Fears about the future of the Eurozone are dominating the markets. The weak economy and uncertain capital markets helped push down private investment activity in Q1 2012. Investors and lenders retreated again to chase the hard-to-find prime assets in the Northern European office markets. Prime office yields rose slightly in a number of office markets for the first time in several quarters. An estimated Euros 500bn of commercial real estate loans need to be refinanced over the next three years. Occupier demand remains weak and take-up fell in Q1 2012, although in recent weeks there were some signs of an improvement.

Executive summary:macro-economic themes - implications for commercial real estate; Economic trends; Transactions and pricing; Debt markets; Property markets - Investment performance; Attractive risk-adjusted investment opportunties.