Documente Academic
Documente Profesional
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QUARTERLY
MARKETBEAT
UNITED KINGDOM
A Cushman & Wakefield Research Publication
CONTENTS
UK Property Investment
Economic Overview
Property Finance
Industrial
2016
2017
Rental Growth pa
4.2%
3.9%
2.4%
Total Returns pa
13.8%
10.1%
7.1%
Regional Offices
London Offices
Retail
10
London Residential
12
Hospitality
13
Research Services
15
UK PROPERTY INVESTMENT
One year
One quarter
Shops
3.8%
7.9%
1.1%
Industrial
2.6%
3.7%
0.6%
6.3%
7.4%
1.1%
Offices-Central London
8.3%
10.0%
1.5%
Dec 13
Dec 14
Dec 15
Shops
5.78%
5.60%
5.32%
Industrial
6.79%
5.92%
5.68%
6.16%
5.79%
5.53%
Offices-Central London
4.72%
4.42%
4.08%
Sector Trends
ECONOMIC OVERVIEW
ECONOMIC INDICATORS
Source: ONS
Monetary policy is
expected to remain highly
accommodative in 2016
2015
Source: Consensus Forecasts
ECONOMIC SUMMARY
Economic Indicators
2012
2013
2014
2015E
2016F
GDP Growth
0.7
1.7
2.9
2.2
2.2
CPI Inflation
2.8
2.5
1.5
0.0
0.5
Consumer Spending
1.5
1.7
2.6
3.0
2.8
Corporate Investment
0.7
3.4
7.3
4.4
4.8
Manufacturing Output
-1.3
-0.7
1.3
1.2
0.8
0.5
0.5
0.5
0.6
0.6
2.1
2.8
2.6
1.9
2.1
PROPERTY FINANCE
The UK lending environment remains positive, with Cushman
and Wakefields recent European Lending Trends report
indicating that the majority of lenders expect to maintain or
expand their activities in 2016. With confidence high, lenders
are still showing a healthy appetite for new loan origination
albeit the pace of growth is expected to ease in the first
half of 2016 while refinancing activity has remained stable.
There are still some challenges for borrowers in raising
development finance for regional opportunities, with fewer
lenders active in this segment and pre-lets still a prerequisite for many finance providers.
Banks made a strong return to the market in 2015 and have
been competing hard with non-bank lenders, including
institutions, debt funds and private equity. While the
majority of market participants are involved in the senior
debt segment, there has been a strong increase in the
number of lenders involved in the whole loan financing
segment as they search for higher returns. In many cases,
this can involve syndicating the senior or mezzanine tranche.
The mezzanine finance market on its own is also highly
competitive, with the attractive risk-adjusted returns on
offer especially in the regions proving tempting for a
broad range of providers.
Average loan to value (LTV) ratios for senior debt remained
relatively stable at 60-70% in 2015, with debt funds typically
willing to lend at higher LTVs compared to commercial
banks and institutions. Competitive bidding has ensured that
average senior debt margins on core assets still range
between 125bps to 200bps. Generally, commercial banks are
willing to lend at margins of less than 200bps, with
institutional margins ranging between 300-400bps, while
debt fund margins are typically in excess of 400bps. Some
parts of the UK market did see an increase in pricing in Q4
2015, with margins in London, for example, rising by an
average of 25bps over the quarter. This is expected to have
been a short term blip, however, rather than being part of a
longer term trend.
INDUSTRIAL
Occupier demand in the logistics sector remains strong and
continues to be driven primarily by the fast growing
e-commerce industry and third party logistics providers
(3PLs). While much of the demand is still focused on modern,
big box space, there is also healthy demand for mid box
space and cross dock facilities as occupiers look for
opportunities to optimise their distribution networks across
the UK. Take-up has been boosted by greater activity in the
secondary market, with occupiers continuing to broaden their
search criteria to access suitable stock across all size ranges.
Some parts of the manufacturing sector, such as automotive,
are also generating healthy demand for large warehousing
space, particularly in the Midlands region. The multi-let sector
is seeing stronger demand across most regions, but most
notably in the South East.
Speculative big box development activity has picked up
strongly in recent quarters, with growing appetite for
developing schemes in locations outside of the M1/M6/M25
corridors. Occupiers have been holding back from build-tosuit schemes in areas where preferable speculative
development is increasing most notably in the South East
- although the competition for these new units is intense and
many are being snapped up quickly for occupation. The big
box market is still recording rental growth in key regional
locations, while rising demand and a lack of development is
maintaining the upward pressure on headline rents in the
multi-let sector. Incentives are still being compressed, albeit
they have limited capacity to tighten further.
Investors continue to
compete hard for the
limited prime stock
Investment appetite for industrial assets remains robust, with
overseas investors continuing to compete hard with UK
institutions and private investors for the limited prime
opportunities. Whilst demand remains for Greater London
and South East multi-let stock and prime logistics locations
across the country, UK institutions have become increasingly
selective as vendor expectations have strengthened and cash
inflows have declined. Nevertheless, a reduced (when
compared with Q4 2014) stream of single-let distribution and
multi-let portfolios being brought to market in the final
quarter of 2015 has underpinned strong transactional activity
across all regions. Examples of this in Q4 included TH Real
Estates acquisition of four assets within the Click distribution
warehouse portfolio for 87 mn from Prologis and DTZ
Investors acquisition of four assets within the Wellington
multi-let portfolio for 82.5 mn from Threadneedle.
Activity in the secondary markets remains healthy, with a
broad range of buyers targeting these markets and taking
advantage of higher yield profiles, where performance is
driven primarily by the currently strong occupational markets.
Activity has focused on short to mid-term distribution
warehouses in strong locations and well-let regional multi-let
estates, with recent examples including the MStar Portfolio
acquired by IO Asset Management for 76 mn and the
Cordatus acquisition of the Lion Portfolio for 25.7 mn.
London Heathrow
Rental Level
PA Growth
Shortterm
5 years 1 year Trend
/sq.ft/yr
/sq.m/yr
13.75
201
2.2
3.8
Manchester
6.25
91
2.5
0.0
Birmingham
6.50
95
1.5
8.3
Nottingham
5.75
84
1.5
8.3
Bristol
8.00
117
2.6
3.2
Leeds
5.75
84
2.7
9.5
Newcastle
5.10
74
3.5
2.0
Cardiff
6.00
88
1.7
9.1
Edinburgh
6.75
99
-2.0
3.8
Glasgow
6.00
88
0.0
0.0
10 Year Record
Last
Quarter
High
Low
Shortterm
Trend
London Heathrow
4.75
4.75
7.00
4.75
Manchester
5.50
5.50
7.75
5.25
Birmingham
5.25
5.25
8.00
5.00
Nottingham
5.75
5.75
8.00
5.25
Bristol
6.00
6.00
8.00
5.25
Leeds
6.00
6.00
8.25
5.25
Newcastle
6.50
6.50
8.50
5.75
Cardiff
6.50
6.50
8.50
5.50
Edinburgh
6.00
6.00
8.75
5.00
Glasgow
6.50
6.50
8.50
5.50
REGIONAL OFFICES
Favourable occupational
trends underpinning an
increase in risk appetites
Most UK regions are seeing upward pressure on rents and
incentives are being gradually tightened. Further growth in
rents is anticipated as new, higher quality projects come
on-line and competition over suitable available space
intensifies.
Regional office investment volumes were 8.35 bn in 2015,
the highest annual total since 2006, although this masks a
slowdown in H2 2015, as UK institutions took their foot off
the throttle. This pause in the market is likely to be short
lived, although the uncertainty around Brexit in H1 2016 may
impact on the amount of capital targeting the office sector.
Buying patterns indicate that much of the demand is still
focused on prime assets in tier 1 cities, although the best
stock in tier 2 cities is also generating healthy demand and
competitive bidding. The favourable occupational backdrop
has underpinned a steady increase in risk tolerances, with
more investors willing to consider opportunities higher up
the risk curve. Prime regional office yields were relatively
stable throughout the second half of 2015, although there
are some signs that investors may be re-evaluating their
views on pricing and risk amid growing concerns over global
volatility. Cushman & Wakefield forecast that prime regional
office yields will remain relatively unchanged across most
markets in 2016, with some softening in yields anticipated in
2017.
PA Growth (%)
1 year
Shortterm
Trend
3.4
1.5
3.4
6.3
438
1.7
5.3
416
0.7
1.8
394
1.5
3.8
/sq.ft/yr
/sq.m/yr
5 year
compound
Reading
34.00
497
Manchester
34.00
497
Birmingham
30.00
Bristol
28.50
Leeds
27.00
Newcastle
22.00
321
1.8
2.3
Cardiff
24.00
351
2.6
9.1
Edinburgh
32.50
475
3.2
8.3
Glasgow
29.50
431
1.7
0.0
Yield Level
Last Quarter
High
10 Year Record
Low
Shortterm
Trend
Reading
4.90
4.90
7.50
4.90
Manchester
5.00
5.00
7.25
4.75
Birmingham
5.00
5.00
7.00
4.75
Bristol
4.85
4.85
7.25
4.75
Leeds
5.00
5.00
7.50
4.75
Newcastle
5.75
5.75
7.50
5.00
Cardiff
5.50
5.50
8.00
5.00
Edinburgh
5.25
5.25
7.25
4.75
Glasgow
5.50
5.50
7.50
4.50
LONDON OFFICES
Rental Level
/sq.m/yr
5 year
1 year
Shortterm
Trend
125.00
1,826
6.8
8.7
Victoria
82.50
1,205
7.0
6.5
City Core
66.50
971
4.2
7.3
Clerkenwell/
Shoreditch
62.50
913
9.3
13.6
Midtown
65.00
949
5.2
6.1
Paddington
62.50
913
4.6
8.7
Mayfair &
St James
PA Growth
10 Year Record
High
Low
Shortterm
Trend
Mayfair &
St James
3.25
3.25
6.00
3.25
Victoria
4.00
4.00
6.50
4.00
City Core
4.00
4.00
6.75
4.00
Clerkenwell/
Shoreditch
4.25
4.25
7.75
4.25
Midtown
4.00
4.00
7.00
4.00
Paddington
4.50
4.50
7.00
4.50
Dec 15
7.26
6.85
6.77
2.85
2.19
2.06
West End
2.79
3.05
3.49
0.84
0.99
1.04
RETAIL
High Street Central London
London continued to attract high numbers of overseas
visitors throughout 2015, with annual sales growth reaching
its highest level since 2006. Occupational demand remains
robust and is driven mainly by overseas retailers, with
previously strong demand from UK fashion retailers such as
All Saints, Jack Wills and Cult/Superdry having waned
recently. The major grocery retailers in the UK are still
seeking to extend their Central London presence through
local convenience stores and continue to bid aggressively
for the best locations. Most streets are seeing strong
demand and rental growth, but the areas that have
performed particularly well are those under single estate
ownership. Record rental levels were achieved on many of
the main thoroughfares in 2015, but niche locations in
Central London such as Marylebone High Street, Belgravia,
Mount Street, Jermyn Street and Burlington Arcade have
also witnessed strong rental growth.
The weight of capital targeting Central London retail assets
remains very high, despite the lack of opportunities and low
yields on offer. Prime yields are at the lowest levels on
record, although this has yet to deter investors, who remain
confident in the wealth preservation qualities of these assets
and the prospects for further rental growth at rent review.
There is also healthy appetite for opportunities outside the
prime core, including assets that offer asset management
potential in less popular streets, which is maintaining
downward pressure on yields across all locations.
Rental Level
Zone A
/sq.ft/yr
/sq.m/yr
5 year
1 year
Shortterm
Trend
1,500
13,145
9.6
20.0
London-City
260
1,937
3.9
0.0
Manchester
270
2,011
1.6
8.0
Birmingham
225
1,676
-2.1
0.0
Bristol
150
1,117
-1.3
3.4
Leeds
250
1,862
0.0
0.0
Newcastle
240
1,788
-0.8
6.7
Cardiff
220
1,639
-1.8
2.5
Edinburgh
210
2,109
2.0
10.5
Glasgow
260
2,611
0.8
2.0
10
PA Growth
Current
Last Quarter
10 Year Record
High
Low
Shortterm
Trend
London-West End
2.25
2.25
4.25
2.25
London-City
4.50
4.50
6.50
4.50
Manchester
4.50
5.00
6.75
4.25
Birmingham
4.75
5.25
6.75
4.25
Bristol
5.25
5.50
6.75
4.50
Leeds
4.75
4.75
6.25
4.25
Newcastle
4.75
5.25
6.25
4.00
Cardiff
5.00
5.00
6.50
4.00
Edinburgh
4.75
5.00
7.00
4.00
Glasgow
4.50
4.50
6.75
4.00
4.25
4.50
10 Year Record
High
Low
Shortterm
Trend
7.00
4.25
5.50
5.50
9.25
4.50
4.50
4.50
8.00
4.00
4.25
4.25
7.00
3.75
Solus DIY RW
6.00
6.00
8.75
4.50
Foodstores
4.75
4.75
6.00
3.75
Shopping Centres
Occupier demand remains centered on prime shopping
centres in the South East and other prime regional locations,
with demand more selective elsewhere. Prime rents were
relatively stable across most locations in 2015, but some
secondary schemes are still struggling to maintain current
rental levels, amid poor demand and rising vacancy.
Developers are still favouring extensions and improvements
to existing schemes and this is expected to remain the main
source of new supply in the short term.
UK shopping centre investment volumes reached 925.8 mn
in Q4 2015, which took total volumes for 2015 to 4.1 bn, a
31% drop from 2014, but 4% up on the 10 year average.
While demand for prime stock remains healthy and is
increasingly diverse, the lack of stock has weighed on
activity levels. A number of significant deals have been
carried over to 2016 and a strong first quarter is expected.
Demand for secondary stock, which is mainly driven by
private equity and asset managers, has become more
selective and buyers are increasingly wary on pricing,
especially for the weaker schemes.
The most significant transaction in Q4 was the purchase of
Festival Place in Basingstoke by AEW for 275.5 mn, at a net
initial yield of 6.22%. Yields hardened across all shopping
centre segments in 2015, with super prime and prime yields
contracting by 25bps to 4.25% and 5.00%. Dominant
secondary schemes recorded the largest inward movement,
with yields sharpening by 75bps to 6.00%. Secondary and
tertiary schemes saw yields harden 50bps to 7.75% and
8.25% respectively.
11
LONDON RESIDENTIAL
House prices rose steadily across the UK in Q4 2015, with
near record low supply levels, combined with rising demand,
maintaining upward pressure on prices. According to data
from the Land Registry, average national house prices were
up 6.4% y/y in December 2015, while average house prices in
London were up 12.4% over the same period.
The London market continues to outperform, but it is
becoming increasingly fragmented, with a growing
divergence in performance at the submarket level. Some of
the strongest growth in pricing and activity is being
recorded in outer London boroughs, with Prime Central
London (PCL) continuing to see a decline in the number of
transactions and asking prices. The PCL market is still
absorbing the impact of the Stamp Duty Land Tax (SDLT)
changes, while other policy changes from 2015 have also
weighed on buyer confidence, leading to purchasers
becoming particularly price sensitive, with a greater focus
on best-in-class properties. Across Londons 20 outer
boroughs, annual price growth in the year to December 2015
averaged 10.9%, compared with 7.8% in inner London and a
generally flat performance in PCL.
The London lettings market is still performing well, with
good appetite for rental units in both PCL and the
mainstream London market. Young professionals are active
across most submarkets, with demand being driven by high
employment levels and sustained growth in real wages.
Growing global economic uncertainty has caused the
corporate sector to re-evaluate relocation and rental
budgets, with activity notably more cautious in recent
months. In PCL, tenants are increasingly looking to
negotiate, with 59% of lettings agreed at below asking price
in Q4 2015 according to Lonres.
Despite growing concerns over the lack of skilled labour, as
well as the rising costs of construction, London residential
development activity in 2015 enjoyed its strongest year
since the financial crisis in regards to new homes starts and
sales. There is growing appetite for lower cost opportunities
outside of PCL, with activity especially strong in East
London boroughs such as Tower Hamlets, Newham and
Greenwich and in other boroughs such as Wandsworth
and Southwark. The new Housing and Planning Bill in
October 2015 introduced a number of new measures to
boost housing supply, which were generally well received. In
particular, the decision to make Permitted Development
Rights (PDRs) permanent has removed a lot of uncertainty
from the market and is expected to be a key driver of
residential development activity in 2016, with developers
attracted to such schemes, due to their highly accessible
nature and relative affordability, whilst yields have also
proved attractive to investors.
London residential
development activity
in 2015 enjoyed its
strongest year since
the financial crisis in
regards to new homes
starts and sales
Source: ONS
Source: ONS
12
HOSPITALITY
UK hotels enjoyed steady growth in revenue per available
room (RevPAR) and gross operating profit per available
room (GOPPAR) in 2015, with hoteliers benefitting from the
strength of the economy, falling oil prices and low inflation.
Further, albeit more modest, growth is anticipated for 2016,
with the increased competition from new supply and
heightened global uncertainty expected to weigh on future
performance.
The London market performed solidly in 2015, albeit not as
strongly as in recent years, with the Rugby World Cup
providing a boost to the market in September/October and
helping offset some sluggishness in the sector from H1 2015.
The mid-market sector has been struggling in the face of
intense competition from budget operators and alternative
accommodation providers, such as Airbnb, while the
strength of the pound has also impacted. Nevertheless,
Londons performance metrics are still healthy by historical
standards, with average occupancy rates, for example,
forecast to reach 84% in 2016, which would be the highest
level since the mid 1990s.
% Change
Q-O-Q
Market
RevPar
ARR
Occupancy
Supply
London
2%
4%
-2%
2%
Birmingham
7%
6%
1%
2%
Manchester
6%
6%
0%
1%
Leeds
4%
5%
-1%
0%
Newcastle
3%
9%
-6%
14%
Edinburgh
3%
3%
0%
2%
Aberdeen
-36%
-29%
-10%
6%
Glasgow
-3%
0%
-2%
1%
Belfast
4%
4%
0%
0%
Liverpool
3%
1%
2%
2%
20%
17%
1%
0%
8%
6%
2%
5%
Cardiff
Bath
Source: AM:PM
Notes: RevPar: Revenue per Available Room
ARR: Average Room Rate
13
EA
EM
NW
SE
SW
WM
YH
GB
Retail
Base
5.2%
4.5%
4.3%
4.7%
4.6%
6.0%
4.4%
3.8%
4.4%
5.4%
5.5%
10 Years
-1.6%
-3.5%
-2.7%
-2.4%
-0.2%
3.2%
-2.8%
-4.8%
-3.4%
-1.4%
1.1%
5 Years
-1.2%
-1.2%
-0.6%
0.3%
0.2%
4.9%
-2.2%
-3.2%
-2.7%
-0.1%
2.9%
3 Years
-0.3%
-1.7%
-0.3%
1.5%
0.8%
5.7%
-1.2%
-4.6%
-1.4%
1.1%
3.8%
1 Year
1.9%
0.0%
4.1%
9.7%
4.3%
9.9%
2.8%
-0.2%
0.0%
2.0%
7.9%
6 Mths
0.0%
0.0%
3.0%
7.4%
0.8%
2.9%
2.8%
1.5%
0.0%
0.0%
2.7%
1 Qtr
0.0%
0.0%
0.0%
0.0%
1.7%
1.4%
0.0%
0.0%
0.0%
0.0%
1.1%
Base
5.7%
5.7%
5.8%
5.8%
5.8%
4.9%
5.6%
5.2%
5.9%
4.8%
5.0%
10 Years
2.6%
0.7%
1.2%
1.9%
2.8%
4.4%
1.0%
2.0%
0.5%
1.7%
3.6%
5 Years
2.6%
0.4%
1.8%
0.8%
10.5%
6.3%
1.0%
1.6%
2.3%
2.7%
5.3%
3 Years
3.6%
0.6%
3.0%
2.2%
16.5%
7.2%
1.7%
1.7%
3.5%
4.1%
6.3%
Office
1 Year
4.1%
2.0%
2.3%
2.5%
1.1%
8.9%
3.5%
5.5%
3.9%
8.2%
7.4%
6 Mths
0.8%
0.0%
2.3%
2.5%
1.7%
5.1%
2.4%
5.5%
1.5%
6.5%
4.3%
1 Qtr
0.0%
0.0%
2.3%
2.5%
0.5%
1.2%
0.0%
5.5%
0.0%
0.0%
1.1%
Base
4.4%
4.3%
4.3%
4.2%
4.4%
4.8%
4.6%
4.1%
5.0%
4.3%
4.3%
10 Years
2.4%
0.7%
-0.2%
0.8%
2.0%
1.3%
-0.1%
-0.8%
0.8%
0.2%
1.0%
5 Years
2.4%
1.2%
1.9%
0.7%
-0.2%
2.9%
0.8%
-2.1%
0.9%
1.0%
1.7%
Industrial
3 Years
5.0%
1.4%
3.1%
1.4%
-1.8%
4.2%
0.3%
-2.6%
3.1%
1.5%
2.6%
1 Year
2.7%
1.5%
1.1%
0.4%
-1.2%
6.3%
1.0%
6.2%
4.2%
3.4%
3.7%
6 Mths
2.7%
0.0%
0.0%
0.0%
-1.2%
2.8%
0.0%
0.0%
2.0%
0.0%
1.5%
1 Qtr
1.3%
0.0%
0.0%
0.0%
-1.2%
1.1%
0.0%
0.0%
1.2%
0.0%
0.6%
5.67%
6.17%
6.44%
6.42%
5.58%
4.96%
5.95%
6.83%
6.35%
5.94%
5.60%
Mar-15
5.67%
6.17%
6.44%
6.38%
5.42%
4.90%
5.95%
6.83%
6.35%
5.94%
5.56%
Jun-15
5.67%
6.17%
6.44%
6.38%
5.42%
4.76%
5.90%
6.83%
6.35%
5.88%
5.49%
Sep-15
5.58%
6.17%
6.44%
6.33%
5.33%
4.74%
5.85%
6.75%
6.30%
5.75%
5.45%
Dec-15
5.50%
5.92%
6.19%
6.08%
5.25%
4.66%
5.70%
6.75%
6.00%
5.69%
5.32%
Dec-14
6.05%
7.17%
5.90%
5.88%
5.58%
5.43%
6.94%
6.00%
6.50%
6.58%
5.79%
Mar-15
6.00%
6.92%
5.75%
5.88%
5.67%
5.32%
6.63%
5.75%
6.25%
6.53%
5.67%
Jun-15
5.92%
6.83%
5.75%
5.88%
5.67%
5.25%
6.46%
5.50%
6.08%
6.42%
5.59%
Sep-15
5.90%
6.67%
5.75%
5.88%
5.75%
5.21%
6.46%
5.50%
6.00%
6.25%
5.55%
Dec-15
5.88%
6.67%
5.75%
5.88%
5.75%
5.18%
6.46%
5.50%
6.00%
6.25%
5.53%
Dec-14
5.67%
5.50%
6.75%
5.96%
7.00%
5.42%
5.95%
6.75%
5.75%
6.19%
5.92%
Mar-15
5.67%
5.50%
6.75%
5.96%
6.42%
5.42%
5.95%
6.75%
5.75%
6.19%
5.89%
Office
Industrial
Jun-15
5.42%
5.33%
6.56%
5.75%
6.33%
5.18%
5.75%
6.58%
5.50%
6.00%
5.68%
Sep-15
5.42%
5.33%
6.56%
5.75%
6.25%
5.18%
5.75%
6.58%
5.45%
6.00%
5.67%
Dec-15
5.42%
5.33%
6.56%
5.75%
6.33%
5.18%
5.75%
6.58%
5.45%
6.00%
5.68%
14
NW = North West
S = Scotland
SE = South East
WM = West Midlands
Y&H = Yorkshire & Humberside
WE of L = West End of London
SL = Suburban London
C of L = City of London
GB = Great Britain
RESEARCH SERVICES
Cushman & Wakefield research staff are located throughout
the world with the EMEA service co-ordinated in London,
the Americas in New York and Asia in Shanghai.
Research provides a strategic advisory and supporting role
to clients and other departments within the firm with
extensive and continuously updated information systems
covering property, economic, corporate and social trends.
Consultancy projects are undertaken on a local and
international basis. We provide in-depth advice and analysis,
producing detailed market appraisals on current and future
trends for developers, investors and occupiers. We also
advise on location and investment strategies and portfolio
performance. Typical projects include a mix of the following:
Location analysis, ranking and targeting for occupation or
investment
Future development activity and existing supply/
competition
Demand analysis by retail/industry sector
Rental analysis, forecasts & investment & portfolio
strategy
Floorspace audits, tenant-mix assessment & catchment/
expenditure analysis
Retailer, occupier and consumer surveys
Pedestrian flow analysis & local employment studies
The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The
firm now operates under the iconic Cushman & Wakefield brand and has a new visual
identity and logo that position the firm for the future and reflect its trusted global
legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief
Executive Officer Brett White and Global President Tod Lickerman. The company is
majority owned by an investor group led by TPG, PAG, and OTPP.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients
transform the way people work, shop, and live. The firms 43,000 employees in more
than 60 countries provide deep local and global insights that create significant value
for occupiers and investors around the world. Cushman & Wakefield is among the
largest commercial real estate services firms with revenue of $5 billion across core
services of agency leasing, asset services, capital markets, facility services (C&W
Services), global occupier services, investment & asset management (DTZ Investors),
project & development services, tenant representation, and valuation & advisory. To
learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
2016 Cushman & Wakefield, Inc. All rights reserved.
Note: All Cushman & Wakefield data referred to in this report is sourced from
legacy Cushman & Wakefield and uses the definitions and methodologies of
the legacy C&W research team.
Cushman & Wakefield, LLP
43-45 Portman Square
London W1A 3BG
www.cushmanwakefield.com
David Hutchings
Head of EMEA Investment Strategy
+44 (0)20 7152 5029
david.hutchings@cushwake.com