1、YOU ARE HERE CONTENTSABOUT THE REPORTBUSINESSENVIRONMENTCHAPTER 1CHAPTER 5ENVIRONMENTAL&SOCIAL IMPACTCHAPTER 220 YEARS OF EMERGING TRENDS EUROPECHAPTER 7CITYPROSPECTSAPPENDIXEXECUTIVESUMMARYWELCOMEREAL ESTATE&CAPITAL MARKETSCHAPTER 3CITIES TO WATCHCHAPTER 6SECTORSTO WATCHCHAPTER 4CONTENTSYOU ARE HER

2、E EXECUTIVE SUMMARYCONTENTS“We are on the cusp of quite a significant slowdown,both in the real economy and in the underlying real estate markets.”Pan-European investment managerEXECUTIVE SUMMARYMADRID,SPAINPREVIOUS NEXT YOU ARE HERE EXECUTIVE SUMMARYZURICH,SWITZERLANDThe outbreak of war in Ukraine

3、has cast a long shadow over Europe,and real estate,like every other industry,will have to deal with the economic and political fallout for the foreseeable future.While the industry leaders canvassed for this 20th edition of Emerging Trends in Real Estate Europe report little direct impact on their p

4、roperty portfolios from Russias invasion of Ukraine,the wars consequences are seen in surging energy costs,historically high inflation and,latterly,rising interest rates.Seven out of 10 survey respondents believe Europe will move into recession before the end of 2022.The survey and the interviews we

5、re conducted in the summer and,if anything,the prospects for the European economy and real estate markets have become even more uncertain in the months leading up to publication.The mood is in stark contrast to last years report when there was still a COVID-inspired solidarity among European countri

6、es as well as a coming-out-of-lockdown peak in business sentiment.Europe now appears far more unsettled by the pressures of energy supply and internal politics,which is adding to the overall uncertainty for investors.Much depends on the severity and duration of the expected recession,and as intervie