Over page are the latest EMEA Market Outlook figures

EMEA Corporate Occupier Conditions Autumn 2015

People and productivity continue to drivereal estate strategy

ECONOMIC OUTLOOKEurope is expected to gain momentum throughout 2015 and 2016.

PRESSURE ON REAL ESTATE COSTSContinued focus on cost management will influence location decisions.

M&A ACTIVITY IS DRIVING REAL ESTATE CHANGE56% of companies expect to pursue acquisitions in the next 12 months.

PORTFOLIO OPTIMISATION

SHORING STRATEGIES ON THE AGENDA AGILE WORKPLACES WITH A FOCUS ON TALENTCompanies are seeking competitive advantage through people-centricoffice design that encourages wellbeing, collaboration and innovation.

Expectations:Competition for space will increase more rap-idly in well connected locations with amenities

and proximity to talent.

Quality choice will remain constrained as developments

take time to complete.

Costs for prime real estate forecast to increase by 1.1% in 2015

and 2.4% in 2016.

Source: Oxford Economics, 2015, (GDP = EU28) Source: JLL, 2015

Source: Capital Confidence Barometer, EY April 2015, Thompson Reuters

Source: PwC 18th Annual Global CEO Survey, 2015

HEADWINDSDebt defaults, Brexit, Russia/Ukraine, China slowdown, stock market volatility, deflation.

TAILWINDSECB’s extensive QE programme; encouraging PMI data, rising consumption levels; low interest rates.

Choice to fall in almost half of European markets in the next 12 months.

The balance of nearshore and offshore operations will remain fluid as companies seek to deliver greater productivity.

Less than half of European markets are expected to remain tenant favourable in 2015 & 2016.

Real estate due diligence early on is key to unlocking value.

73% of CEO’s are concerned about the availability of key skills.

Adapting to the dual drivers of growth & efficiency is key to optimising real estate portfolios.

Source: Global CRE Trends 2015, JLL

72% of CRE Executives note increasing demand to actively challenge the business about its presumed space needs.

A growing number of companies are reassessing their real estate footprints.

73%30% of organisations are likely to off-shore activities in the next 3 years.

21 % of organisations are likely to near-shore activities in the next 3 years.

Source: Global CRE survey 2015, JLL

www.jll.eu

This summary of EMEA Occupier Conditions provides a macro level overviewof real estate occupancy indicators across 71 key EMEA office markets.

For a more in-depth view of any particular market please call us and we will be happy to assist.

Tom CarrollHead of Corporate ResearchEMEA+44 (0) 203 147 1207tom.carroll@eu.jll.com

Karen WilliamsonAssociate DirectorEMEA Research+44 (0) 203 147 1197karen.williamson@eu.jll.com

Any questions,please contact:

EMEA Occupier Office Property Clock Q2 2015Western Europe Central and Eastern Europe Middle East and Africa

Source: JLL, July 2015

Select EMEA Market Conditions

Prime rents (€ per sq m) as at Q2 2015Sentiment based view from each market outlining future expectations of prime rental direction

Landlord favourable market Balanced market Tenant favourable market Overall vacancy rate

2015 2016

Oslo

8.3%€479

2015 2016

Helsinki

11.3%€306

2015 2016

Copenhagen

10.1%€241

2015 2016

Stockholm

9.0%€487

2015 2016

Moscow

17.0%€754

2015 2016

Warsaw

14.1%€282

2015 2016

Amsterdam

16.3%€345

2015 2016

Prague

16.6%€234

2015 2016

Johannesburg

11.3%€186

2015 2016

Cairo

33.0%€323

2015 2016

Doha

8-10%*€680

2015 2016

Dubai

23.0%*€657

MENA

*CBD only2015 2016

Riyadh

17.0%€431

2015 2016

Milan

13.0%€470

2015 2016

Athens

19.1%€204

2015 2016

London West End

2.7%€1.785

2015 2016

Glasgow

10.5%€448

2015 2016

Brussels

9.9%€275

2015 2016

Frankfurt

10.0%€426

2015 2016

Budapest

14.2%€240

2015 2016

Istanbul

15.2%*€420

2015 2016

Paris CBD

5.3%€710

2015 2016

Madrid

11.1%€312

2015 2016

Lisbon

11.7%€219

SOUTH AFRICA

2015 2016 27.2%€312

Kiev

Eindhoven, Lyon, Oslo, Vienna

Cologne, Tel AvivFrankfurt

Hamburg, Malmo,

Berlin, Munich, Stuttgart

Dublin, JeddahLondon City, London WE

LuxembourgBelfast, Southampton

Manchester Amsterdam, Nottingham

Edinburgh, West London

Barcelona, Bristol, Madrid, Thames Valley, Leeds, Milan, Newcastle, Cairo, Belgrade

Birmingham

Krakow

The Hague

Moscow, St. Petersburg

Dusseldorf

Kiev, Sofia, Warsaw, Zagreb, Doha, Kuwait City

Antwerp, Athens, Brussels, Cardiff, Helsinki, Lisbon, Paris CBD, Rotterdam, Utrecht, Bratislava, Bucharest, Budapest, Prague,Tri-City, Capetown, Istanbul

Manama, Muscat, Riyadh

Rental Growth

Slowing

Rental Growth

Accelerating

RentsFalling

RentsBottoming Out

Copenhagen, Glasgow, Western Corridor, Abu

StockholmGothenburg, Johannesburg

Geneva, Zurich

Dubai, Rome

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