Where Do European Property Values Go From Here?

NOI Scenarios

NOI Growth (Q4-on-Q4 percentage change)

2020

2021

2022

2023

2024

2025

2026

Office S1: Soft Landing S2: Upside Growth S3: Mild Recession S4: Stagflation Retail S1: Soft Landing S2: Upside Growth S3: Mild Recession S4: Stagflation Industrial S1: Soft Landing S2: Upside Growth S3: Mild Recession

1.5% 1.5% 1.5% 1.5% -9.0% -9.0% -9.0% -9.0% 2.3% 2.3% 2.3% 2.3%

0.9% 0.9% 0.9% 0.9% -3.5% -3.5% -3.5% -3.5% 3.7% 3.7% 3.7% 3.7%

0.5% 0.6% 0.5% 0.4% 0.5% 0.6% 0.5% 0.4% 1.9% 1.9% 1.8% 1.8%

0.2% 0.5% -0.1% -0.7% 0.5% 1.3% -0.4% -0.9% 2.0% 2.4% 2.0% 2.0%

0.5% 1.1% -0.3% -1.6% 1.1% 1.8% 0.5% -1.1% 3.0% 3.5% 2.5% 2.1%

1.3% 1.7% 0.6% -0.7% 1.4% 1.8% 1.0% -0.2% 4.2% 4.8% 2.9% 0.5%

1.9% 2.1% 1.7% 0.5% 1.6% 1.9% 1.6% 1.0% 3.4% 3.8% 3.7% 2.5%

S4: Stagflation

Source: MSCI, Moody's Analytics, Cushman & Wakefield Research