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1、hhEUROPEAN LIVING SURVEYEUROPEAN LIVING SURVEY2 0 2 5CONTENTSCONTENTS020201010303INTRODUCTIONINVESTMENTS IN LIVINGSET TO RISE IN THE NEXTFIVE YEARSINVESTOR INTEREST STILL DOMINATED BYPRS BUT INTEREST IN PBSA CONTINUESTORISE0707PBSA EXPECTED TO PERFORM BEST IN 2025,BUYER/SELLER PRICING MISMATCHES THE

2、 MAIN CHALLENGE FOR 2025 0808SUSTAINABILITY STILL A VITAL CONSIDERATION FORLIVING INVESTORS04040505UK,SPAIN AND GERMANY THE KEY GEOGRAPHIC TARGETS FOR 2025FORWARD COMMITMENTS,STABILISED STOCK AND JOINT VENTURES ARE THE MOST ATTRACTIVE DEAL STRUCTURES06060909ECONOMIC OUTLOOK EXPECTED TO SUPPORT LOWER

3、 INTEREST RATES AND PRIME YIELDSCONCLUSIONEUROPEAN LIVING SURVEYEUROPEAN LIVING SURVEY2 0 2 5INTRODUCTION01INTRODUCTION014EUROPEAN LIVING REPORT3CUSHMAN&WAKEFIELDINTRODUCTIONINTRODUCTIONINTRODUCTIONThe Cushman&Wakefield European Living Investor Survey for 2025 therefore takes on added significance t

4、his year insofar as it seeks to assess whether investor confidence is another one of these factors pointing to market recovery this year.Our survey asked some of the largest Pan European Living investors for their views on the outlook for the sector,the opportunities and challenges across the living

5、 market and the economic factors that are likely to shape this year.Based on our findings,investors are indicating that the living market in Europe is at an important inflection point on the road to recovery.*https:/ REPRESENTED A DEMANDING YEAR FOR THE EUROPEAN LIVING SECTOR AGAINST THE BACKDROP OF

6、 A VARIETY OF CHALLENGES INCLUDING THE ONGOING GRADUAL REPRICING OF THE MARKET AND MUTED INVESTMENT ACTIVITY AS WELL AS ELEVATED INTEREST RATES AND CONSTRUCTION COSTS.WE SENSE HOWEVER THAT THE CONDITIONS ARE NOW FALLING INTO PLACE FOR THE SECTOR TO START TO RECOVER THIS YEAR,A VIEW WE OUTLINED INOUR

7、 RECENT EUROPEAN LIVING OUTLOOK*FOR 2025.6EUROPEAN LIVING REPORT5CUSHMAN&WAKEFIELDINVESTMENTS IN LIVINGSET TO RISE IN THE NEXTFIVE YEARS02THE LIVING SECTOR HAS STEADILY GAINED IN POPULARITY OVER THE PAST DECADE AS THE MARKET HAS EVOLVED AND AS INVESTORS HAVE RECOGNISED THE STABILITY AND DIVERSIFICAT

8、ION OFFERED BY THE SECTOR.The social value generated by living investments has become an added advantage in recent times,enabling investors to align with and achieve ESG-related objectives.This can be seen clearly in the rise in the prominence of the living sector across industry benchmarks like MSC

9、I where the weight to living has increased notably over the past ten years to around 23%and 9%respectively for the Pan European and UK indices.Despite a difficult year for European investment volumes last year,the living sector still featured prominently,accounting for approximately 23%of the total

10、testament to its now central role in European commercial real estatecircles.028EUROPEAN LIVING REPORT7CUSHMAN&WAKEFIELDSource:Cushman&Wakefield,March 2025CHART 2:HOW DO YOU EXPECT THE TOTAL AMOUNT YOU INVEST IN LIVING SECTORS TO CHANGE OVER THE NEXT FIVE YEARS?DECREASE SLIGHTLYNO CHANGEINCREASE SLIG

11、HTLYINCREASE SIGNIFICANTLY19%40%40%2%The majority of the approximately 45 billion invested last year was in the Private Rental Sector(PRS)at 33 billion with a further 6 billion being invested in the Purpose-Built Student Accommodation(PBSA)segment(chart 1).Our 2025 survey responses reaffirm the sect

12、ors significance,with approximately 60%of investors indicating allocations of 20%or more to the living sector.Looking ahead,around 80%of respondents expect their investments in the sector to increase over the next five years(see chart 2),echoing last years findings.Source:RCA,March 20254644424038363

13、43230Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024PRSPSBASENIOR LIVINGOTHERSCHART 1:EUROPEAN LIVING INVESTMENT VOLUMES(BILLION)10EUROPEAN LIVING REPORT9CUSHMAN&WAKEFIELDINVESTOR INTEREST STILL DOMINATED BY PRS BUT INTEREST IN PBSA CONTINUES TO RISE0303ONE OF THE CLEAREST THEMES WE SEE IN THIS YEARS RESULTS IS

14、 THAT PURPOSE BUILT STUDENT ACCOMMODATION(PBSA)HAS BECOME A KEY TARGET FOR INVESTORS,WITH 75%OF RESPONDENTS PLANNING TO INCREASE THEIR EXPOSURE OVER THE NEXT THREE YEARS(CHART 3).The investment case for PBSA remains strong,underpinned by solid fundamentals and rental growth outpacing inflation.In ou

15、r view the segment may also be benefiting from less focus on rent regulation compared to the traditional PRS market where rent controls have been on the rise in parts of Europe in the past number of years.Co-living has emerged as the fastest-growing segment,with 44%of respondents expecting to invest

16、 in the sector by 2028,up from 33%today.While the model is well established in Germany and increasingly meets student accommodation and broader residential needs,its expansion in the UK is accelerating.Investor and lender confidence continues to grow,supported by successful schemes such as Folks Sun

17、day Mills in Earlsfield and Dandis Wembley Park development,both of which have achieved strong lease-up rates and rental growth.12EUROPEAN LIVING REPORT11CUSHMAN&WAKEFIELDThe higher density of co-living developments helps navigate planning and viability constraints in urban locations,making it an in

18、creasingly attractive proposition inthe current economic environment.A comparison with last years survey reveals continued investor commitment to affordable housing,with targeted allocations remaining steady.However,one of the most notable shifts has been in PRS/Build to Rent(BTR).In 2024,nearly 90%

19、of investors were looking to deploy capital into the sector over the next few years,but this has fallen to 73%in 2025.Regulatory pressures and planning challenges continue to weigh on BTR development schemes in the UK,though the expected increase in operational and stabilised assets this year may pr

20、ovide new opportunities.Investor appetite for Senior Living has also declined,reflecting the sectors relative infancy and the specialised expertise required compared to other living segments.While long-term demographic drivers remain compelling,investorsappear to be prioritising more established liv

21、ing asset classes in the near term.Source:Cushman and Wakefield,March 2025*Percentage of respondents citing the following segments in response to the question which segments of the living sector are you currently invested in and which segments are you targeting in next 1-3 years?90%80%70%60%50%40%30

22、%20%10%0%CHART 3:INVESTORS INCREASINGLY TARGETING PBSA,AFFORDABLE ANDCO-LIVING SEGMENTS OF THE LIVING MARKET OVER THE MEDIUM TERM*Private Rental Sector/Build to RentPurpose Built StudentAccommodationAfordable Housing/Cost RentalCo-Living/Flex LivingSocial HousingSenior Living AccommodationNursing Ho

23、mesCURRENTTARGETED IN NEXT 1-3 YEARS14EUROPEAN LIVING REPORT13CUSHMAN&WAKEFIELDWHEN IT COMES TO INVESTORS GEOGRAPHIC PREFERENCES,CORE EUROPEAN MARKETS REMAIN THE PRIMARY FOCUS AT THIS STAGE OFTHE CYCLE.UK,SPAIN AND GERMANY THE KEY GEOGRAPHIC TARGETS FOR 20250404The UK,Spain and Germany remain the to

24、p three geographic markets of interest to investors in 2025 with Spain replacing Germany as second most favoured market in this years survey.Beyond the top three,investors expressed a greater preference towards France,Italy and Portugal this year compared to our results last year,while the Nordic co

25、untries and Ireland moved slightly down in our rankings.1.UK2.SPAIN3.GERMANY4.FRANCE5.IRELAND6.ITALYPREFERRED GEOGRAPHIC MARKETSCHANGE COMPARED TO 202416EUROPEAN LIVING REPORT15CUSHMAN&WAKEFIELDCOMPARED TO 2024,THERE IS STILL A BROAD MIX OF PREFERRED DEAL STRUCTURES FOR THE LIVING MARKET WITH FORWAR

26、D COMMITMENTS,STABILISED STOCK AND JOINT VENTURES ALL FEATURING PROMINENTLY(SEE CHART 4).FORWARD COMMITMENTS,STABILISED STOCK AND JOINT VENTURES ARE THE MOST ATTRACTIVE DEAL STRUCTURES0505The percentage of investors voting for forward commitment as their preferred deal structure rose most visibly co

27、mpared to last year(29%in 2025 versus 18%in 2024)which could perhaps be a tacit acknowledgment of a more stable period ahead for pricing and financing conditions.Investors also seemed more likely to focus on repurposing as an option compared to last year which could reflect a greater flow of such op

28、portunities now coming to market.Although repurposing across European markets has been something of a slow burn in recent years,we believe it is still likely to become amore prominent part of the living landscape as greater clarity emerges on issues like future office demand and viability.Source:Cus

29、hman&Wakefield,March 2025Source:Cushman&Wakefield,March 2025STABILISED STOCKREPURPOSINGJOINT VENTUREFORWARD FUNDINGFORWARD COMMITMENT/PURCHASECHART 4:WHAT IS THE MOST LIKELY DEAL STRUCTURE YOU ENVISAGE USING OVER THE NEXT 1-3 YEARS?21%10%21%19%29%18EUROPEAN LIVING REPORT17CUSHMAN&WAKEFIELD0606Furthe

30、rmore,there were larger pockets of positivity this year with 31%of investors seeing the European economy strengthening,up from only 12%in 2024.ECONOMIC OUTLOOK EXPECTED TO SUPPORT LOWER INTEREST RATES AND PRIME YIELDSOVERALL,INVESTORS EXPECT THE PATH FOR THE EUROPEAN ECONOMY TO REMAIN UNCERTAIN IN 2

31、025.ALMOST HALF OF RESPONDENTS EXPECT THE EUROPEAN ECONOMY TO WEAKEN THIS YEAR ALTHOUGH THIS WAS LESS DOWNBEAT COMPARED TO OUR 2024 FINDINGS.20EUROPEAN LIVING REPORT19CUSHMAN&WAKEFIELDThe interest rate cuts across the Eurozone and the UK economies last year appear to have been a major factor feeding

32、 into the more positive responses this year,even if they still reflect challenges of low growth and a fluid trade environment.Regarding interest rates,most investors expect rates to fall throughout the remainder of 2025(chart 5),though there is some uncertainty over the extent of the cuts.A slim maj

33、ority(52%)expect interest rates to fall by up to 0.5%,however a further 46%expect rates to be cut by up to 1.5%.The anticipated interest rate cuts are also expected to benefit prime living yields.Just over half of investors responding to our survey felt that prime living yields would fall by up to 0

34、.5%this year on foot of the lower interest rate environment while around 20%felt there would be no change in yields in 2025(chart 6).NO CHANGEDECREASE BY 0%-0.5%DECREASE BY 0.5%-1.5%Source:Cushman&Wakefield,March 2025CHART 5:HOW DO YOU THINK INTEREST RATES ARE MOST LIKELY TO CHANGE IN THE NEXT TWELV

35、E MONTHS?52%46%2%Source:Cushman&Wakefield,March 2025NO CHANGEINCREASE BY 50-100BASIS POINTS(0.5-1%)INCREASE BY 0-50 BASIS POINTS(0-0.5%)DECREASE BY 50-100 BASIS POINTS(0.5-1%)DECREASE BY 0-50 BASIS POINTS(0-0.5%)CHART 6:HOW DO YOU THINK PRIME LIVING YIELDSWILL CHANGE OVER THE NEXT TWELVE MONTHS?21%5

36、4%15%8%2%22EUROPEAN LIVING REPORT21CUSHMAN&WAKEFIELD0707IMPROVING DEAL VOLUME IN THE STUDENT ACCOMMODATION SEGMENT SUPPORTED ASTRONGER INVESTMENT PERFORMANCE LAST YEAR.With fewer regulatory constraints and shorter lease terms than PRS,PBSA has proven to be an effective inflation hedge,consistently o

37、utperforming the wider residential sector.Nearly half of respondents expect PBSA to remain the top-performing living sector in 2025(chart 7).Its appeal has been further reinforced by the UK governments Renters Rights Bill,which exempts PBSA from the abolition of fixed-term tenancies.PRS ranked secon

38、d in terms of performance expectations,with 27%of respondents predicting it will be the best-performing subsector.Source:Cushman&Wakefield,March 2025Source:Cushman&Wakefield,March 2025SOCIAL HOUSINGPURPOSE BUILT STUDENT ACCOMODATIONPRIVATE RENTAL SECTOR/BUILD TO RENTCO-LIVING/FLEX LIVINGAFFORDABLE H

39、OUSING/COST RENTALCHART 7:WHICH SEGMENT OF THE LIVING SECTOR DO YOU EXPECT TO PERFORM BEST IN 2025?48%27%10%10%4%PBSA EXPECTED TO PERFORM BEST IN 2025,BUYER/SELLER PRICING MISMATCHES THE MAIN CHALLENGE FOR 2025 24EUROPEAN LIVING REPORT23CUSHMAN&WAKEFIELDWhile investor appetite for living sectors rem

40、ains strong,several barriers could challenge growth ambitions.The most pressing concern among respondents is the mismatch between buyer and seller expectations,with some investors wary of pricing inflated by overly optimistic growth assumptions.Political and regulatory uncertainty is another major r

41、isk,cited by nearly one-fifth of respondents.With new regulations under discussion and already imposed in several European markets,the potential for sector disruption remains high.Scotland and Ireland serve as stark examples,where the introduction of rent controls continued to a significant drop off

42、 in build to rent activity,leading to muted investment activity.Development viability is another major challenge,cited by 17%of respondents.Higher construction costs,stricter building regulations,and increased affordable housing requirements have placed pressure on project feasibility and delivery i

43、n the UK and Europe.By contrast,concerns over debt costs have eased,with only 4%of respondents now viewing it as a major barrier to investment.This shift reflects the improved outlook for interest rates across Europe,which should inspire greater investor confidence around capital deployment.Source:C

44、ushman&Wakefield,March 2025Source:Cushman&Wakefield,March 2025AFFORDABILITYPOLITICAL/REGULATORY RISKMISMATCHES BETWEEN BUYER AND SELLER EXPECTATIONSLIMITED INVESTMENT OPPORTUNITYEQUITY RAISINGDEVELOPMENT VIABILITYDEBT COSTSCHART 8:WHAT DO YOU BELIEVE ARE THE BIGGEST CHALLENGES TO INVESTING IN THE LI

45、VING SECTOR IN 2025?46%8%2%17%4%19%4%26EUROPEAN LIVING REPORT25CUSHMAN&WAKEFIELDSUSTAINABILITY STILL A VITAL CONSIDERATION FORLIVING INVESTORS0808POLICYMAKER INITIATIVES IN AREAS SUCH AS ENERGY CONSUMPTION AND SUSTAINABLE FINANCE HAVE QUICKLY MADE SUSTAINABILITY A KEY TOPIC FOR REAL ESTATE INVESTORS

46、,PARTICULARLY IN THE LIVING SECTOR GIVEN THE IMPORTANCE OF ENERGY EFFICIENCY IN HOUSING AND ITSSOCIETAL IMPORTANCE.This is evident once again in our survey results for 2025.Over 70%of investors polled saw sustainability as a key objective of their investment portfolios(chart 9)while more than half a

47、lso said they would be willing to pay a premium for living assets with strong sustainability characteristics.Interestingly however,the feedback from investors indicated that sustainability was less of aconsideration for occupiers with only 46%of investors highlighting that it was a key tenant factor

48、.Source:Cushman&Wakefield,March 202550%45%40%35%30%25%20%15%10%5%0%CHART 9:SUSTAINABILITY STILL AN IMPORTANT CONSIDERATION FOR LIVING INVESTORSSTRONGLYAGREEAGREENEUTRALI am willing to pay a premium for living assets with strong sustainability characteristicsSustainability factors are key considerati

49、ons for tenants or occupiersSustainability is a key investment objective of my living portfolioDISAGREESTRONGLYDISAGREE28EUROPEAN LIVING REPORT27CUSHMAN&WAKEFIELD09CONCLUSION CONCLUSION 0930EUROPEAN LIVING REPORT29CUSHMAN&WAKEFIELDCONCLUSION THE INVESTOR OUTLOOKIS BRIGHTENINGThese powerful structura

50、l trends remain very much in place,a key reason why the sector has grown to account for around 20%of European investment volumes.In contrast,the cyclical outlook has been more uncertain in recent years,but we now believe that the conditions for a recovery are falling intoplace.Confidence is a critic

51、al ingredient of any real estate recovery and although investors cite pricing mismatches,viability and political/regulatory change as ongoing challenges,it is encouraging to see our 2025 European Living Investor Survey reflect growing optimism in several areas.Investors expect to increase their allo

52、cations to the living sector over the medium term,expanding across a broader range of segmentsa positive sign for its continued growth and evolution.Student accommodation,in particular,is set to be a major beneficiary of this trend.Meanwhile,anticipated interest rate declines in 2025 are likely to d

53、rive a rebound in capital values after two challenging years.Overall,investor sentiment is turning increasingly positive.EUROPES LIVING SECTOR CONTINUES TO OFFER A COMPELLING LONG-TERM OPPORTUNITY TO COMMERCIAL REAL ESTATE INVESTORS THANKS TO ITS STRONG GROWTH POTENTIAL,INEXTRICABLY LINKED TO ONGOIN

54、G DEMOGRAPHIC AND SOCIETAL CHANGE AS WELL AS SIGNIFICANT SUPPLY-DEMAND IMBALANCES.32EUROPEAN LIVING REPORT31CUSHMAN&WAKEFIELDhhABOUT CUSHMAN&WAKEFIELD Cushman&Wakefield(NYSE:CWK)is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 emplo

55、yees in nearly 400 offices and 60 countries.In 2024,the firm reported revenue of$9.4 billion across its core service lines of Services,Leasing,Capital markets,and Valuation and other.Built around the belief that Better never settles,the firm receives numerous industry and business accolades for its

56、award-winning culture.For additional information,visit .CONTACTSCOUNTRY CONTACTSTOM MCCABEHead of Living Research,EMEA JAMES DUNNEHead of UK Living PATRICK HOGANHead of Living Capital Markets,EMEAGEOFF MCCABELiving Capital Markets,SMAUD VISSCHEDIJKCo-Head-Equity,Debt&Structured FVIVIENNE BOLLAHead o

57、f Living Research,UK JAN BASTIAN KNODHead of Living Capital Markets Germany jan-MARK CLEGGHead of Residential Investment,UKDAVID VOSHead of Living Capital Markets,NJOEP VAN DE VORSTENBOSCHHead Of Living,EMEAEMILY MARKSPartner,EMEA LALEXANDRA PAULINHead of Residential and Healthcare,FrenchCapital MEUROPEAN LIVING SURVEYEUROPEAN LIVING SURVEY2 0 2 5