What assessment for 2019?
The European Central Bank (ECB) has signalled that it will maintain a highly accommodative monetary policy of low interest rates in order to shore up Europe’s economy (cf. “La BCE à la croisée des chemins”, Primonial REIM Research & Strategy, January 2020).
Some 277 billion euros were invested in European commercial real estate in 2019, which means that the volume of capital dipped slightly (-6% year-on-year). France managed to maintain the
amount of capital flowing into its commercial real estate sector (€39bn), whereas Europe’s two biggest markets experienced downturns compared with 2018: -6% in Germany and -18% in the
United Kingdom. France’s real estate sector has a number of things going for it: robust economic growth projected for 2020, healthy domestic demand, and forecasts that French 10Y Government yields (OAT) will remain low (at an annual average of 0.1%).
The team
With a university education in local economic development, Daniel While began his career as business establishment consultant to local authorities. In 2006, he joined the Institut de l’Epargne immobilière et Foncière as analyst, and specialised in the world of unlisted real estate funds (SCPIs and OPCIs for France).
He is co-author of the book Les OPCI published by Delmas (September 2008). He joined Primonial REIM in 2017, where he held the position of Development Director, then Research & Strategy Director from 2019.
Henry-Aurélien Natter joined Primonial REIM as Research Manager in January 2018. He has the mission of developing the analyses of the Research & Strategy Department on the real estate markets, the economy and capital in France and in Europe.
Henry-Aurélien Natter began his career at Les Echos Etudes (formerly Eurostaf), then at C&W (formerly DTZ), and lastly at BNP PRE, where he acquired solid and varied experience in real estate research, strategy and finance. He is qualified with an AES degree in Business Management, a Masters Decree in management and SME management, and an International Master in commerce and marketing.
- Market review
Real Estate Convictions Europe : 3rd quarter 2020
Just as the global economy was beginning to recover from its historic post-lockdown drop, uncertainty surged with the enacting of tougher measures to slow the spread of new Covid-19 infections in many countries. Focus on the European real estate markets on 3rd quarter 2020.
- Overview
Real Estate Convictions Europe : End of 2019 and 1st quarter 2020
While trade tensions seemed to ease between the United States and China, it is a virus, COVID-19, that has destabilised the entire global economy for 2020. Henry-Aurelien Natter draws up a balance sheet.
- Market review
Real estate convictions France: 2019 assessment
France has succeeded in maintaining the flow of capital in commercial real estate (€39bn) on its territory, while the two principal markets of Germany (-6%) and the United Kingdom (-18%) have experienced declines in relation to 2018. Assessment of this year 2019.
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