The European commercial real estate sector is somewhat protected from many of the negative effects stemming from uncertainty over the US government’s tariff policies, says Cushman & Wakefield.

In a new report, called Trump 2.0: The First 100 Days, the consultancy says Europe is in a strong position with resilient economies, steady demand for real estate and early signs of improvement in investment activity. Although the continent will experience slower growth in 2025 than previously anticipated, due to President Trump’s unpredictable imposition and withdrawal of tariffs, Cushman & Wakefield says it forecasts a cumulative increase of above 9 percent in capital values across all European property over the next two years.

“When central banks began their hiking cycle in 2022, capital values declined for roughly seven consecutive quarters, with office assets down by approximately 22 percent, high street retail by 16 percent and logistics by 12 percent