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Claudia Buccini, Associate & Head of Research ʹ Cushman & Wakefield Italy

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Susan Trevor-Briscoe FRICS, Associate & Head of Research - Savills Italy

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Valentina Puleio, Research Analyst ʹ BNP Paribas REA Italy

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Rezarta Tasellari, Director & Head of Research ʹ DTZ Italy

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Mirko Baldini, Director ʹ CBRE Italy

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Raffaella Pinto, Senior Research Analyst ʹ JLL Italy

  
 
 


  


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  $%%& ʹ first approach C&W and JLL
- Current and future market trends
- Macro level market data

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( BNPP RE, CBRE, DTZ, Savills
- Property market definitions

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- Improve market transparency
- Professionally respond to our Clients͛ requirements

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- Increasing volume of activity
- International players
- Credit Crunch

 
 
 
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- Improve market transparency
- Respect the confidentiality of sensitive information

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- pen discussion on facts and figures
- Company background m Interpretation of market trends

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- Broader availability of information
- Weight in the asset allocation
- Retail and Logistics are the next steps
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o No data-exchange structure required

Forums established

Informal networks
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1. No data-exchange structure required
2. Forums established
3. Informal networks

Russia
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å almost all aligned in the content
å different according to the client͛s distribution method
or in the timing of publishing
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å supply (stock, pipeline, completions, vacancy)
å demand (take-up)
å values (prime rents, average rents and prime yield)
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å Rome
å Milan

 
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å Players exchange information on the office market
å Discuss deals and data
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å Leasing Transactions
å Key office indicators and Market views
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å Tenant information is not shared by the group if confidential
å nly the business sector͛s activity is shared
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å Data is subject to revision before publishing
å However, as for the key data, the gap between agents has been
reduced during the years

 
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å ënique shared glossary for the Italian market

å Introduction of agreed rules for the Forum

å Involvement of other local real estate companies in the Forum

å Extension to other markets, beginning from Rome: some activity


has already started in this direction

 
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å Agreement on clear geographical definition of markets areas for


Milan and Rome

å Increase the number of shared items: Investment transactions

å Publish an annual press release consisting of market facts and


market trends

 
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å Commercial and public sector offices
å Purpose-built offices
å Converted offices (from retail/residential/industrial to office space)
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å No public source for office stock that fits the RE definitions
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å The cadastral definition for ͞office͟ is different from the RE definition
å It is an estimated value
å The information on withdrawal is usually only available in few cases
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å Each advisor has an ESTIMATED total stock figure
å Different methodology and geographical submarkets
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å Share and agree on a unique geographical definition of the market
å Census of office building, dividing the Milan market by brokers

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å All vacant accommodation inclusive of space for sub-letting

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å Agents͛ mapping
å Funds͛ financial balance sheets
å Websites of RE companies

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å Different methodologies to calculate total vacancy
å Immediate availability concept
å Different geographical submarkets

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å Each advisor has its vacancy data (different methodology and geographical submarkets)

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å Share and agree on a single geographical definition of the market
å Revise and share current property databases

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å Also pre-lets/ pre-sales (this refers to a space that was planned or in construction stage).
å Lease renewals are counted as take-up with the additional size only.
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å Agents mapping
å Press releases and newspapers articles (to be checked/confirmed by the landlords)
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å This definition is still open to the influence of some variations within IRF
å Normally is considered as ͞gross͟ area and sometimes also includes archive space
å The exact taken-up space is often rounded up or slightly increased
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å Exchange of the list of transactions made by each member͛s own team
å Maintaining the confidentiality of information
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å To share the ͞proposed͟ definition
å To co-operate with local brokers in order to increase market knowledge/data
å To agree on a single annual take up figure

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å Market evidence (transactions closed and asking rents)
å Expert opinions

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å pen to the influence of a series of variables (objective and subjective)

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å Independently-determined Prime Rent figure by each IRF Participant different expert
opinion

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å IRF goals: an agreed IRF Prime Rent on an annual basis, using
o a definition
o a method

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å Rental Income Purchase Price

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å ross Yield as market practice in Italy
å No relevant transactions Quoted hypothetical yield - expert opinion

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å Not ͞fact͟ but market view by each IRF Participants Different expert opinion

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å improve the transparency of investment volume
å not harmonize the overview of Prime Yield

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å No official source of information
å Hard to obtain the details & to follow the changes of the project

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å Independently managed pipeline data/info. by each IRF Participants

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å Share ffice Pipeline
å Expand collaboration to include developers and public authorities
  

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- Lack of official statistics across all the countries
- Confidentiality is a shared issue
- eographical market definition a key issue to reach consistency

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- eography issue m supply
- Quality issue m supply
- Confidentiality (privacy statement)
- Subjective factor influencing definitions

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- Agreement on take up definition
- Agreement on the oal of the Forum
- Share increasing number of information's mreducing gap
  
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|-352
|-352

, Associate & Head of Research - C&W Italy

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  FRICS, Associate & Head of Research - Savills Italy

9  , Research Analyst ʹ BNP Paribas REA Italy

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, Director & Head of Research ʹ DTZ Italy


 , Director ʹ CBRE Italy

  , Senior Research Analyst ʹ JLL Italy

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