Where Do European Property Values Go From Here?

Yield Scenarios

Yields (Year-end)

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

4.2% 4.2% 4.2% 4.2% 5.7% 5.7% 5.7% 5.7% 4.4% 4.4% 4.4% 4.4%

3.9% 3.9% 3.9% 3.9% 5.3% 5.3% 5.3% 5.3% 3.6% 3.6% 3.6% 3.6%

4.0% 3.9% 4.1% 4.3% 5.4% 5.3% 5.5% 5.8% 3.7% 3.6% 3.7% 3.9%

4.8% 4.5% 5.1% 5.6% 5.7% 5.4% 6.1% 6.5% 4.5% 4.3% 4.7% 5.2%

4.8% 4.3% 5.1% 5.8% 5.7% 5.2% 6.1% 6.7% 4.5% 4.1% 4.7% 5.4%

4.7% 4.2% 5.0% 5.9% 5.6% 5.1% 6.0% 6.8% 4.4% 4.0% 4.6% 5.5%

4.6% 4.0% 4.8% 6.0% 5.5% 4.9% 5.8% 6.9% 4.3% 3.8% 4.5% 5.6%

S4: Stagflation

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