Emerging Trends in Real Estate® Europe 2006 - Urban Land Institute
Emerging Trends in Real Estate® Europe 2006 - Urban Land Institute
Emerging Trends in Real Estate® Europe 2006 - Urban Land Institute
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Editorial Leadership Team<br />
<strong>Emerg<strong>in</strong>g</strong> <strong>Trends</strong> <strong>in</strong> <strong>Real</strong> Estate ® <strong>Europe</strong> <strong>2006</strong> Chairs<br />
Richard M. Rosan, <strong>Urban</strong> <strong>Land</strong> <strong>Institute</strong><br />
Patrick R. Leardo, PricewaterhouseCoopers<br />
Pr<strong>in</strong>cipal Authors and Senior Advisers<br />
Kate Gimblett, <strong>Urban</strong> <strong>Land</strong> <strong>Institute</strong> Consultant<br />
Steve Laposa, PricewaterhouseCoopers<br />
Andrea Carpenter, <strong>Urban</strong> <strong>Land</strong> <strong>Institute</strong><br />
Editor and Senior Adviser<br />
Dean Schwanke, <strong>Urban</strong> <strong>Land</strong> <strong>Institute</strong><br />
Senior Adviser and Publisher<br />
Rachelle L. Levitt, <strong>Urban</strong> <strong>Land</strong> <strong>Institute</strong><br />
Senior Adviser and Contribut<strong>in</strong>g Researcher<br />
Stephen Blank, <strong>Urban</strong> <strong>Land</strong> <strong>Institute</strong><br />
Senior Advisers<br />
William Croteau, PricewaterhouseCoopers<br />
John Forbes, PricewaterhouseCoopers<br />
Peter F. Korpacz, PricewaterhouseCoopers<br />
Henrik Ste<strong>in</strong>brecher, PricewaterhouseCoopers<br />
Frank van Zelst, PricewaterhouseCoopers<br />
ULI Editorial and Production Staff<br />
Nancy H. Stewart, Manag<strong>in</strong>g Editor<br />
David James Rose, Manuscript Editor<br />
Byron Holly, Senior Graphic Designer<br />
Craig Chapman, Director of Publish<strong>in</strong>g Operations<br />
Jason Scully, Senior Research Associate<br />
Clara Meesarapu, Adm<strong>in</strong>istrative Assistant<br />
Karrie Underwood, Adm<strong>in</strong>istrative Assistant<br />
<strong>Emerg<strong>in</strong>g</strong> <strong>Trends</strong> <strong>in</strong> <strong>Real</strong> Estate ® is a registered trademark of<br />
PricewaterhouseCoopers LLP.<br />
© January <strong>2006</strong> by ULI–the <strong>Urban</strong> <strong>Land</strong> <strong>Institute</strong> and<br />
PricewaterhouseCoopers LLP.<br />
Pr<strong>in</strong>ted <strong>in</strong> the United States of America. All rights reserved.<br />
No part of this book may be reproduced <strong>in</strong> any form or by any<br />
means, electronic or mechanical, <strong>in</strong>clud<strong>in</strong>g photocopy<strong>in</strong>g and<br />
record<strong>in</strong>g, or by any <strong>in</strong>formation storage and retrieval system,<br />
without written permission of the publisher.<br />
Recommended bibliographic list<strong>in</strong>g:<br />
ULI–the <strong>Urban</strong> <strong>Land</strong> <strong>Institute</strong> and PricewaterhouseCoopers LLP.<br />
<strong>Emerg<strong>in</strong>g</strong> <strong>Trends</strong> <strong>in</strong> <strong>Real</strong> Estate ® <strong>Europe</strong> <strong>2006</strong>. Wash<strong>in</strong>gton, D.C.:<br />
ULI–the <strong>Urban</strong> <strong>Land</strong> <strong>Institute</strong>.<br />
ULI Catalog Number: E24<br />
ISBN: 978-0-87420-949-5<br />
ii <strong>Emerg<strong>in</strong>g</strong> <strong>Trends</strong> <strong>in</strong> <strong>Real</strong> Estate ® <strong>Europe</strong> <strong>2006</strong><br />
PricewaterhouseCoopers Contribut<strong>in</strong>g Researchers<br />
Austria Dirk Kadel<br />
Belgium Ala<strong>in</strong> Fiset<br />
Czech Republic Hans van Capelleveen, Glen Lonie,<br />
Michal Adamovsky<br />
France Yvan Gril, Laurian Dou<strong>in</strong><br />
Germany Jochen Brücken, Helmut Trappmann,<br />
Thomas Veith<br />
Greece Constant<strong>in</strong> Pechlivanidis,<br />
Theo Smyrniotis<br />
Hungary Paul Grocott<br />
Italy Margherita Biancheri<br />
Netherlands Wileke Ong, Jeroen El<strong>in</strong>k Schuurman<br />
Nordic Jorgen Sigvardsson, Robert Fonovich<br />
Poland Malgorzata Cieslak, Tomasz Trzoslo<br />
Portugal Patricia Reis, Cidalia Santos,<br />
Antonio Rodrigues, Goncalo Silva Adriao<br />
Romania Edw<strong>in</strong> Warmerdam, Richard Grotendorst<br />
Russia Brian Arnold, Mar<strong>in</strong>a Kharitidi,<br />
Steven Snaith<br />
Spa<strong>in</strong> Guillermo Masso, Angel Bravo Olaciregui<br />
Switzerland Kurt Ritz<br />
Turkey Adnan Nas, Ozlem Guc Alioglu,<br />
Ersun Bayraktaroglu<br />
United K<strong>in</strong>gdom Mark Charlton, Sandra Dowl<strong>in</strong>g<br />
Preface<br />
A jo<strong>in</strong>t undertak<strong>in</strong>g of the <strong>Urban</strong> <strong>Land</strong> <strong>Institute</strong> (ULI) and<br />
PricewaterhouseCoopers, <strong>Emerg<strong>in</strong>g</strong> <strong>Trends</strong> <strong>in</strong> <strong>Real</strong> Estate ® <strong>Europe</strong><br />
is a trends and forecast publication now <strong>in</strong> its third edition. The<br />
report provides an outlook on <strong>Europe</strong>an real estate <strong>in</strong>vestment and<br />
development trends, real estate f<strong>in</strong>ance and capital markets, property<br />
sectors, metropolitan areas, and other real estate issues.<br />
<strong>Emerg<strong>in</strong>g</strong> <strong>Trends</strong> <strong>in</strong> <strong>Real</strong> Estate ® <strong>Europe</strong> represents a consensus<br />
outlook for the future and reflects the views of more than 300<br />
<strong>in</strong>dividuals who completed surveys and/or were <strong>in</strong>terviewed as a<br />
part of the research process for this report. Interviewees and survey<br />
participants represent a wide range of <strong>in</strong>dustry experts—<br />
<strong>in</strong>vestors, developers, property companies, lenders, brokers, and<br />
consultants. ULI and PricewaterhouseCoopers researchers personally<br />
<strong>in</strong>terviewed over 150 <strong>in</strong>dividuals, and survey responses<br />
were received from 157 <strong>in</strong>dividuals whose company affiliations<br />
are broken down as follows:<br />
<strong>Real</strong> Estate Service Firm 29%<br />
Private Property Company 19%<br />
Developer 15%<br />
Publicly Listed Property Company 12%<br />
Institutional Investor 11%<br />
Investment Bank 6%<br />
Commercial Bank 5%<br />
Other 2%<br />
A list of the <strong>in</strong>terview participants <strong>in</strong> this year’s study appears<br />
at the end of this report. To all who helped, the <strong>Urban</strong> <strong>Land</strong><br />
<strong>Institute</strong> and PricewaterhouseCoopers extend s<strong>in</strong>cere thanks for<br />
shar<strong>in</strong>g valuable time and expertise. Without the <strong>in</strong>volvement of<br />
these many <strong>in</strong>dividuals, this report would not have been possible.