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1、REPORTEuropean Investor Intentions Survey 2025 Intelligent InvestmentCBRE RESEARCHJANUARY 2025 2CBRE RESEARCH 2025 CBRE,INC.Intelligent InvestmentInvestor Intentions Survey 2025|EuropeForewordThe 2025 edition of CBREs Investor Intentions Survey is the first to provide insights into the intentions of

2、 both General Partners(GPs)and Limited Partners(LPs),covering the entire spectrum of equity.This years survey reveals a markedly more optimistic outlook compared to recent years.This sentiment aligns with our view that the European property market has begun to recover.Approximately one in four respo

3、ndents think that the recovery has already started,and nearly three-quarters expect investment market activity will rebound by the end of 2025.This does not mean that investors see no challenges to a market recovery.A continued mismatch between buyer and seller expectations,geopolitical instability,

4、and uncertainty on the path of interest rate cuts,are cited as potential challenges to the market.The optimistic outlook is reflected in investors purchasing and selling intentions a significant majority of respondents indicate a desire to increase purchasing activity in 2025.Additionally,there is m

5、ore willingness to sell,which is critical to market liquidity.Our 2025 survey reveals several unexpected findings,including a new preferred sector,and a change in investors strategies and locational preferences compared to previous years.2025 looks to be an exciting year,with an increase in deal flo

6、w,and it will be interesting to observe how these changes unfold.Tasos VezyridisHead of Thought Leadership,EuropeChris BrettHead of Capital Markets,EuropeEuropean Investor Intentions Survey 2025 HighlightsInvestment activity to increase in 2025New strategy,allocation,and pricing trends have emerged

7、92%of investors will maintain or increase buying activity%of respondents expecting buying/selling activity to change relative to 20240%10%20%30%40%50%60%70%Buy/sell moreAbout the sameBuy/sell lessNo intention to buy/sellPurchasing activitySelling activityRespondents expect market to recover by end o

8、f 2025Expectation of when market activity will recover0%10%20%30%40%Alreadybeginning torecoverH1 2025H2 2025H1 2026H2 2026H1 2027 or laterGPs continue to move up the risk spectrum while LPs focus on core and core plus016%20%35%26%14%2%5%12%48%33%Distress/NPLOpportunisticValue-addCore plusCoreLPsAll

9、respondents02of investors from firmswith AUM$50bn expect their allocation to real estate to remain unchangedor increase in 202594%Balance of expected premiums/discounts turns positive for Living,Hotels,and Logistics03-31%High St.Retail+1%LogisticsLiving+10%Hotel+3%Grade A Office-22%*Percentage balan

10、ce of investors expecting premium(+)/discounts(-)in 2025 relative to 2024European Investor Intentions Survey 2025 Highlights1.London2.Madrid3.Paris4.Barcelona5.Warsaw6.Amsterdam7.Berlin8.Lisbon9.Copenhagen10.MilanLegendHigher ranking than in 2024Top 10 preferred cities(cross-border only*)Markets exp

11、ected to see highest cross-border interest82410571369*Only responses selecting markets outside of the country of domicile are taken into account.5CBRE RESEARCH 2025 CBRE,INC.Intelligent InvestmentInvestor Intentions Survey 2025|EuropeContentsInvestor Sentiment Capital Markets Outlook Real Estate Str

12、ategies Investment DestinationsSustainability and Investment Respondent Profile0102030405066CBRE RESEARCH 2025 CBRE,INC.Intelligent InvestmentInvestor Intentions Survey 2025|EuropeKey FindingsSustainability is a key consideration for investment decisions,according to 95%of respondents.The preferred

13、approach for achieving sustainable investments continues to be through retrofitting existing buildings.Most investors revealed that they already have capital available to fund enhancements,indicating that sustainability is fully embedded in their capital raising or allocation strategies.05Most cross

14、-border respondents selected the UK as the market with the strongest expected total property returnsin 2025,driven by strong interest in London.Spain came second as a favourable economy has peaked investor interest in Madrid and Barcelona.Poland took third place for the second consecutive year as Wa

15、rsaws growth rates and fundamentals remain strong.Although Germany and Italy did not rank as high in the overall standings,the results indicate strong domestic demand in these markets.04For the first time in our Investor Intentions Survey series,Living was selected by most respondents as the preferr

16、ed sector for investment.This was driven by respondents views that there will be an increase in occupier demand in the next three years.Respondents selecting core as their preferred strategy remains below the historic average as investors favour strategies that are higher on the risk spectrum.Howeve

17、r,there was a notable difference between LPs and GPs,with 81%of LPs favouring core or core plus while only 36%of GPs do so.03Allocations to real estate are expected to increase across the board,due to favourable pricing levels and improved projected returns.Sectors that respondents are particularly

18、keen to allocate towards are Living,Logistics,and Hotels.This is also reflected in pricing expectations as,for these sectors,more respondents are willing to bid above asking prices than expect to see discounts in 2025.02Investors are overwhelmingly optimistic about a resurgencein investment activity

19、 in 2025.Nearly three-quarters of investors anticipate that the investment market will recover by year-end.More than 90%of investors expect their purchasing activity to increase or remain the same,while over three-quarters expect selling activity to either increase or remain the same.This is a posit

20、ive indicator for market liquidity.01Investor Sentiment018CBRE RESEARCH 2025 CBRE,INC.Intelligent InvestmentInvestor Intentions Survey 2025|EuropeWhen do investors expect market activity to recover?There is growing optimism that a recovery in investment activity is near.While 23%of respondents indic

21、ated that the market is already starting to recover,more than 70%expect market activity to recover by the end of 2025.LPs comprised of pension funds,insurance companies,fiduciary managers,and sovereign wealth funds are slightly more positive than GPs,as 97%expect the recovery to have taken place by

22、H1 2026,compared to 88%of GPs.2025 market recovery expectationsFigure 1:Respondents expectations of when market will recoverFigure 2:GPs vs LPs expectations of when market will recoverSource:CBRE EuropeanInvestor Intentions Survey 2025Source:CBRE EuropeanInvestor Intentions Survey 20250%5%10%15%20%2

23、5%30%35%Alreadybeginningto recoverH1 2025 H2 2025 H1 2026 H2 2026 H1 2027or laterGPLP0%5%10%15%20%25%30%35%Already beginning to recoverH1 2025H2 2025H1 2026H2 2026H1 2027 or later70%expect market activity to have recovered by end of 20259CBRE RESEARCH 2025 CBRE,INC.Intelligent InvestmentInvestor Int

24、entions Survey 2025|EuropeHow are investors expecting their 2025 investment activity to change relative to 2024?An overwhelming majority of respondents indicate that they intend to increase purchasing activity in 2025 compared to the previous year.Almost 37%of respondents expect an increase of more

25、than 10%.Only 8%of investors anticipate to either reduce purchasing activity or not make any acquisitions in 2025.For LPs,this was even lower at 5%.A small subset of respondents(3%)who are not interested in purchasing are primarily those with AUM US$5bn.2025 purchasing activityFigure 3:Purchasing ac

26、tivity expectationsFigure 4:GPs vs LPs purchasing activity expectationsSource:CBRE EuropeanInvestor Intentions Survey 2025Source:CBRE EuropeanInvestor Intentions Survey 20250%5%10%15%20%25%30%35%40%No intention to buyMore than 10%lowerUp to 10%lowerAbout the sameUp to 10%higherMore than 10%higher8%o

27、f investors have either no intention to buy or lower investing expectations than in 20240%5%10%15%20%25%30%35%40%No intention to buyMore than 10%lowerUp to 10%lowerAbout the sameUp to 10%higherMore than 10%higherGPLP10CBRE RESEARCH 2025 CBRE,INC.Intelligent InvestmentInvestor Intentions Survey 2025|

28、EuropeHow are investors expecting their 2025 selling activity to change relative to 2024?There is a marked increase in investors propensity to sell,which is positive for market liquidity,as the survey has shown that there are plenty of prospective buyers.While there are a few investors that indicate

29、 they have no intention to sell,almost 80%anticipate similar or higher levels of selling activity in 2025 compared to the year prior.GPs indicate a higher propensity to sell,as 22%intend to increase selling activity by more than 10%.2025 selling activityFigure 5:Selling activity expectationsFigure 6

30、:GPs vs LPs selling activity expectationsSource:CBRE EuropeanInvestor Intentions Survey 2025Source:CBRE EuropeanInvestor Intentions Survey 20250%5%10%15%20%25%30%35%40%45%No intention to sellMore than 10%lowerUp to 10%lowerAbout the sameUp to 10%higherMore than 10%higher0%5%10%15%20%25%30%35%40%45%N

31、o intention to buyMore than 10%lowerUp to 10%lowerAbout the sameUp to 10%higherMore than 10%higherGPLP79%of respondents expect to have either the same or higher levels of selling activity in 202511CBRE RESEARCH 2025 CBRE,INC.Intelligent InvestmentInvestor Intentions Survey 2025|EuropeWhat are the ma

32、jor challenges facing the investment market in 2025?A mismatch in buyer and seller expectations is most often cited as the main challenge to the current investment market,slightly down from last year.As a large bid/ask spread has plagued the market for some time now,this does not come as a surprise.

33、However,maturities of debt and equity rotation should lead to more product being put up for sale and a gradual convergence of buyer and seller expectations.Geopolitical uncertainty also remains a key challenge,reflecting the highest level of concern since the relaunch of our survey in 2021.While res

34、ponses on a country level were largely consistent with the pan-European average,there was some variance.Respondents from Germany and France are the most concerned about an economic hard landing,while those from the UK are more apprehensive about higher-than-expected capital expenditure potentially e

35、roding net returns.Market challengesFigure 7:Major challenges facing real estate investment in 2025Source:CBRE EuropeanInvestor Intentions Survey 20250%10%20%30%40%50%60%Fear of resurgence in inflation Regulatory risk Tighter credit availability and loan termsIncrease in CapEx or OpEx eroding net re

36、turns Lack of suitable product Weak tenant demand Economic hard landing/recession Uncertain path for interest rate cuts Uncertain geopolitical landscape Mismatch in buyer and seller expectationsCapital Markets Outlook0213CBRE RESEARCH 2025 CBRE,INC.Intelligent InvestmentInvestor Intentions Survey 20

37、25|EuropeHow are investors allocating to real estate in 2025 compared to 2024?Real estate allocation expectations are positive as almosthalf of the respondents intend to increase allocations,while less than 9%anticipate a decrease.There are modest differences in expectations when looking at AUM.The

38、largest increases are expected by the smallest investors($25bn AUM)anticipate the smallest decreases.Real estate allocation expectations by AUM profileFigure 8:Real estate allocation expectations in 2025 by AUMSource:CBRE EuropeanInvestor Intentions Survey 202514%15%6%7%11%33%29%32%46%37%43%47%52%41

39、%46%8%7%10%4%6%3%1%0%1%0%0%10%20%30%40%50%60%$50bn$50bn$50bn$50bn$50bnLarge increaseSmall increaseRemain about the sameSmall decreaseLarge decrease$5bn$5bn 10bn$10bn 25bn$50bn14CBRE RESEARCH 2025 CBRE,INC.Intelligent InvestmentInvestor Intentions Survey 2025|EuropeWhat are the key reasons for invest

40、ors to increase or decrease allocations?After more than two years of repricing,favourable pricingof real estate is most frequently cited(53%)as the main reason for increasing real estate allocations,followed by improved expected returns(40%).While investors from all markets primarily identified favo

41、urable pricing as their top reason for increasing allocations,there was some variation between their second and third choices.Investors from France and Germany mostly cited the emergence of distressed opportunities as the second most significant motive for increasing their allocations.In contrast,UK

42、 responses were evenly distributed across the top three choices(Figure 9).Investors that intend to decrease allocations mostly do so because they see more interesting opportunities in other asset classes such as bonds,equities,and others(52%).There is also some pressure to reduce allocations because

43、 of redemption queues(28%),which are likely to be motivating sellers in 2025.Reasons to increase or decrease allocationsFigure 9:Reasons to increase allocations to real estateFigure 10:Reasons to decrease allocations to real estateSource:CBRE EuropeanInvestor Intentions Survey 2025Source:CBRE Europe

44、anInvestor Intentions Survey 20250%10%20%30%40%50%60%More distressedopportunities Stabilising Interestrates/potential fordecreasing debt costs Improved expected totalreturn Favourable pricing0%10%20%30%40%50%60%Geopolitical concerns Denominator effect Difficulty securing andservicing debt Liquidate

45、assets to meetredemption queueMore interestingopportunitites in other assetclasses(e.g.bonds,equities,etc.)15CBRE RESEARCH 2025 CBRE,INC.Intelligent InvestmentInvestor Intentions Survey 2025|EuropeHow are investors 2025 capital allocation expectations expected to change?Most sectors will see an incr

46、ease in capital allocations.As some investors seek to move away from Office(28%),others(31%)intend to increasingly target the sector,bringing net movement largely in balance.The balance for the other sectors is more positive,with investors anticipating the highest increases for Living.For Hotels,the

47、re is a notable difference in allocation intentions between GPs and LPs.This is largely because Hotels are typically considered operational real estate,which not all LPs can traditionallyinvest in.Whilst modest,there was some variation in Office,which could indicate that some LPs may still intend to

48、 diversify away from the sector.Overall,however,sentiment towards Office from LPs is broadly positive.Allocation expectations by sectorFigure 11:Allocation expectations per sector and balance of increase(+)/decrease(-)for LPs and GPsSource:CBRE EuropeanInvestor Intentions Survey 20250%10%20%30%40%50

49、%60%70%80%90%100%OfficeRetailLogisticsHotelsLiving(Residential)Large decrease 30%Moderate decrease(20-30%)Small decrease(10-20%)Limited or no changeSmall Increase(10-20%)Moderate increase(20-30%)Major increase 30%-4%19%46%21%65%3%20%48%46%66%GPLP16CBRE RESEARCH 2025 CBRE,INC.Intelligent InvestmentIn

50、vestor Intentions Survey 2025|EuropeHow do investors 2025 pricing expectations compare to those in 2024?Pricing expectations are mirrored by the allocation intentions,and the top three for allocation inflows are expected to see the lowest discounts and the highest willingness to bid above asking pri

51、ces.Hotels,Living,and Logistics are expected to see the fewest discounts,while Living stands out as the sector where the most respondents are willing to bid above the asking price.The main discounts are expected to be found in Secondary Office(70%),while some expect to find them in Prime Offices,alb

52、eit to a lesser extent(38%).Many respondents also seek price reductions for High Street Retail(40%)and Shopping Centres(51%).Pricing expectations by sectorFigure 12:Pricing expectations in 2025 compared to 2024Source:CBRE EuropeanInvestor Intentions Survey 20250%10%20%30%40%50%60%70%80%90%100%Grade

53、A Office Secondary LocationShopping MallHigh St.RetailGrade A Office Prime LocationLogisticsLiving(Residential)HotelLarge discount(30%+)Mid discount(10-30%)Small discount(less than 10%)No discountWilling to bid above asking prices(up to 10%)Willing to bid above asking prices(10-30%)UnsureShopping Ce

54、ntresReal Estate Strategies 0318CBRE RESEARCH 2025 CBRE,INC.Intelligent InvestmentInvestor Intentions Survey 2025|Europe0%10%20%30%40%50%60%70%80%90%100%2025-LP2025-GP2021-2024 average2025-allCoreCore plusValue-addOpportunisticDistressed/NPLWhat are the favoured strategies for real estate investment

55、 in 2025?Investors stating core as their preferred strategy(13%)in 2025 remain well below the historic average of 20%.While stable compared to last years survey,investors continue to favour strategies that are higher on the risk spectrum,as value-add(34%),core plus(25%),and opportunistic(19%)strateg

56、ies prevail.However,for LPs,core and core plus(81%,combined)strategies remain the most important,showing a preference for lower-risk strategies.Preferred strategiesFigure 13:Most attractive strategy for investment in 2025Source:CBRE EuropeanInvestor Intentions Survey 202519CBRE RESEARCH 2025 CBRE,IN

57、C.Intelligent InvestmentInvestor Intentions Survey 2025|EuropeWhich sectors are investors primarily targeting?The Living sector has overtaken Industrial as the top real estate investment choice,favoured by 32%of respondents for 2025.While down on the previous year,Industrial remains a strong second

58、at 27%.Office(16%)continued its decline,but Retail deviated from the trend,with 10%of investors choosing it as their most preferred sector for 2025.Due to strong returns,Hotels(9%)recorded an increase compared to previous year.The preference for the Living sector is even more pronounced among LPs,wh

59、o also cited Office and Logistics as their preferred sectors(21%,respectively).Sector preferenceFigure 14:Sector preference 2025 and 2024 Investor IntentionsFigure 15:Sector preference 2025 Investor Intentions LPs vs GPsSource:European Investor Intentions Survey,January 2025Source:European Investor

60、Intentions Survey,January 202528%34%17%7%7%6%32%27%16%10%9%7%Living(Residential)LogisticsOfficeRetailHotelsOther2025202431%28%15%10%10%7%47%21%21%7%2%2%Living(Residential)LogisticsOfficeRetailHotelsOtherLPGP20CBRE RESEARCH 2025 CBRE,INC.Intelligent InvestmentInvestor Intentions Survey 2025|EuropeOf

61、those who prefer Office,half selected Grade A Office in a prime location.One-third selected Grade B or C in a prime locationHalf of respondents indicated a preference for modern Logistics facilities,while one third selected aged Logistics facilities.Both selections are for assets in major citiesInve

62、stors were asked their favourite asset type based on their preferred sector Multifamily/Build-to-Rent was favoured by nearly two-thirds of investors,and was followed by student living at 20%ResidentialOfficeLogisticsRetail Parks remained the favourite but were closely followed by Supermarkets,Prime

63、Shopping Centres,and Prime High Street RetailRetailOver 40%of respondents selected full-service,while 22%selected the luxury segment,and 16%limited-serviceHotel 21CBRE RESEARCH 2025 CBRE,INC.Intelligent InvestmentInvestor Intentions Survey 2025|EuropeWhich alternative sectors aremost attractive for

64、investing?Alternatives remain highly sought after by all respondentsin 2025.While slightly down on the previous year,62%of respondents are pursuing investments in alternatives.Student living is the overwhelming favourite and half of the respondents investing in alternatives cited this to be their pr

65、eferred sector.Propelled by strong demand from AI,Data Centres continue to rise in popularity,surpassing senior living to become the second most sought-after alternative.AlternativesFigure 16:Asset types pursued by respondents who target investment in alternative sectorsSource:CBRE EuropeanInvestor

66、Intentions Survey 20250%10%20%30%40%50%60%Leisure/EntertainmentCold StorageInfrastructure(social and economic infrastructure)Life Sciences=related assets(including medical research)Affordable housing/subsidised housingHealthcare-related assets(medical offices)Real estate debtRetirement Living/Senior

67、 LivingData CentresStudent Living62%of investors are pursuing investments in alternativesInvestment Destinations0423CBRE RESEARCH 2025 CBRE,INC.Intelligent InvestmentInvestor Intentions Survey 2025|EuropeWhich market is expected to have the strongest total property returns in 2025?To avoid in-countr

68、y bias,the country rankings traditionally exclude respondents who select their home market.By this measure,the UK stood out as the market that is expected to have the strongest property returns in 2025 by cross-border investors.Spain had a very strong showing and came in second,followed by Poland,re

69、tainingits third place for the second consecutive year.Several countries increased their rankings from last year.Sweden moved up four spots as cross-border investors may perceive the current landscape of reduced competition as an opportune time to enter a market historically dominated by domestic ca

70、pital.Spain climbed two spots as the market as the market has been bolstered by tourism,population growth,and significant GDP growth.Italy advanced one position in the rankings on the back of an increase in tourism positively impacting Hotels and Retail.Portugal finished 6th after not placing in las

71、t years rankings as investors are attracted by relatively high yields,which,coupled with strong sector performance,allows for interesting investment opportunities.In terms of total votes(including domestic),the rankings shift dramatically.The UK would retain its top spot,but Germany would rank secon

72、d,followed by Spain and Italy,with Poland closing the ranks of the top five.This is important,because it shows that investment activityin these markets will be supported by strong domestic demand.UK expected to have the highest total propertyreturns in 2025Figure 17:Country level performance expecta

73、tions(cross-border*only)Source:CBRE EuropeanInvestor Intentions Survey 2025LegendCountry-level performance rankingHigher ranking than in 2024#UK1Sweden5Netherlands8Germany4Poland3Spain2France9Italy7Switzerland10Portugal6*Only responses selecting markets outside of the country of domicile are taken i

74、nto account.24CBRE RESEARCH 2025 CBRE,INC.Intelligent InvestmentInvestor Intentions Survey 2025|EuropeWhich city is the most attractive for property investment in 2025?The country rankings are also reflected in the city outcomes.London was most frequently selected as the most attractive city for pro

75、perty investment in 2025 by cross-border respondents.Spain features two cities in the top five,with Madrid second and Barcelona fourth,respectively,with Paris in between,ranking third.Several markets increased in the rankings from last year.Warsaw moved up three spots as growth rates continue to out

76、perform the rest of Europe,especially in the highly demanded Living market.Madrid and Barcelona,moved up one and three spots,respectively,as they benefit from the strong Spanish macro-economic climate which has boosted fundamentals in the Living and Hotel sectors.Milan placed in the top 10 after not

77、 featuring last year,as the city has seen an improvement in infrastructure while rents continue to grow in most sectors.Lisbon,which placed in the top ten for the first time since 2023,benefited from renewed cross-border interest in the broader Portuguese market.In terms of total votes(including dom

78、estic),Milan and Berlin would secure the fourth and fifth positions,respectively.Paris and Madrid would exchange places for second and third.The top ten list would mostly remain unchanged,with the exception of Munich entering and replacing Copenhagen.Source:CBRE EuropeanInvestor Intentions Survey 20

79、25*Only responses selecting markets outside of the country of domicile are taken into account.London1Copenhagen9Amsterdam6Berlin7Warsaw5Madrid2Paris3Barcelona4Lisbon8Milan10Figure 18:Most attractive cities for cross-border*investmentLondon remains the most attractive city for cross-border investment

80、LegendCity-level performance rankingHigher ranking than in 2024#Sustainability and Investment0526CBRE RESEARCH 2025 CBRE,INC.Intelligent InvestmentInvestor Intentions Survey 2025|Europe0%10%20%30%40%50%60%70%Incorporate green leaseConsider climate risk in underwritingInstall EV car chargersAcquire/d

81、evelop green buildingsEnable on-site renewable energy(e.g.solar)Retrofit existing buildingsWhat are the principal sustainability initiatives considered when investing in real estate?Respondents increasingly look at sustainability as a means of combining resilience and value creation.To this point,le

82、ss than 5%of respondents indicated that they do not factor sustainability into their investments in 2025.Retrofitting existing buildings remains the most frequent choice of action as the improvement of buildings to meet sustainability standards offers a good opportunity for enhancing returns.Sustain

83、ability initiativesFigure 19:Sustainability initiatives considered by respondents who implement such strategies Source:CBRE EuropeanInvestor Intentions Survey 202527CBRE RESEARCH 2025 CBRE,INC.Intelligent InvestmentInvestor Intentions Survey 2025|Europe0%20%40%60%80%Green loans or sustainability-lin

84、ked financingEngage into third partyagreementsTraditional financingRaise additional equityDispose assetsShare/transfer CapEx totenant through green leaseclausesCapital already available0%20%40%60%80%Dispose assetsRaise additional equityEngage into third partyagreementsGreen loans or sustainability-l

85、inked financingShare/transfer CapEx totenant through green leaseclausesTraditional financingCapital already availableHow do investors secure capital to retrofit buildings?Most respondents(69%)already have the funding for sustainability initiatives available,suggesting that this is often an integral

86、part of the business plan when allocating or raising capital.LPs especially strongly favour equity over any other form of funding.Amongst GPs,traditional financing is also common and still used more than green loans to secure capital for building improvements.Approximately one in three respondents i

87、ndicate that they cooperate with tenants to find funding for retrofitting.Sourcing CapEx for sustainabilityFigure 20:GP Method of securing CapEx for sustainability compliance Figure 21:LP Method of securing CapEx for sustainability complianceSource:CBRE EuropeanInvestor Intentions Survey 2025Source:

88、CBRE EuropeanInvestor Intentions Survey 202528CBRE RESEARCH 2025 CBRE,INC.Intelligent InvestmentInvestor Intentions Survey 2025|Europe0%5%10%15%20%25%30%35%40%45%Less than 5%6%-10%11%-15%16%-20%20%+What premium are investors willing to pay for assets that meet sustainability standards?The premium in

89、vestors are willing to pay in 2025 has increased slightly compared to the year prior.83%of respondents are willing to pay a premium of 6%or more vs.76%a year ago.While only 13%of investors said they were willing to pay premiums,down from 18%the previous year,this decline may be attributed to respond

90、ents belief that sustainability standards have become the market norm.Premium for sustainable assetsFigure 22:Premium certain respondents are willing to pay to acquire assets that meet sustainability standardsSource:CBRE EuropeanInvestor Intentions Survey 202513%of investors willing to paya premium

91、for assets with sustainability credentialsThe improvement of buildings to meet sustainability standards,especially in the Office sector,offers a strong opportunity for enhancing returns.Retrofitted sustainable buildings are more desired by occupiers attracting workers back to the office and are less

92、 capital intensive.Ludovic ChambeHead of ESG&Sustainability Solutions,Continental EuropeRespondent Profile06CBREs European Investor Intentions Survey 2025 was conducted between 4 November 2024,and 29 November 2024.Total Responses:78132CBRE RESEARCH 2025 CBRE,INC.Intelligent InvestmentInvestor Intent

93、ions Survey 2025|Europe35%27%13%8%5%4%2%1%0%5%Fund/asset manager(GP)Developer/owner/operatorHNW/private/family officePrivate equity fundREITInsurance companyPension fundFiduciary managerSovereign wealth fundOtherRespondent ProfileFigure 25:Percentage of respondents by AUMFigure 24:Percentage of resp

94、ondents by investor typeFigure 23:Percentage of respondents by market21%15%14%10%9%8%8%7%2%1%4%GermanyItalyFranceNordicsCEEUKIberiaNetherlandsAustriaBelgiumOtherSource:CBRE EuropeanInvestor Intentions Survey 2025Source:CBRE EuropeanInvestor Intentions Survey 2025Source:CBRE EuropeanInvestor Intentio

95、ns Survey 202555%11%11%9%14%$50bnOther includes The Baltics,Canada,Luxembourg,Switzerland,United States,Middle East,and Asia Pacific investors Copyright 2025.All rights reserved.This report has been prepared in good faith,based on CBREs current anecdotal and evidence based views of the commercial re

96、al estate market.Although CBRE believes its views reflect market conditions on the date of this presentation,they are subject to significant uncertainties and contingencies,many of which are beyond CBREs control.In addition,many of CBREs views are opinion and/or projections based on CBREs subjective

97、 analyses of current market circumstances.Other firms may have different opinions,projections and analyses,and actual market conditions in the future may cause CBREs current views to later be incorrect.CBRE has no obligation to update its views herein if its opinions,projections,analyses or market c

98、ircumstances later change.Nothing in this report should be construed as an indicator of the future performance of CBREs securities or of the performance of any other companys securities.You should not purchase or sell securitiesof CBRE or any other companybased on the views herein.CBRE disclaims all

99、 liability for securities purchased or sold based on information herein,and by viewing this report,you waive all claims against CBRE as well as against CBREs affiliates,officers,directors,employees,agents,advisers and representatives arising out of the accuracy,completeness,adequacy or your use of t

100、he information herein.Chris BrettHead of Capital Markets,E ContactsTasos VezyridisExecutive DirectorHead of Thought Leadership for E Raphael RietemaDirector,Capital Markets Research,E Benjamin PipernosSenior Analyst,Capital Markets Research,Europebenjamin.pipernoscbre.fr Richard BarkhamGlobal Chief

101、Economist,Head of Global Research&Americas Research Henry ChinChief Operating Officer of Global Research&Global Head Of Investor Thought LJos TrompHead of Business DevelopmentHead of Research&Data Intelligence,Continental EBusiness ContactsAuthorsGlobal Research LeadershipJennet SiebritsHead of UK RDennis A.J.SchoenmakerCo-Head,Global Forecasting&AnalyticsGlobal RKasia DziewulskaDirector,Global RAda ChoiHead of Research,Asia P.hk