230,000 sq ft campus on Upper Brook Street.The venture capital landscape continues to present challenges globally,with start-ups having to work hard to secure funding,particularly with later stage roundsWhat has happened 14LIFE SCIENCES59CBRE
183、RESEARCH 2023 CBRE,INC.Intelligent InvestmentReal Estate Mid Year Market Outlook 2023|UKRental prices are anticipated to continue to rise over the next 12 months,due to limited stock availability in the market.Approximately 1m sq ft of new lab space is expected to be introduced by the end of 2023;ho
184、wever,this will not meet the current demand.In the long-term,the life sciences market in the UK is projected to add around 22m sq ft of lab space by the end of the decade.As more commercial lab space becomes available,rental prices will stabilise.Venture capital funding will continue to drive growth
185、,but will be at more normalised levels vs the peak of 2021 To capitalise on the potential of the life sciences sector,the UK Government need to address industry concerns around the increasing costs of doing business in the UK vs other countries.In addition,they need to continue to streamline the reg
186、ulatory landscape and make UK more attractive for large scale,pivotal clinical trials.What will happen next 14LIFE SCIENCES 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.Al
187、though CBRE believes its views reflect market conditions on the date of this presentation,they are subject tosignificant uncertainties and contingencies,many of which are beyond CBREs control.In addition,many of CBREs views are opinion and/or projections based on CBREs subjective analyses of current
188、 market circumstances.Other firms may have different opinions,projections and analyses,andactual market conditionsin the future may cause CBREscurrent viewsto later be incorrect.CBREhasno obligation to update itsviewsherein ifitsopinions,projections,analysesor market circumstanceslater change.Nothin
189、g in this report should be construed as an indicator of the future performance 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 all liability forsecurities purchas
190、ed or sold based on information herein,and by viewing this report,you 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 your use of theinformation herein.Joanne Hende
191、rsonExecutive Director,Head of Life Sciences,EMorgan DaviesAnalyst,Life SKevin RestivoHead of Data Centre Research,Advisory&Transaction Services,EScott CabotHead of UK Residential RKirsten DyerDirector,Valuation&AdvisoryStudent AToby RadcliffeSenior Analyst,UK Sustainability Research,Alice MarwickAs
192、sociate Director,OPRE RTom KingExecutive Director,IP Alternative,OPRE,HJennet SiebritsHead of UK RRuth HolliesSenior Director,Head of European FSteven DevaneyDirector,UK RSimon BrownSenior Director,Head of UK Office RSarah PickardSenior Director,Residential Investment AContactsKenneth HattonExecutive Director,IP Management&Administration TasosVezyridisExecutive Director,Head of Thought Leadership for EAnnabel NashSenior Analyst,UK Industrial&LMiranda BotcherbyAssociate Director,UK Retail R