• Transaction volume for retail assets hits the €10bn mark
• Transaction volume edges down by 4%
• Retail warehouses and retail parks as the strongest segment with a share of 44%
• Prime yields of retail parks and shopping centers converging – difference of a mere 0.15 %-points

In 2019, the German hotel real estate market remains very dynamic with a continued demand surplus. The hotel transaction volume in the German hotel investment market stood at €1.64bn in H1 2019, down 14% from the prior-year period. The lack of product on the market is restricting the investment volume and results in a further decline in yields in prime locations. Consequently, investors increasingly buy in B and C locations.

The report provides an overview of:

• European and German hotel real estate market
• Key performance indicators of the German top cities
• Investment volume and prime yields
• Recent transactions
• Future supply and outlook

• Investment volume of a good €12bn in the first three quarters
• Shift on the investor front
• District developments open up new possibilities

• Transaction volume at €20.79bn - +1% compared to previous year
• Market share of portfolio transactions rises to 15%.
• Prime yield of the top 7 markets drops to 3.00%

• Supply shortage curbs the transaction volume
• Commercial investment volume of €23.6bn in the first half year
• Only the retail segment delivers a higher transaction volume year on year
• Berlin stands out from other markets – higher investment volume than the sum total of Frankfurt and Munich
• Supply shortage behind significant decline in portfolio deals
• Ongoing yield compression – average prime yield for office properties in the Top 7 markets drops to 3.09%
• Outlook: year-end result unlikely to repeat the 2018 record

• For the first time, a take-up of 7.0m sq m of space was recorded on the German logistics market, 7% more than in the same period of the previous year.
• There is a shortage of space on the logistics real estate market - and at the same time the previous record of 6.7m sq m in 2016 was exceeded. The frequently reported shortage of space describes the situation in the 23 German logistics clusters. In 2018, users have shown that they are also prepared to move to other regions where large, inexpensive plots are still available.
• The market in 2018 was driven by take-up in property developments. At 4.4m sq m, they accounted for 63% of total take-up.
• Since the take-up of owner-occupiers has remained largely stable with a slight decline of a good 3% to 2.3m sq m, most of the growth is focused on the letting market.
• The market shows no signs of slowing on the demand side. Even the limiting factors on the supply side are unlikely to change fundamentally over the course of the year.

Report on the significance of investment costs in nursing homes - a differentiated discussion by different authors::

• Introduction to investment costs and their regulation
• The facts of the case about cross-subsidising
• Investment costs as a determinant of value
• Adjustments of investment costs in practice
• The importance of investment costs - the macro view
• The international investor's perspective
• A look into the future & political demands

• Sustainable upswing on German real estate markets Thanks to economic boom
• Growth rate of GDP is set to rise by 2.2% (2017) - economic uptrend is set to continue at a vivid pace in 2018 as well and gain a broader footing
• Transaction volumes on the German commercial investment market 2017 exceeded the €57 bn mark; for 2018 we assume that despite limited supply the market dynamic will remain high
• Record in office letting take-up 2017 - veritable excess demand, reduced vacancy and moderate new build activity lead to further rising rents in 2018
• Overall German retail take-up volume in 2017 is anticipated to exceed the €500 bn threshold - demand of (inter-)national retailers still high, but more focused on locations and concepts - challenge of growing e-commerce
• Due to strong expanding online-trading, new logistics property types for the last mile are increasingly in discussion in urban locations
• Fiercer competition for core hotel products in prime locations is expected -  investors will focus more on economically strong major provincials, secondary cities and new property developments.
• Care homes establish themselves more firmly as an investment alternative – even for classic, conservative core investors
• Residential markets remain strained despite risen building activity - increasing rents and purchasing prices in the high-influx regions.