Despite the softness in economic activity, occupier demand generally held up in Q3. And while there are signs that the cyclical slowdown in the euro-zone is starting to hit CEE markets, given their historically low vacancy rates, we think that rents could rise further. What’s more, valuation sentiment improved in a number of CEE markets, meaning yields could be set to fall. Meanwhile, Scandinavia saw another quarter of robust investment activity. And even though all-property yields nudged up in the region, with bond yields set to remain low, we think that they will fall over the next year.
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