Where Do European Property Values Go From Here?

European Industrial Sector

Property Value Index*

Year-over-Year Percentage Change

120

S1: Soft Landing

S2: Upside Growth

S3: Mild Recession

S4: Stagflation

100

2022

-0.9%

1.9%

-1.0% -6.0%

80

2023

-16.1% -14.3% -19.7% -23.5%

60

2024

3.0%

8.5%

2.5%

-1.7%

40

Soft Landing Upside Growth Mild Recession Stagflation

2025

6.6%

7.4%

5.1%

-1.3%

20

2026

5.8%

9.3%

6.0%

0.7%

0

2021 2022 2023 2024 2025 2026

Source: Cushman & Wakefield Research Note: *Price index = 100 in year 2021 and imputed based on total returns.

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