The real impact of the ECB’s new QE programme on GDP growth and occupier demand will initially be stymied by the Greek election results and the ensuing debt re-negotiations. However, investors will be further driven from low-yielding fixed income assets into real estate, particularly in the core euro-zone markets and non-euro-zone markets. Thus, stronger competition for relatively limited prime product could drive an additional 10bps fall in prime yields in 2015.
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