INVESTMENT TRANSACTION VOLUME STABLE COMPARED TO PREVIOUS YEAR
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Commercial investment volume posted at €17.5bn in the first nine months of 2025, reflecting a slight yoy decrease. However, since mid-year there has been a noticeable upturn in the markets, as reflected by the transaction volume, which amounted to €6.1 billion in the past three months—around 7% higher than in the same period last year. Performance nevertheless failed to meet the expectations set out at the beginning of the year. This can be attributed to several factors, the first being that the overall economic situation remains lacklustre.
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After relinquishing its top spot as the dominant asset class in the past two years, office has reclaimed first place in terms of transaction volume. At just under €4.47bn, office assets accounted for a good 25% of total results, up roughly 23% yoy. Investors are regaining confidence that demand for office space will remain stable long term. Logistics and retail assets took a close second and third place, respectively, with €4.17 billion (-5%) and €4.14 billion (-16%) invested. Further down the list are hotel investments with €1.43 billion (+44% y-o-y) and healthcare properties with €1.18 billion (+63% y-o-y).
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Prime yields remained generally stable, with only the logistics segment recording a rise by 15 basis points to 4.40%. Average net prime yields for office assets in tier-1 locations continue to post 4.36%, while the average for inner-city retail properties remains at 3.76%. Yields for retail parks remain unchanged as well at 4.65% with discounters/supermarkets continuing to post 4.90%. Shopping centre yields also trended sideways (5.60%).