Trump 2.0: The First 100 Days | EMEA

Early Signs of Caution Amid Resilient Start Investment by Quarter, (€bn)

Impact on CRE

• European investment volumes have begun to reflect early indications of market uncertainty, with figures for March showing an 11% decline compared to the same month last year. This dip suggests a cautious sentiment may be emerging among investors. • However, it's worth noting, even with the slowdown in March, investment activity remained relatively resilient in Q1, with volumes tracking 8% above the same period last year, indicating a solid start despite recent softening. • Recent fluctuations in bond yields are likely to impact property pricing and cost of capital. However, this shift could reverse swiftly, depending on the duration of tariffs and ongoing uncertainty. Momentum was building as we entered the year, with capital eager to be deployed.

400

350

300

250

200

€ billion

150

100

50

-

Jan Feb Mar

Apr

May Jun Jul

Aug Sep Oct

Nov Dec

2025

2020

2017

2024

Source: MSCI Real Capital Analytics

CONTENTS

Cushman & Wakefield