2Executivesummary4 Chapter 1 Businessenvironment18 Chapter 2 Real estatecapital markets30 Chapter 3 Markets towatchContents Cover image: Royal Exchange building, City of London fnancial district, UK (Alexander Spatari) 2Emerging Trends in Real Estate Europe 2019 1Emerging Trends in Real Estate Europe 2019 Emerging Trends in Real Estate Europe 2019 Creating an impact A publication from PwC and the Urban Land Institute 70 Chapter 4 Redefningvalue 79 About thesurvey 1Emerging Trends in Real Estate Europe 2019 “Considering the environmentalimpact of investments is absolutelybecoming important. The moreinstitutional the money, the greaterthe pressure on these kinds ofissues. In fve years’ time, the biglisted property companies will haveno non-environmentally labelledreal estate at all. Secondary realestate is going to have a muchmore diffcult time.” Director, Scandinavian advisory frm 2Emerging Trends in Real Estate Europe 2019 Executivesummary“Some investors are still looking at real estate in Europe as capital preservation. They are notlooking for outsize returns, but security.” Director, pan-European investment bank2Emerging Trends in Real Estate Europe 2019Image: Warsaw, Poland (The World in HDR) 。。。。。。