Investment Rating - The report does not explicitly provide an investment rating for the office market in Bangkok Core Insights - Bangkok's total office supply increased to 6.314 million sq m, marking a 3.1% annual growth, with green-certified office space reaching approximately 2.1 million sq m, representing 33% of the total supply [4][10][33] - Net absorption for Q1 2025 was 31,000 sq m, leading to a 1% increase in total occupied space to 4.89 million sq m, driven primarily by demand for green buildings [6][16][33] - The overall occupancy rate improved by 0.5 percentage points to 77.5%, with Grade A buildings showing the strongest recovery [21][33] - Average asking rent increased by 0.3% quarter-on-quarter to THB 845 per sq m per month, with Grade A rents reaching a new high of THB 1,248 [24][33] Supply Overview - Total office supply in Bangkok rose to 6.314 million sq m, with over 800,000 sq m currently under construction [4][5][10] - The future supply pipeline is projected to add 1.1 million sq m, with 524,000 sq m expected to enter the market in 2025 [14][34] Demand Dynamics - Leasing activity remained positive, with net absorption of 31,000 sq m, while green buildings recorded a net absorption of 51,000 sq m [16][33] - Demand in the Central Business District (CBD) remained strong, with 35,000 sq m of net absorption, while non-CBD areas saw a slight contraction [16][32] Market Segmentation - The overall market occupancy rate rose to 77.5%, with Grade A buildings experiencing a 2.1 percentage point increase [21][33] - Grade B buildings had an occupancy rate of 76%, while Grade C buildings remained steady at 80% [21] Rental Trends - The average asking rent across all grades increased, with Grade C leading the quarterly growth at 0.4% [24][26] - The CBD office market saw a moderate rental increase, with average asking rents rising to THB 966 per sq m per month [27][31] Future Outlook - 2025 is anticipated to be a pivotal year for Bangkok's office market, with significant new supply entering the market [34] - Rising competition will challenge all asset classes, particularly for aging buildings that may need upgrades to meet tenant expectations [34][35]

Investment Rating - The report indicates a muted investment activity in the office market, with prime office yields remaining stable at 6.50% across the UK cities [6][18]. Core Insights - The leasing market remains resilient, with occupier activity reaching 1.4 million sq ft in Q1 2025, reflecting a 27% increase compared to the same period in 2024 [9][10]. - Larger requirements are driving occupier demand, with three leasing transactions exceeding 100,000 sq ft, the highest since Q4 2020 [11][12]. - The technology, media, and telecommunications (TMT) sector accounted for 20% of space leased, representing the highest proportion of occupier demand [13]. - A 'fight for quality' is evident, with 52% of total space leased being new and grade A, and a vacancy rate of just 3.0% for this segment [14]. - Investment volumes fell significantly, reaching £151.8 million, a 71% decline quarter-on-quarter and 38% below the 5-year Q1 average [15][16]. - The absence of high-value sales is noted, with 95% of transactions below £20 million, indicating limited liquidity at the upper end of the market [17]. - Prime pricing has stabilized, with yields remaining at 6.50%, reflecting a 25 basis points compression year-on-year [18][19]. Summary by Sections Aberdeen - Occupier take-up increased by 94% year-on-year to 61,942 sq ft, although 16% below the 5-year average [26]. - Grade A availability fell by 6% quarter-on-quarter to 122,134 sq ft, reflecting a 32% decline over the past year [26]. - Investment activity reached £7.7 million, 37% below the 5-year average [26]. Birmingham - Occupier take-up totaled 75,522 sq ft, a 45% fall quarter-on-quarter and 60% below the 10-year average [34]. - New and grade A space accounted for 81% of leasing activity [34]. - Investment activity reached £27.1 million, 40% less than the previous quarter [34]. Bristol - Occupier take-up was 92,995 sq ft, reflecting an 8% fall from the previous quarter [42]. - Grade A availability stood at 304,347 sq ft, stable quarter-on-quarter but 142% above the 5-year average [42]. - Investment activity totaled £35.8 million, 52% below the 10-year average [42]. Cardiff - Take-up reached 94,068 sq ft, 5% above the 5-year average [50]. - Grade A availability dipped to 291,760 sq ft, a 7% fall from the previous quarter [50]. - Investment activity reached £24.6 million, 77% above the equivalent period in 2024 [50]. Edinburgh - Leasing volumes reached 99,373 sq ft, 12% above the 5-year Q1 average [58]. - Grade A availability increased to 700,435 sq ft, 19% above the equivalent point in 2024 [58]. - Investment activity was £3.3 million, following the sale of 48-50 Melville Street [58]. Glasgow - Occupier take-up totaled 158,567 sq ft, 79% above the equivalent period in 2024 [66]. - The total market vacancy rate stood at 9.3%, down from 10.3% a year earlier [64]. - No office investment transactions occurred in Q1 2025 [66]. Leeds - Take-up reached 241,282 sq ft, a 53% increase quarter-on-quarter [73]. - Grade A availability fell to 140,362 sq ft, 48% below the 5-year average [73]. - Investment activity was £16 million, solely from the sale of the Mint Building [73]. Manchester - Leasing activity totaled 319,995 sq ft, a 14% increase from the previous quarter [81]. - Grade A availability fell by 9% quarter-on-quarter to 549,245 sq ft [81]. - Investment activity was £13.6 million, reflecting a 66% year-on-year fall [81]. Newcastle - Occupier take-up rose to 257,476 sq ft, 292% above the 10-year quarterly average [88]. - Grade A availability stood at 221,528 sq ft, a 17% fall compared to the previous quarter [86]. - Prime rents remained stable at £32.00 per sq ft, with a 31% increase since the pandemic [88]. Sheffield - Take-up reached 39,992 sq ft, 51% below the previous quarter [95]. - Grade A availability rose to 307,300 sq ft, 121% above the 5-year average [95]. - Investment activity reached £23.8 million, 76% above the 10-year quarterly average [96].

Australian office indicators Key leasing and capital markets metrics across the Australian office market Improving sentiment driving greater liquidity RECENT DEALS INDICATE THAT PRIME YIELDS HAVE STABILISED Markets have shown improving sentiment resulting with momentum in office investment continuing in Q1 2025. Several large deals occurred in Q1, with almost all activity located in Sydney. We consider that prime yields have stabilised for core assets, led by Sydney which has seen higher deal volumes and he ...

Core Insights - Newmark facilitated the largest new office lease in Silicon Valley since 2023, representing Zscaler in a 301,163-square-foot sublease for its new global headquarters [1][2][3] - The new headquarters, located at 4301 and 4401 Great America Parkway in Santa Clara, California, is set to open in summer 2026 and aims to support Zscaler's rapid growth in the zero trust cybersecurity sector [1][2][3] Company Overview - Zscaler is a leader in zero trust cybersecurity, providing AI-powered solutions to protect enterprises [1] - The new facility will enhance Zscaler's innovative environment and accommodate its expanding workforce, reflecting the company's commitment to collaboration and community impact [2][3] Newmark's Role - Newmark's Vice Chairman Mike Saign and Senior Managing Director Rich Hoyt led the team that advised Zscaler on this significant transaction [2] - Newmark Group, Inc. reported revenues exceeding $2.8 billion for the twelve months ending March 31, 2025, and operates approximately 165 offices globally with around 8,100 professionals [4]

Core Insights - European commercial property values have increased for the third consecutive quarter, with a 0.8% rise from Q4 2024 and a 2% increase year-over-year [3]. Summary by Sector - **Residential Sector**: The residential sector led with a 1.5% value increase over Q4 2024, driven by strong cash flow fundamentals and above-average rent growth. The Netherlands showed the strongest market performance [7]. - **Industrial Sector**: The industrial sector experienced a modest growth of 0.8% over Q4 2024, with steady yields and improved cash flows. Italy and Spain recorded the largest gains in this sector [7]. - **Office Sector**: Office values rose by 0.8% in Q1 2025 compared to Q4 2024, supported by yield improvement and strengthening cash flows. France had the largest valuation gains, while Germany and the U.K. saw declines [7]. - **Retail Sector**: Retail values increased by 0.5% over Q4 2024, with rising yields affecting shopping centers negatively, but benefiting high street shops and supermarkets. Retail warehouses were the top performers in this sector over the past year [7]. - **Other Sectors**: Student accommodation assets outperformed hotels, with a 3.0% value increase over Q4 2024 [7].

Core Points - Altus Group Limited announced a cash dividend of $0.15 per common share for Q2 ending June 30, 2025, to be paid on July 15, 2025 [1] - The Dividend Reinvestment Plan (DRIP) allows eligible shareholders to reinvest their cash dividends in additional common shares at 96% of the weighted average closing price for the five trading days preceding the payment date [2] - All dividends paid to common shareholders qualify as "eligible dividends" under Canadian tax legislation [3] Company Overview - Altus Group is a leading provider of commercial real estate intelligence, connecting data, analytics, and expertise to enhance CRE performance [4] - The company employs approximately 2,000 experts who contribute to shaping urban environments and communities [4]

Core Insights - Gladstone Commercial Corporation (NASDAQ: GOOD) reported revenue of $37.5 million, FFO per share of $0.34, and AFFO per share of $0.29, which were in line with consensus estimates for FFO but slightly below for revenue and AFFO [1] - Core FFO decreased from $0.35 in Q4 2024 to $0.34 in Q1 2025 [1] Financial Performance - Revenue: $37.5 million compared to estimates of $36.8 million and $37.3 million [1] - FFO per share: $0.34, matching consensus estimates [1] - AFFO per share: $0.29, below the consensus estimate of $0.26 [1] - Core FFO: $0.34 per share, down from $0.35 in the previous quarter [1] Operational Highlights - Six fully leased properties were acquired during the quarter [6] - 100% of rents have been collected year-to-date, with an occupancy rate of 98.4% at the end of the quarter [6] - Industrial properties represent 65% of straight-line rents [6]

Date: 8 May 2025 Release: After closing of Euronext Please open the following link to read the full report including annexes: Attachment FULL PRESS RELEASE ...

Core Insights - DEMIRE Deutsche Mittelstand Real Estate AG reported stable operating performance in Q1 2025, aligning with the Executive Board's expectations despite a reduced portfolio base [1] Financial Performance - Rental income decreased by 24.7% to EUR 14.0 million compared to EUR 18.6 million in Q1 2024, primarily due to a smaller portfolio [2] - Earnings before interest and taxes (EBIT) fell to EUR -3.4 million from EUR 4.8 million in the same period last year, largely due to market value adjustments of properties held for sale amounting to EUR -10.8 million [2] - FFO I (after taxes, before minority interests) totaled EUR 2.1 million, down from EUR 7.9 million in Q1 2024, reflecting the impact of the reduced property portfolio [3] Portfolio and Market Value - The market value of DEMIRE's portfolio decreased to approximately EUR 766.0 million after sales and value adjustments, down from EUR 779.3 million at the end of 2024 [4] - The net asset value (NAV) per share decreased by EUR 0.16 to EUR 2.29 in the reporting period, compared to EUR 2.45 at year-end 2024 [4] Letting Performance - The letting performance tripled to 25,500 square meters in Q1 2025, compared to 8,200 square meters in Q1 2024, marking the highest letting performance in a first quarter since 2022 [5] - The EPRA vacancy rate increased to 18.1% from 15.1% at year-end 2024, while the average remaining lease term (WALT) rose slightly to 4.8 years [5] Financial Stability - The net loan-to-value (LTV) ratio was stable at 41.5%, compared to 40.9% at year-end 2024, indicating a strengthened balance sheet [6] - Cash and cash equivalents amounted to EUR 46.2 million as of the reporting date [6] Guidance for 2025 - The Executive Board confirmed the guidance for 2025, expecting rental income between EUR 51.0 million and EUR 53.0 million, down from EUR 65.3 million in 2024, and FFO I between EUR 3.5 million and EUR 5.5 million, compared to EUR 26.2 million in 2024 [7][8]

Core Points - Altus Group Limited held its annual general meeting of shareholders, with 39,662,907 common shares represented, accounting for 87.84% of the total shares [1] - All nominees for the board of directors were elected by a majority vote, with Wai-Fong Au receiving 99.14% support and Will Brennan receiving 99.87% [2] - The appointment of Ernst & Young LLP as the Company's auditor was approved with 99.77% of votes in favor [2] - An advisory vote on executive compensation received 97.36% support from shareholders [3] Company Overview - Altus Group is a leading provider of commercial real estate intelligence, connecting data, analytics, and expertise to enhance performance in the industry [4] - The Company employs approximately 2,000 experts who contribute to shaping urban environments and communities [4]