RETAIL FURTHER AHEAD IN ASSET CLASS RANKING, 30% GROWTH IN TURNOVER
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Against the backdrop of slowly improving market conditions, the retail investment market can report a satisfactory result at the end of Q3. Even though the long-term average (€8 billion) has not yet been reached with a transaction volume of €4.9 billion (-38%), the significant increase compared to 2023 can be seen as an indication of returning investor confidence that the pricing phase will soon come to an end. In this context, the volume at the end of September was already at the level of the full year 2023 and +30% compared to Q1-3 2023.
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Retail property tops the list of major asset classes for the third consecutive quarter. With a 27% share of turnover, they are ahead of logistics (€4.4 billion; 25%) and office investments (€3.6 billion; 20%).
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Looking at the two segments of individual deals and portfolio sales, transactions involving individual retail assets stand out in particular: with a volume of around €4.2 billion, they are even above average compared to the last five years (+20%). In the portfolio sector (€703 million), market activity in the smaller segments is brisk, while large turnover drivers, which are often associated with company takeovers, are currently lacking.
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In terms of property types, shopping centres (14% share) were able to catch up with the Pasing Arcaden in Munich, among others, and record the largest deal in recent months. The three other segments of department stores and retail warehouses as well as specialist stores are close together with high market shares of between 25 % and 31 %, which speaks in favour of the good momentum in the high street and food sector.