The real estate magazine from Union Investment

Categories in our real estate magazine

Insights
Research view
places and spaces issue 1/2025
places and spaces issue 2/2024
places and spaces issue 1/2024
places and spaces issue 2/2023
places and spaces issue 1/2023

It doesn't make sense to focus solely on fire safety or monument protection without considering the bigger picture if, in the end, functionality is no longer guaranteed."

Redevelopment is set to become easier

‘We bring expertise and implementation power to the market’

Market developments, client business and new fund strategies – Managing Director Maximilian Brauers on institutional real estate business in 2025.

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places and spaces

“Nothing is as constant as change. Markets continue to develop as the demands and requirements of guests change,"

Martin Schaller, Head of Asset Management Intercontinental @ Union Investment

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London: Rising office rents boost the investment market

The British capital has long been a favourite with office investors. Take-up is currently on the rise and giving the investment market a boost.

places and spaces

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places and spaces

Built on water

Buildings and structures for living, working and leisure can now be found floating on canals, lakes and even the sea. For many occupants, they are an expression of individuality, while for others they could soon be a necessity due to rising sea levels.

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We keep you informed every month about current topics from Union Investment's real estate division: news, studies, stories, transactions, events and editorial articles from our places and spaces magazine. Stay up to date!

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Paul AllenIssue 1/2025

Physical retail is back in fashion

Retail stores and shopping centres suffered years of falling sales due to online competition. Now they are adding space and investing in experiences and improved service.

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Fabian HellbuschIssue 1/2025

Perfect fit with Inditex

Brick-and-mortar retail is alive and well: Inditex and lucrative formats from Germany are providing impressive proof of that fact in the fashion sector, which many had written off.

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"A considerable amount of office space is likely to become uncompetitive over the coming years without the right investment", says Tina Reuter, Head of Germany @ Cushman & Wakefield.

Office space: How landlords are encouraging tenants to stay

places and spaces

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places and spaces

Getting mobility right

“Perfect integration of a building into the surrounding public realm is an exciting but also complex task,” says data expert Emil Pabst.

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Judi SeebusIssue 1/2022

On the turn

The recent hard correction in the interest rate markets threw the investment world into disarray, but the shift in interest rates may prove cathartic for real estate. While investor interest looks set to remain thematic in the 2025 transitional year, experts expect core markets to make a comeback the following year.

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Fabian HellbuschIssue 1/2025

Confirmed value in UniImmo: Europa

The sale of the high-profile Fünf Höfe complex in Munich to a well-funded family office was a highlight of 2024, which was otherwise a slow year for transactions. Union Investment’s active asset management helped to pave the way for this successful single asset deal – one of the largest in Germany.

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26/01/2025Research view

German Office Property Market 2024: RisingRents and Stable Yields in Focus

Despite economic uncertainties, the demand for office spaces in cities like Berlin, Munich, and Frankfurt remains robust. Discover why high-quality office properties continue to attract interest and which trends will shape the upcoming year.

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21/12/2024Research view

Rising Transaction Volume in German Retail Real Estate: Trends and Outlook for 2024

The German retail real estate market is making a strong comeback in 2024. Improved conditions, declining financing costs, and attractive yields are driving a significant increase in transaction volume.

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Issue 2/2024

Urban Island

Union Investment has entered the Scandinavian hotel market byacquiring the 25hours Paper Island hotel in Copenhagen –in a location with exceptional potential.

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Issue 2/2024

Showcase residential project

Union Investment has every reason to be proud of the recently completed 8th Lock residential development in Dublin, with its strong sustainability credentials and high-quality facilities. Off-site manufacturing shortened the construction time.

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10/12/2024Research view

Europe's hotel markets 2024: positive development continues

In 2024, the European hotel markets will see record numbers of overnight stays, rising occupancy rates and higher room prices - despite economic challenges, the desire to travel remains unbroken.

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30/09/2024Research view

European office real estate markets 2024: rising rents, flexible space and investment opportunities

The European office real estate markets are showing stable development in 2024 despite the subdued economic situation. As inflation rates decline, optimism is rising in the business world.

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Issue 2/2024

Resilience protects urban environments

City leaders, developers, investors and financiers need to join forces to increase theresilience of our urban environment in the face of increasing climate risks.

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Issue 2/2024

Pooled benefits

The benefits for investors from pooling vehicles range fromoperational aspects and real estate reporting to earnings management.

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Issue 2/2024

Bright prospects for real estate tokens

Blockchain-based real estate investment may still be in its infancy, but agrowing number of startups as well as established property managers and investors are exploring the possibilities.

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Issue 2/2024

Market to bottom out soon

The real estate asset class – including open-ended real estate funds – is currentlyfacing headwinds. Dr Michael Bütter, CEO of Union Investment Real Estate,takes a nuanced view and highlights the fact that open-ended real estate funds arenotable for their resilience in tough times.

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Issue 2/2024

Embracing new technologies

Gerald Kremer has been tasked with rolling out a digital infrastructure at Union Investment Real Estate. “Bringing the digital and brick-and-mortar worlds together really fascinates me,” says the digital expert.

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Issue 2/2024

Green lobby

At the upcoming reopening of the Radisson Collection Hotel in Berlin, a spectacular new highlight awaits guests: the living tree. The project team had to overcome a number of obstacles in order to create this plant-covered sculpture measuring nearly 16 metres high.

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Issue 2/2024

Premium new additions to the portfolio

Union Investment is reducing the age of its real estate assets and enhancing the sustainability of the portfolio with profitable project completions. This strategy benefits occupiers and investors alike.

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Issue 2/2024

More power to the people

A well-known saying in management circles is that a company is only as good as the people it keeps. By harnessing human capital, property companies can embrace the sweeping changes being ushered in by the AI and data revolution.

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Issue 2/2024

Transformation into a hotel

The downtown location is perfect, but the space stands empty: many office buildings anddepartment stores will have to be repurposed. Could this be a winner for hotel investors and operators? Conversion offers potential, but it also presents many challenges.

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02/09/2024Research view

Letting performance in Germany 2024: retail space in strong demand again

The market for retail spaces in Germany is showing a marked recovery in 2024. After a challenging period, leasing activity is beginning to stabilise, indicating a positive trend in the retail sector.

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04/08/2024Research view

Market turnaround in sight

After a long wait for good news, real estate investors are now seeing the first signs of a recovery on the European commercial real estate markets.

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Issue 2/2024

Climate returns in the office world

Reducing risks and conserving resources helps to ensure that properties remain attractive for occupiers and retain their value. Examples of innovative solutions already exist.

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Issue 2/2024

Daring to go wild

Biodiversity has been a niche topic in the real estate sector to date. But that is now changing. Owners are increasingly integrating measures for the conservation of species and nature into their sustainability strategies, a trend that is reflected in growing investor interest in associated information.

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Issue 2/2024

Lucrative top floors

Higher, further, more spectacular. As well as offering tourists unique views, modern observation decks can also add new zing to a building.

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Insights

How to create profitable properties

The real estate markets are not in easy waters at the moment. But the situation is better than the mood. Which real estate portfolios are on a stable footing.

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Insights

ImmoSustain: our digital sustainability platform

The sustainability of a property is highly complex and must take many criteria into account. In order to be able to measure and manage this complexity, we have developed various instruments over the years, including the ImmoSustain software solution.

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02/07/2024Research view

ECB interest rate cut: a trend reversal on the real estate markets?

At the beginning of June this year, the European Central Bank cut interest rates for the first time in almost five years: by 0.25 points to 4.25 per cent. What this means for the real estate markets.

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09/06/2024Research view

Why office space will always be needed

Since the start of the Covid pandemic, more and more people have been working from home. That raises the question whether demand for office space will be significantly lower in the future.

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Issue 1/2024

Spain on the rebound

At a time when many European economies are feeling the pinch, Spain is outperforming large parts of the eurozone.

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Reseearch view

Protecting ecological diversity: the biodiversity guideline

The loss of biodiversity and habitats is even more threatening than climate change. The real estate industry can make a significant contribution to countering this threat. That is why Union Investment has developed a biodiversity guideline.

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Issue 1/2024

Meeting of two worlds

The old distinctions between property types are crumbling. Some offices now look like hotels, while hotels are increasingly offering office workspace. There are compelling reasons for this convergence of hotel and office real estate.

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The consumer preferences of Generation Z

The largest emerging group of future consumers is looking for retail experiences that are grounded in authenticity and sustainability.

Issue 1/2024

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Issue 1/2024

Huge potential

The development of the serviced apartment sector in Europe has traditionally lagged the US and Asia. But the landscape is changing rapidly, with a growing number of home-grown operators, private equity investors and institutional players moving in.

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Issue 1/2024

Open-ended real estate funds: Rock solid

A rigorous method and the specific features of their distribution yields ensure that open-ended real estate funds remain attractive even in uncertain times.

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Issue 1/2024

The dream office

Increased expectations mean that offices need to combine efficiency and productivity while also being highly flexible and attractive enough to coax employees away from working at home. We present some winning concepts.

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Issue 1/2024

Real estate as a competitive advantage

The skills shortage is one of the biggest issues confronting the logistics industry. What do logistics properties need to be like to make it easier to recruit and retain staff? A recent study provides answers.

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Issue 1/2024

Occupier market outperforms investment market

Cautious investors and lower prices on the one hand, stable occupier demand and rising rents on the other – the real estate markets present a mixed picture. The slowdown in interest rates should soon trigger a recovery in investment markets.

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Issue 1/2024

“Aligning occupier requirements and sustainability”

Henrike Waldburg became a member of the Management Board of Union Investment Real Estate GmbH, Hamburg, on 1 July 2023. Her responsibilities include letting and tenancy management for approximately 500 fund properties. She joined the company in 2006 and has held various management positions.

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Issue 1/2024

Strong combination

Three years after Covid, travel is heating up and shopping has become big business as a new cross-fertilisation between the hotel sector and retail gets under way.

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Insights

Property seeks capital: Co-investments for institutional investors

We identify the attractive properties you are looking for. A prime example of this is Modules 1 and 2 of the Siemens Campus in Erlangen, which Union Investment secured as part of a club deal for major clients.

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Insights

Transformation in the property portfolio

Repurposing existing properties is a value-adding approach, benefiting both the capital market and users. Union Investment is changing direction for the better by considering the value chain holistically. How do we define transformation and what examples of transformation properties are there in our portfolio?

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Issue 1/2024 - Online only

The great transformation

The processes on construction sites have been the same for decades. What was drawn on paper is assembled by hand on site. The enormous number of properties in need of energy-efficient refurbishment requires the use of modern construction technologies. Serial refurbishment solutions are one option.

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Issue 1/2024 - Online only

Transparency down to the last screw

A resource passport documents all materials and products used in a building. The resulting transparency offers new assessment options for the recyclability of a property. The potential is huge - but so far there is no standard.

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Issue 2/2023

Market rewards green efforts

Against the backdrop of a lacklustre investment market, there is growing interest in upgrading existing properties.

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Sustainability

The internet of energy

Smart grids are an important building block on the way to a climate-neutral real estate portfolio. This is because smart grids are an important prerequisite for the switch to renewable energy sources.

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Sustainability

Taxonomy

The taxonomy regulates what exactly constitutes sustainable as part of the European Union's "Action Plan on Sustainable Finance". Head of Sustainability Jan von Mallinckrodt explains what the classification system means for properties and real estate funds.

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Issue 2/2023

Relaunching an icon

Success stories are written in asset management. The redevelopment of TRIIIO in Hamburg is one of them, with Union Investment seizing the opportunity to give a landmark building a new future.

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Issue 2/2023

Overcoming obstacles to decentralised energy

In the future, the electricity increasingly being generated on commercial rooftops and sites will be more than the occupants need for their own use.

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Issue 2/2023

New EU Directive: Threat or opportunity?

The European Union is currently working on the recast of the Energy Performance of Buildings Directive.

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Issue 2/2023

New green cycle

Property investors are on a journey of price discovery following the rapid rise in interest rates and inflation in the past 18 months.

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Issue 1/2023

Logistics chain gains new links

The need for resilient storage solutions – or “rightshoring” – is buoying logistics and industrial developers across CEE and the rest of Europe. “Reshoring”, “ nearshoring” and more recently “friend-shoring” are consequently reshaping the logistics and industrial sector.

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"manage to green"

How well is the Disclosure Regulation working?

From 2021, financial market participants will have to disclose the sustainability of their product portfolios. The EU now wants to review whether its disclosure regulation has worked in practice - and amend it if necessary. This could have an impact on the real estate sector.

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Issue 2/2023

Sustainable European residential strategy

Union Investment’s main focus in the European residential sector is on development projects. Ten new-build projects involving more than 2,400 apartments have already been initiated or completed in Amsterdam, Dublin and Helsinki.

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Issue 2/2023

Behind historic façades, Paris is being revamped

As Paris prepares for the Summer Olympics next year, its office market is about to get a major overhaul, thanks to a governmental drive to create a more balanced and sustainable city.

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Issue 1/2024

Biodiversity moves up the agenda

Pressure is mounting on real estate companies to disclose their performance on a growing range of topics beyond greenhouse gas (GHG) emissions. Industry experts predict that reporting on the biodiversity footprint and goals will soon become just as mainstream as GHG reporting.

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Insights

The real estate market is intact

We keep hearing that the real estate market is in crisis, but that is simply not the case. Transaction market vs occupier demand: Demand for high-quality space remains strong and even in the current environment properties can be sold at attractive valuations and prices.

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Sustainability

The rewards of sustainability for tenants

In a best-case scenario, commercial tenants of sustainable properties benefit in several ways. They demonstrably improve their carbon footprint, often have more productive employees and typically make a contribution to protecting the environment. The operating costs are also lower than those of comparable non-sustainable buildings.

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Issue 2/2023

Visual connections

Urban art gives people a platform. Artists are transforming cities with large-scale portraits.

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Sustainable transition

Up to now, sustainability has hardly been an issue when acquiring or leasing a logistics property. That is now changing – which poses a number of challenges for the real estate sector.

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Issue 2/2023

Cooling cities

Greening buildings has been a niche topic in the real estate sector to date, but that is now changing. Greening of roofs and façades is increasingly gaining ground as a strategy for adapting to climate change.

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Issue 2/2023

How AI is changing the real estate world

Detailed valuations, swifter transactions, more efficient use of energy: like in other sectors, artificial intelligence has the potential to transform the real estate world. Jobs in the industry will also be impacted by the resulting upheaval.

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Rescuing the value in stranded assets

Stricter environmental requirements increase the risk of problem properties in the real estate sector. At the same time, there is a growing appreciation of the role of refurbishment. Transformation concepts are the name of the game.

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Transformation takes time

Fund manager Thomas Röhrs, who is responsible for UniImmo: Deutschland, and Head of Sustainability Jan von Mallinckrodt discuss sustainable portfolio management and the necessary transformation of property holdings.

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Issue 1/2023

A portfolio of opportunities

Transformation properties are gaining in importance. New uses create a modern profile and boost the value of buildings. That has economic benefits and reduces resource consumption.

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Issue 1/2023

Modular construction: A silver bullet?

The construction and real estate sector needs to drastically reduce its CO2 emissions and consumption of resources. Modular construction offers a solution here. Suitable for a wide variety of building types, it has the additional benefit of reusability. The potential is huge.

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Studies and research

Here you will find a selection of current studies from our media center.

More studies

Highlights

The real estate magazine from Union Investment

Categories in our real estate magazine

It doesn't make sense to focus solely on fire safety or monument protection without considering the bigger picture if, in the end, functionality is no longer guaranteed."

‘We bring expertise and implementation power to the market’

“Nothing is as constant as change. Markets continue to develop as the demands and requirements of guests change,"

London: Rising office rents boost the investment market

Built on water

Subscribe to our newsletter!

Physical retail is back in fashion

Perfect fit with Inditex

"A considerable amount of office space is likely to become uncompetitive over the coming years without the right investment", says Tina Reuter, Head of Germany @ Cushman & Wakefield.

Getting mobility right

On the turn

Confirmed value in UniImmo: Europa

German Office Property Market 2024: RisingRents and Stable Yields in Focus

Rising Transaction Volume in German Retail Real Estate: Trends and Outlook for 2024

Urban Island

Subscribe to our newsletter!

Showcase residential project

Europe's hotel markets 2024: positive development continues

European office real estate markets 2024: rising rents, flexible space and investment opportunities

Resilience protects urban environments

Pooled benefits

Subscribe to our newsletter!

Bright prospects for real estate tokens

Market to bottom out soon

Embracing new technologies

Green lobby

Premium new additions to the portfolio

More power to the people

Subscribe to our newsletter!

Transformation into a hotel

Letting performance in Germany 2024: retail space in strong demand again

Market turnaround in sight

Climate returns in the office world

Daring to go wild

Lucrative top floors

How to create profitable properties

ImmoSustain: our digital sustainability platform

ECB interest rate cut: a trend reversal on the real estate markets?

Why office space will always be needed

Spain on the rebound

Subscribe to our newsletter!

Protecting ecological diversity: the biodiversity guideline

Meeting of two worlds

The consumer preferences of Generation Z

Huge potential

Open-ended real estate funds: Rock solid

The dream office

Real estate as a competitive advantage

Occupier market outperforms investment market

“Aligning occupier requirements and sustainability”

Strong combination

Property seeks capital: Co-investments for institutional investors

Transformation in the property portfolio

The great transformation

Transparency down to the last screw

Market rewards green efforts

The internet of energy

Taxonomy

Relaunching an icon

Overcoming obstacles to decentralised energy

New EU Directive: Threat or opportunity?

New green cycle

Logistics chain gains new links

How well is the Disclosure Regulation working?

Sustainable European residential strategy

Behind historic façades, Paris is being revamped

Biodiversity moves up the agenda

The real estate market is intact

The rewards of sustainability for tenants

Visual connections

Subscribe to our newsletter!

Sustainable transition

Cooling cities

How AI is changing the real estate world

Rescuing the value in stranded assets

Transformation takes time

A portfolio of opportunities