European prime yields - October 2023
This newsletter covers the last 12-month (Q2 22 to Q2 23) European prime yields for office, high street retail, logistics and residential markets.
Office: Prime yields have increased across Europe over the past 12 months by 75 to 100 basis points (bp), with a resilient market in Ireland showing a slight increase of 35 bp. Portugal registered a 75 bp increase to 4.75%.
High Street Retail: Prime yields have slightly increased across Europe over the past 12 months by 25 to 50 bp, with a major increase in Poland of 75 bp. Portugal registered a 25 bp increase to 4.50%.
Logistics: Prime yields have increased across Europe over the past 12 months, with a significant increase in Belgium of 125 bp and in Spain of 100 bp. Portugal registered a 75 bp increase to 5.25%.
Residential: According to Catella data, prime yields have increased across Europe over the past 12 months, with a major increase in Spain of 85 bp. This was accompanied by an increase of 15% in €/sqm (sale) and 12% in €/sqm/month (lease) in Madrid's market. In Portugal, the prime yield registered an increase of 50 bp to 4.75%.
There has been a slight decrease in 6- and 12-month Euribor rates. The 6-month Euribor, which is most closely linked to residential mortgages, stands at 4.1% (-4 bp as of June 23). The gap between the 3- and 12-month Euribor rates is decreasing, at 0.19% vs. 0.45% as of May 23.
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