European investment volumes dropped by 33% in the first quarter of 2016 compared with last year but still remain above average, according to BNP Paribas Real Estate.
Some €13.6bn (£10.6bn) of deals were transacted – including Brookfield’s €1.4bn purchase of Potsdamer Platz in Berlin (pictured) – over the period, compared with €20.5bn in Q1 2015.
The fall was caused by a dearth of quality assets, BNP PRE said. Prime office yields were 4.27%, a tightening of 24bps year on year.
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