A research produced by DTZ
This study focuses on the return linkages and volatility spillover effects between 16 major office markets in Europe over the period 2003-2013. We find that the linkages between European office investment markets have increased in recent years.
We find that linkages across markets between real capital growth are higher than between real rental growth and further strengthened after the global financial crisis. Two reasons for this tendency are the increase in investment demand for real estate by private and institutional investors; and interest rates falling to record lows in the wake of the crisis. By contrast, linkages between real rental growth have decreased, reflecting the divergent economic development in Europe.
Source : DTZ