"An increasing number of end-of-cycle phenomena are causing widening concerns although, based upon the facts, there is still no end to the cycle in sight. However, a closer examination of the superficial case for “onward and upward” reveals details that could precipitate major changes in the mid-term."

"Finding property will be even more challenging for investors and occupiers alike in 2017. With further initial yield compression likely to be no more than marginal, investors will be targeting rental growth potential. The latter will be found in more and more office locations as well as on inner-city logistics assets, though no longer on retail property."

"Office rents in the top six cities have risen continuously since 2004 with the exception of 2009, the year following the financial crisis. We believe this rental growth will continue over the coming years, regardless of the consequences of the Brexit vote, and put forward three arguments in favour of this assertion. Trends in office rents are dependent on three influencing factors: demand for, supply of and development costs of office space. Consequently, we will look at these three aspects more closely below. In brief, however, all three criteria point towards office rents continuing (and accelerating) their growth over the coming years."