1、EMEA Research&StrategyJanuary 20232023 Property PredictionsA year of challenges and opportunities“2|2023 Jones Lang LaSalle IP,Inc.All rights reserved.We enter the new year facing an unprecedented set of challenges that will shape the real estate industry over the next twelve months.The war in Ukrai

2、ne continues to loom large,affecting global commodity markets and trade flows;an energy shock is driving inflation and a cost-of-living crisis for households across Europe;and central banks are raising rates pushing up borrowing costs and forcing a repricing of risk and return across all asset marke

3、ts,including real estate.The outlook is far from all being bad news.In fact,inflation now looks to have peaked,the majority of repricing has been completed or will conclude in H1,and even as we enter this period of slow growth(or recession),there is light at the end of the tunnel.A recovery looks li

4、ke it will take shape in the second half of the year.Looking to the year ahead we can see the continuation of a number of cyclical and structural adjustments.Sustainability and ESG continue to move up the agenda for investors and occupiers,and exciting new work in the arena such as on green leases a

5、nd retrofitting will accelerate.Firms will continue to experiment to find the right balance of hybrid working for them,bringing in new data,analytics,and partnerships to address the expanding complexity of real estate management.Tom Carroll EMEA Head of Research&StrategyAfter years as the black shee

6、p of the family,the Retail sector is back in the fray,predicting stronger returns and a shift into bricks and mortar for previously online-only sellers.Meanwhile,Hotels in gateway markets expect to benefit from the inflow of capital from Asian and Middle Eastern investors looking to deploy capital f