World Office Yield Spectrum - 2H/2017 - savills.com Savills World Research
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
World Office Yield Spectrum 2H/2017 savills.com Savills World Research
Savills global
presence
More than 700 owned and associate offices worldwide
Europe
nd
& Chann
e 105 Offices
la
133
l Is
UK, Ire
lands
Offices
Europe
as & Carib
ric
be
65
e
Am
an
Americas East & A ia Pacific
Offices dle f As Asia
ric
Mid
Africa Pacific
273 131
a
Offices Offices
Americas & UK, Ireland Continental Poland Middle East Asia Pacific
Caribbean & Channel Europe Russia & Africa Australia
Bahamas Islands Austria Serbia Bahrain Cambodia
Barbados England Belgium Spain Botswana China
Canada Guernsey Croatia Sweden Israel Hong Kong
Cayman Islands Ireland Czech Republic Switzerland Kenya India
Colombia Jersey Denmark Mauritius Indonesia
Grenada Northern Ireland Finland Mozambique Japan
Mexico Scotland France Namibia Macau
St Kitts & Nevis Wales Germany Oman Malaysia
St Lucia Gibraltar Qatar New Zealand
Turks & Caicos Greece Seychelles Philippines
United States Italy South Africa Singapore
Luxembourg United Arab South Korea
Monaco Emirates Taiwan
Montenegro Zambia Thailand
Netherlands Zimbabwe Vietnam
Norway
World Office Yield Spectrum 2H/2017 | 3
Introduction Effective Yields
This yield is derived by capitalising current market rents
(Net Effective) against current capital values for office
buildings. The Net Effective rent is the rent payable by the
tenant excluding both statutory and operating outgoings
With investment capital becoming more global in its search (recoverables) and excludes the value of any incentive
for returns and diversification, the need for a standardised set paid to the tenant by way of fitout, cash, rental rebate or
of indicators to make sense of opportunities, risk and return rent free. The capital value is calculated to be for the office
expectations has become critical. component only and excludes retail, excess car parking,
signage, storage and other ‘non-office’ sources of income.
The Savills/Deakin University World Office Yield Spectrum
is designed to fill a void in market knowledge.
Weighted Average Cost of Capital
For too long the global property investment community has
been denied a credible, factual yields series which can be (WACC)
reliably used to compare ‘apples with apples.’ This unique The WACC is derived by having reference to the rents
global publication is the culmination of substantial work by described above, the rental growth outlook and the
dozens of researchers in the international Savills team. management fee recoverable from owning the building
Savills Research trusts you find this body of work useful, (in sum a proxy for equity) and the current cost of debt.
illuminating and of value to you in your endeavours. Using a 30 percent/70 percent equity/debt split, a WACC
As always your thoughts, feedback and ideas are most is calculated.
welcome. Please feel free to contact your Savills
representative with regard to this publication. Accretive Premiums
By subtracting the effective and market yields derived above
from the WACC we can calculate the ‘accretion’ inherent in
Methodology each market using the metrics as described.
Market Risk Premiums
Having reference to the market yield calculated above
we subtract the risk free rate (10 year bond) then add
Market Yields the expected annual income growth rate to establish
the ‘expected return for risk.’
This yield is derived by capitalising current market rents
(Net Face) against current capital values for office buildings.
The Net Face rent is the rent payable by the tenant excluding Effective Risk Premiums
both statutory and operating outgoings (recoverables) and Having reference to the effective yield calculated above
includes the value of any incentive paid to the tenant by way we take that yield, subtract the risk free rate (10 year bond)
of fitout, cash, rental rebate or rent free. The capital value is then add the expected annual income growth rate to
calculated to be for the office component only and excludes establish the ‘expected return for risk.’
retail, excess car parking, signage, storage and other
“non-office” sources of income.
4 | World Office Yield Spectrum 2H/2017
World Cities
Expectations of higher
interest rates have
remained just that,
expectations. Uneven
economic data as well as
rising geo-political tensions
have combined to create an
unstable environment for
rate increases.
Looking at the market over the next six months, a healthy deal
pipeline and plenty of momentum suggest that real estate has
not fallen out of favour as an asset class.
While prices remain generally high or continue to rise, however,
volumes have softened as willing sellers are currently thin on
the ground and potential purchasers balk at high valuations.
We continue to believe that there is no shortage of capital out
there and sovereign funds and institutions continue to raise
their allocations to real estate, in some cases from single to
double digits. Chinese capital meanwhile is becoming more
selective.
With treasuries set to continue to underperform, real estate
will remain a popular investment class and today’s low yielding
environment should therefore persist. Should interest rates
rise without being underpinned by strong growth (higher rental
income), however, current yield levels would quickly look
unsustainable.
Investment strategies are being influenced by opportunities
being presented by digital disruption as well as demographic
trends such as aging populations, urbanization and the rise of
the millennial generation. Technology meanwhile continues to
defy traditional definitions of real estate use as, for example,
the difference between living and working environments and
traditional bricks and mortar retail and logistics become less
clear cut.World Office Yield Spectrum 2H/2017 | 5
World Office
World Office CBD Grade
CBD A Market
Grade Yields
A Market (percent)
Yields (%) byby Region
Region and and
City City
June 2017 Jun-17
10%
Australia/NZ
9%
Asia
8%
Europe
7%
United States
6%
5%
4%
3%
2%
1%
0%
Source: Savills Research
World Office
World Office CBD Grade A Effective Yields (percent) by Region and City
CBD Grade A Effective Yields (%) by Region and City
June 2017 Jun-17
9%
Australia/NZ
8%
Asia
7%
Europe
6%
United States
5%
4%
3%
2%
1%
0%
Source: Savills Research
Simon Smith
Senior Director – Research Asia Pacific
+852 2842 4573
ssmith@savills.com.hk6 | World Office Yield Spectrum 2H/2017
World Office Yield Spectrum 2H/2017 | 7
World Cities/CBD/Grade A Office
Market Yields June 2017 Effective Yields June 2017
10% 10%
8% 8%
6% 6%
4% 4%
2% 2%
0% 0%
Source: Savills Research Source: Savills Research
Market Risk Premium June 2017 Effective Risk Premium June 2017
6% 6%
5% 5%
4% 4%
3% 3%
2% 2%
1% 1%
0% 0%
-1%
Source: Savills Research Source: Savills Research
Market Yield Change January 2017 – June 2017 Effective Yield Change January 2017 – June 2017
1.0% 1.0%
0.5% 0.5%
0.0% 0.0%
-0.5% -0.5%
-1.0% -1.0%
Source: Savills Research Source: Savills Research8 | World Office Yield Spectrum 2H/2017
Asia
Asian office markets reflect qualitative easing rather than
For three years running, economic fundamentals, looking ahead, we would pay
attention to the impact of volatile swings in global capital flows
optimism has dominated and currency movements once the interest rate environment
begins to normalize.
the Asian office sector
Asian Office Property Sales (US$ million)
as cheap money has June 2007 – June 2017 Asian Office
Office Property Sales (US$m)
Sep-07 to Jun-17
continued to flood local
$30,000
$25,000
markets and rents and $20,000
$15,000
capital values have $10,000
$5,000
continued to rise across the $0
region. Source: RCA/Savills Research
Source: RCA/Savills Research
The increasing capital inflows have resulted in cap rate
compression to decade lows but buoyant demand has
Asian Office Property Buyer Profile
inevitably lead to more new prime office completions and Asian Office
vacancy rates are finally beginning to creep up.
6 months to June 2017
Office Property Buyer Profile (%)
6 months to Jun-17
Investors have generally adopted a positive outlook for local REIT/Listed
13%
office markets, their confidence bolstered by strong economic Institutional
Private
growth expectations. The most active markets have been 20%
2%
China, followed by Japan and Hong Kong. However, limited Government
stock available for sale in prime areas has meant that investors 3%
User/Other
have increasingly turned their attention to development 4%
projects in secondary locations. Consequently, transaction
volumes of income producing assets have dropped Owner Occupier
20%
significantly and are unlikely to revert in the short term. Cross-Border
40%
Overseas investors’ transaction volumes increased by between
1% and 39% in 1H/2017 compared with 1H/2016, remaining
in positive territory. The global search for yield has traditionally
Source: RCA/Savills Research
been one of the main reasons behind investment in the Asia
Pacific office sector and China has remained a top pick for
overseas investors given the market’s size and importance for
any truly global asset manager.
Regarding Asia Pacific outbound investment in the office
market, three major capital sources have proved dominant;
Hong Kong; China; and South Korea. The UK was the most Simon Smith
attractive destination for Asian investors (despite the risks of Senior Director – Research Asia Pacific
Brexit) due to a weak pound, followed by the US. +852 2842 4573
While there is a long term argument that asset values in the ssmith@savills.com.hkWorld Office Yield Spectrum 2H/2017 | 9
Asia/CBD/Grade A Office
Market Yields June 2017 Effective Yields June 2017
12% 12%
10% 10%
8% 8%
6% 6%
4% 4%
2% 2%
0% 0%
Source: Savills Research Source: Savills Research
Market Risk Premium June 2017 Effective Risk Premium June 2017
6% 6%
5% 5%
4% 4%
3% 3%
2% 2%
1% 1%
0% 0%
-1%
Source: Savills Research Source: Savills Research
World Office World Office
Market YieldAsian
Change January
CBD Grade 2017
A Market Yield – June
Change (%) 2017 Effective Yield
AsianChange
CBD Grade AJanuary 2017
Effective Yield – June
Change (%) 2017
Jun-16 to Dec-16 Jun-16 to Dec-16
1.0% 1.0%
0.5% 0.5%
0.0% 0.0%
-0.5% -0.5%
-1.0% -1.0%
-1.5% -1.5%
Source: Savills Research Source: Savills Research
Source: Savills Research Source: Savills Research10 | World Office Yield Spectrum 2H/2017
UK/Europe
Europe and UK Office Property Sales (€ million)
Our projection for the total December 2007 – June 2017
Europe and UK Office
Office Property Sales (€m)
Dec-07 to Jun-17
investment volume is that
300,000 €
250,000 €
it will remain broadly in 200,000 €
150,000 €
line with last year’s levels, 100,000 €
potentially 5-10% lower, in
50,000 €
0€
the region of €200bn. Source:
Source: RCA/Savills Research
RCA/Savills Research
With the threat of anti-EU parties alienated, the downside
risks to the European economy are considered marginal. Total
commercial investment activity in Q1 2017 was in the region of Europe and UK OfficeEuropeProperty Buyer Profile
and UK Office
€44.5m, in line with the same quarter last year but 37% below 6 months to June 2017
Office Property Buyer Profile (%)
6 months to 2017
Q4 2016. The share of the core markets dropped further from REIT/Listed
19%
66.6% last year to 65.1%, compared to 70% in 2007. This
is the result of the high liquidity, which has spread beyond
the core markets where the supply of quality product has
become limited. Rising cross border investor interest in Nordic
countries and the high volume of cross border investment in Private/Unlisted
Germany, France, Italy and the UK have squeezed the share of 21%
domestic investment. In Q1 2017 the average European prime Institutional
CBD office yield dropped for the first time on record just below 55%
4%. We expect the average CBD office yield to remain slightly User/Other
below 4.0% during the course of the year. Less prospects for Unknown
3%
capital gains has shifted investor focus on income. In the office 2%
sector good fundamentals shaped by economic resilience,
demand for quality space and restricted development pipeline Source: RCA/Savills Research
support a positive outlook for prime values in the CBD
locations. Our forecast for the average annual rental growth at
the end of 2017 is 3.6%, driven by Oslo (28.2%), Stockholm
(8.3%), Amsterdam (8.0%) and Paris CBD (7.6%).
Lydia Brissy
Director – Research Europe
+33 1 44 51 73 88
lbrissy@savills.comWorld Office Yield Spectrum 2H/2017 | 11
Europe/CBD/Grade A Office
Market Yields June 2017 Effective Yields June 2017
10% 10%
8% 8%
6% 6%
4% 4%
2% 2%
0% 0%
Source: Savills Research Source: Savills Research
World Office World Office
Market Risk Premium
European June
CBD Grade 2017
A Market Risk Premium (%) Effective Risk Premium
European June
CBD Grade A 2017
Effective Risk Premium (%)
Jun-17 Jun-17
6% 6%
5% 5%
4% 4%
3% 3%
2% 2%
1% 1%
0% 0%
Source: Savills Research Source: Savills Research
Source: Savills Research Source: Savills Research
Market Yield Change January 2017 – June 2017 Effective Yield ChangeWorld January
Office 2017 – June 2017
European CBD Grade A Effective Yield Change (%)
Jun-16 to Dec-16
1.0% 1.0%
0.5% 0.5%
0.0% 0.0%
-0.5% -0.5%
-1.0% -1.0%
Source: Savills Research Source:
Source: Savills
Savills Research
Research12 | World Office Yield Spectrum 2H/2017
United States
rearview mirror for most markets. Some office and industrial
The U.S. economy posted markets seem to have more room for growth, though. This
includes many of the top tech markets – Silicon Valley, Seattle
its 81st consecutive month and Boston. These markets have punched through the IPO
contraction and devaluation of 2016. Assets in these core
tech markets are priced to perfection, though, with cap rates
of private sector job gains consistently under 6.0% and pricing generally exceeding $400/
sf. Sunbelt markets such as Dallas/Fort Worth, Atlanta and
Phoenix have a bit more life in terms of rental rate growth, and
during June – the longest cap rates for most assets are 150 to 250 basis points higher
with pricing typically under $300/sf.
stretch of gains on record.
Employers in many different United States Office Property Sales (US$ million)
June 2007 – June 2017
industries and cities cite $140,000
$120,000
talent shortfalls as their
$100,000
$80,000
$60,000
biggest challenge. $40,000
$20,000
$0
Similarly, investors face difficulty finding enough quality assets
to purchase. Based on sales through May, commercial
property sales in the U.S. totalled $154.9 billion, down by
Source: RCA/Savills Research
15.0% year-on-year. Transaction activity has declined 12 of
the last 16 months. So far, this still appears to be primarily a
supply shortfall. Even as volume has declined, pricing has not
dropped. United States Office Property Buyer Profile
United States Office
Calendar year to May 2017
Office Property Buyer Profile (%)
Demand for assets remains strong, but many investors have Year to May-17
become increasingly discerning. More buyers are steering clear
of sub-4.0% cap rates in gateway markets such as New York
City and San Francisco. Buyers continue to push to secondary Private Investor
39%
markets and niche assets, however; there are only so many
institutional-grade assets in Austin, Nashville or similar cities. Foreign Investor
22%
Far fewer entity-level and portfolio sales have been completed,
particularly in the industrial and multi-family sectors. Some
buyers are stepping well outside of their comfort zone as they
try to diversify. Blackstone, for example paid $745 million for
Owner Occupier
3,400 senior housing units from Welltower and $1.1 billion for 7%
64 properties operated by Brookdale Senior Housing. Fund Undisclosed
1%
26% Trust
5%
Chicago is a good example of how the dropoff in volume is
tied to a winnowing of quality assets. Many of its trophy towers Source: RCA/Savills Research
were sold in 2014 and 2015. Office property sales have shifted
to value-add assets. These buildings could have a strong Keith DeCoster
upside for owners that invest in capital improvements and Director, US Real Estate Analytics
assuming that demand holds up in this market.
+1 (212) 326 1023
The steepest part of the cycle in terms of NOI growth is in the
kdecoster@savills-studley.comWorld Office Yield Spectrum 2H/2017 | 13 United States/CBD/Grade A Office Market Yields June 2017 Effective Yields June 2017 10% 10% 8% 8% 6% 6% 4% 4% 2% 2% 0% 0% Source: Savills Research Source: Savills Research Market Risk Premium June 2017 Effective Risk Premium June 2017 6% 6% 5% 5% 4% 4% 3% 3% 2% 2% 1% 1% 0% 0% Source: Savills Research Source: Savills Research Market Yield Change January 2017 – June 2017 Effective Yield Change January 2017 – June 2017 1.0% 1.0% 0.5% 0.5% 0.0% 0.0% -0.5% -0.5% -1.0% -1.0% Source: Savills Research Source: Savills Research
14 | World Office Yield Spectrum 2H/2017
Australia/New Zealand
Office Property Sales (AU$ million)
Whilst appetite for June 2007 – June 2017Australian Office
Office Property Sales (AU$m)
Jun-07 to Jun-17
Australian commercial
$20,000
$18,000
$16,000
property remains strong,
$14,000
$12,000
$10,000
diminishing supply weighed
$8,000
$6,000
$4,000
on investment volumes in $2,000
$0
FY-17 Source:
Source: Savills
Savills Research
Research
Australian performance drives overseas investor activity in
FY-17 Office Property Buyer Profile
Australian Office
Office Property Buyer Profile (%)
12 months to June 2017 months to Jun-17
12
Savills recorded $15.1bn of major office sales over FY-17,
which while down on the record set in FY-16, was over
50% higher than the 10 year average of circa $10bn. Foreign Investor
50%
The standout statistic was the high proportion of overseas
buyers that represented 50% of acquisition volume for the Syndicate
1%
year, although domestic demand remained evident with Owner Occupier
Government
3%
Dexus concluding the largest acquisition with $722.6m for 2%
Developer
50% of Sydney’s MLC Centre. 5%
Private Investor
Clear bias from overseas investors was shown for the Trust Other
8%
strongly performing markets of Melbourne and especially 13% 2%
Fund
Sydney, where a tight leasing market, due to material stock 16%
withdrawals, drove effective rental growth upward of 35%
Source: Savills Research
in Grade A stock. However with tightening yield and IRR
hurdles, as the industry continues to adjust to a 10yr Bond
Rate at sub 3.0%, capital growth was evident across the
country.
FY-17 may also be remembered as the year the two-
speed nature of the Australian economy and property
markets began to normalise. While a number of economic
indicators have heavily favoured NSW and Victoria over
recent years, strong growth in corporate revenues for the
mining sector, and a trend toward tenant re-centralisation,
led to positive net absorption results across both the
Brisbane and Perth; with those two markets also recording
meaningful declines in vacancy.
As such, a number of domestic investors have focused on Chris Freeman
counter-cyclical opportunities, although Sydney still looks National Head, Capital Strategy
attractive due to low upcoming supply, while Melbourne’s +61 (0) 2 8215 6093
economic outlook and demand drivers now lead the nation.
cfreeman@savills.com.auWorld Office Yield Spectrum 2H/2017 | 15
Australia/New Zealand/CBD/Grade A Office
World Office World Office
Market Yields JuneZealand
Australia/New 2017 CBD Grade A Market Yields (%) EffectiveAustralia/New
Yields June 2017
Zealand CBD Grade A Effective Yields (%)
Jun-17 Jun-17
10% 10%
8% 8%
6% 6%
4% 4%
2% 2%
0% 0%
Source: Savills Research Source: Savills Research
Source: Savills Research Source: Savills Research
World Office World Office
MarketAustralia/New
Risk Premium June
Zealand CBD 2017
Grade A Market Risk Premium (%) Effective Risk Premium
Australia/New JuneA 2017
Zealand CBD Grade Effective Risk Premium (%)
Jun-17 Jun-17
6% 6%
5% 5%
4% 4%
3% 3%
2% 2%
1% 1%
0% 0%
Source: Savills Research Source: Savills Research
Source: Savills Research Source: Savills Research
Market Yield Change June 2016 – December 2016
World Office Effective Yield ChangeWorld
June 2016 – December 2016
Office
Australia/New Zealand CBD Grade A Market Yield Change (%) Australia/New Zealand CBD Grade A Effective Yield Change (%)
Jun-16 to Dec-16 Jun-16 to Dec-16
1.0% 1.0%
0.5% 0.5%
0.0% 0.0%
-0.5% -0.5%
-1.0% -1.0%
Source: Savills Research Source: Savills Research
Source: Savills Research Source: Savills ResearchWorld Office Yield Spectrum 2H/2017 | 17
About
Savills Deakin University
With a rich heritage and a reputation for excellence that dates Through its agenda LIVE the future, Deakin aims to build the
back to 1855, Savills is a leading global real estate provider jobs of the future, using the opportunities of the digital age
listed on the London Stock Exchange. to widen access to education and make a difference to the
communities it serves.
Savills advises corporate, institutional and private clients,
seeking to acquire, lease, develop or realise the value of Deakin enjoys a reputation for being accessible, helpful and
prime residential and commercial property across the world’s friendly. It has a longstanding record for its use of cutting-edge
key markets. information technology while providing highly personalised
experiences, whether in the cloud on Deakin’s media-rich
Savills is a company that leads rather than follows with
campuses or through a combination of cloud and campus
more than 700 owned and associate offices throughout the
learning. Deakin has over 50,000 students, with a third
UK, Europe, Americas, Asia Pacific, Africa and the Middle
choosing to study wholly in the cloud (online).
East. With more than 30,000 staff, we seek out people who
possess that rare mix of entrepreneurial flair and rock solid Deakin was awarded a 5-star rating by the prestigious
integrity, and are focused on delivering clients with advice university ranking organisation Quacquarelli Symonds (QS);
and expertise of the highest calibre. the rating indicates Deakin is world-class in a broad range
of areas, has cutting-edge facilities and is internationally
A powerful combination of global connections and deep local
renowned for its research and teaching. Deakin is in the
knowledge provides Savills with an almost unparalleled ability
top 50 of the QS ranking of the world’s universities under
to connect people and property.
50 years.
Savills extensive Asia Pacific network spans 50 offices
Deakin is now in the top 3 percent of the world’s universities
throughout Australia, New Zealand, China, Hong Kong,
in each of the three major international rankings including the
India, Indonesia, Japan, Korea, Macao, Malaysia, Myanmar,
prestigious Shanghai Jiao Tong Academic Ranking of World
Philippines, Singapore, Taiwan, Thailand and Vietnam.
Universities (ARWU), Times Higher Education and QS World
Savills offers the full spectrum of services from providing University Rankings. Established in 1974, Deakin was Victoria’s
strategic advice to managing assets and projects and fourth university and the first in regional Victoria. In 2014
transacting deals. With a firmly embedded corporate culture Deakin celebrated its 40th anniversary.
that values initiative, innovation and integrity, clients receive
Deakin has been strengthened by a series of successful
outstanding service and can be assured of the utmost
mergers with strong partners, each of whom has contributed
professionalism.
significantly to our character and approach. Today, Deakin
For advice that gives advantage, contact Savills. operates in a global, connected world with the digital economy
influencing every aspect of our activities.
Chris Freeman Professor Richard Reed
National Head, Capital Strategy Chair in Property & Real Estate
+61 (0) 2 8215 6093 +61 (0) 3 9251 7605
cfreeman@savills.com.au r.reed@deakin.edu.auSavills Key Contacts
Cross Border Investment
United Kingdom Europe Australasia
Simon Hope Tristam Larder Paul Craig
Head of Global Director, European Investment CEO
Capital Markets +44 (0) 20 7409 8014 +61 (0) 2 8215 8888
+44 (0) 20 7409 8725 tjlarder@savills.com pcraig@savills.com.au
shope@savills.com
Chris Gillum
Rasheed Hassan Director, European Investment North America
Director, Head of +44 (0) 20 7409 5918 Michael O’Callaghan
Cross Border Investment cgillum@savills.com Senior Managing Director
+44 (0) 20 7409 8836 +1 (212) 328 3942
rhassan@savills.com mocallaghan@savills-studley.com
Asia Pacific
Ned Baring Frank Marriott Richard Stevenson
Director, Residential Regional Director, Associate Director
Cross Border Investment Investment Advisory +1 (212) 328 3972
+44 (0) 20 7409 9998 +852 2842 4475 rstevenson@savills-studley.com
nbaring@savills.com fmarriott@savills.com.hk
Savills Investment Middle East
Management Hassan Farran
Jon Crossfield Director, Cross Border
Head of Investment Mandates Investment
+44 (0) 207 409 8886 +971 56 607 6263
jon.crossfield@savillsim.com hfarran@savills.com
Revisions: None for this edition.
This information is general information only and is subject to change without notice. No representations or warranties of any nature whatsoever are given, intended or implied.
Savills will not be liable for any omissions or errors. Savills will not be liable, including for negligence, for any direct, indirect, special, incidental or consequential losses or
damages arising out of our in any way connected with use of any of this information. This information does not form part of or constitute an offer or contract. You should rely
on your own enquiries about the accuracy of any information or materials. All images are only for illustrative purposes. This information must not be copied, reproduced or
distributed without the prior written consent of Savills. © Savills 2017Worldwide Research
Asia Pacific Europe Italy Poland
Simon Smith Mat Oakley Cristina Taccagni Wioleta Wojtczak
Senior Director, Research Head of European Research Business Executive Assistant Associate Head of Research
+852 2842 4573 +44 (0) 20 7409 8781 +39 02 3600 6747 +48 (0) 600 422 216
ssmith@savills.com.hk moakley@savills.com ctaccagni@savills.it wwojtczak@savills.pl
Lydia Brissy
Australia European Research Director Japan Singapore
Chris Freeman +33 1 44 51 73 88 Tetsuya Kaneko Alan Cheong
National Head, lbrissy@savills.com Director, Research Senior Director,
Capital Strategy Eri Mitsostergiou and Consultancy Research & Consultancy
+61 (0) 2 8215 6093 European Research Director +81 (3) 6777 5192 +65 6415 3641
cfreeman@savills.com.au +40 7 2820 5626 tkaneko@savills.co.jp alan.cheong@savills.com.sg
emitso@savills.com
Belgium Korea Spain
Henry Colle France JoAnn Jieun Hong
Gema de la Fuente
Senor Investment Analyst Marie Josée Lopes Director, Research
Director, Research
+32 2 542 40 54 Head of France Research & Consultancy
+34 91 310 10 16
hcolle@savills.be +33 1 44 51 17 50 +82 (0) 2 2124 4182
gfuente@savills.es
mjlopes@savills.fr jhong@savills.co.kr
China Taiwan
Germany Luxembourg
James Macdonald Erin Ting
Head of Research China Matthias Pink Esther Himbert
Advisor Associate Director
+8621 6391 6688 Head of Germany Research +886 (2) 8789 5828 137
james.macdonald@ +49 30 726 165 134 +352 20 60 65 24
ehimbert@savills.lu eting@savills.com.tw
savills.com.cn mpink@savills.de
Jack Xiong Netherlands United States
Head of Project & Hong Kong
Jordy Kleemans Keith DeCoster
Development Consultancy, Jack Tong
Head of Research & Director,
Beijing Director, Research
Consultancy US Real Estate Analytics
+8610 5925 2042 & Consultancy
+31 (0) 20 301 2000 +1 (212) 326 1023
jack.xiong@savills.com.cn +852 2842 4213
jordy.kleemans@savills.nl kdecoster@savills-studley.com
jtong@savills.com.hk
Dahuang Chen
Associate Director of
Indonesia New Zealand Vietnam
Research
Steven Dunlop Troy Griffiths
+8623 6370 3388 Anton Sitorus
Director, Valuation & Advisory Deputy Managing Director
dahuang.chen@savills.com.cn Director, Research
+64 (0) 9 951 5917 +84 (0) 933 276 663
& Consultancy
Robert Ritacca sdunlop@savills.co.nz tgriffiths@savills.com.vn
+62 (21) 293 293 80
Senior Manager of Research anton.sitorus@savills.co.id
+86755 8828 5241 Philippines World Research
robert.ritacca@savills.com.cn
Ireland Fredrick Rara Yolande Barnes
Manager, Research & Director, World Research
John McCartney
Denmark Consultancy +44 (0) 20 7409 8899
Director of Research
+632 403 5519 ybarnes@savills.com
Casper Abild +353 1 618 1427
john.mccartney@savills.ie fredrick.rara@kmcmaggroup.
Investment Analyst com
+45 3364 6564
car@nybolig.dksavills.com Savills World Research
You can also read
