Of the four main financial hubs of Europe, we think it is Paris that will deliver the best total returns for offices. An annual average of around minus 10% over the next two years will be better than offices in Frankfurt (-14%), Zurich (-17%) and London (approaching -20%). Even if Paris does outperform, however, the bottom line is that the global credit crunch, the problems in the banking sector and economic recession all mean that office returns everywhere are likely to be negative.
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