1、YOUR STRATEGIC COMPASSIN THE WORLD OF REAL ESTATE INVESTMENTQ1 2025Q1 20252Cushman&WakefieldIN A HOLDING PATTERNThe European prime real estate market remains in a transitional phase,with the TIME score holding steady in the inflection stage of the market cycle for the second consecutive quarter.This

2、 stability suggests the market is no longer deteriorating but has yet to enter a clear recovery phase,reflecting a broader“wait and see”stance among investors.Macroeconomic uncertainty,driven by tightening credit,volatile financial markets,and subdued global growth expectations,continues to weigh on

3、 sentiment.This was reflected in a broad-based downgrade to the growth trajectory category,despite isolated signs of resilience across specific segments.However,risk premiums remain robust,helping anchor market stability and reinforcing real estates relative attractiveness compared to risk-free alte

4、rnatives.The European Fair Value Index(FVI)slipped only marginally to 91,with rising bond yields as the main drag.Still,82%of tracked markets are underpriced,signalling compelling value opportunities.The combined analysis for TIME and FVI reveals hospitality continues to lead in the“sweet spot”for i

5、nvestment,combining strong fundamentals with favourable timing.Logistics,retail,and residential sectors have softened slightly.The office sector remains in the strategic matrix,retaining long-term strategic potential for investors focused on high-quality,sustainable assets.Investors face a more frag

6、mented global landscape,with rising opportunities in Tier 2 countries and growing pressure to de-risk amid geopolitical shifts.Supply chain resilience and climate action are becoming central to strategy,as both sustainability and governance take on broader significance.A golden era of real estate fi