|
«Key points of the report include:
- Having suffered a rapid deterioration in the wake of the global financial crisis last autumn, the German economy showed a surprising upturn in Q2 2009, with growth of 0.3% for the quarter. Consumer spending, an area of persistent weakness for almost a decade, rose a modest 1.2% on an annual basis in Q2. Employment has held up well, showing only a 0.2% drop in the year to Q2 2009.
- The caution displayed within the office markets, already discernible at the 2008/2009 turn of the year, continued well into the first half of 2009, reflecting macro-economic developments in both the domestic and global markets.
- It is the investment market thatis still suffering most severely from the macro-economic environment. During the first half of 2009, properties worth approximately €4 billion changed hands, which corresponds to a fall of 77% compared with the preceding year. As demand has fallen, the level of yields on Germany’s commercial property market has risen steadily since 2007.
Thomas Beyerle, Head of Global Research, comments on this report: “Our three and five year forecasts for prime total returns indicate that performance will stabilise and then improve, with income a key driver, particularly in the next few years. There will be an increased focus on active asset management.”» ( CS della Società)
|
