Cushman & Wakefield says that its latest quarterly Fair Value Index™, which analyses 122 office, retail and logistics markets across Europe, shows that European real estate is “fairly priced” for the first time since 2009. 65 markets are seen as “fair value”, 30 are felt to be underpriced and 27 are fully-priced. “Fair value” in this context relates to adequate compensation over a five-year hold period for the investor’s risk in purchasing prime property assets. The logistics sector, which has been an investor favourite for the past few years, accounts for 17 of Europe’s 30 underpriced markets, according to Cushman & Wakefield; markets include Barcelona, Madrid and Milan, indicating that southern Europe could form a principal focus of future investor activity. The total number of underpriced markets fell between Q1 and Q2 2017 as the spread between fair and forecast returns narrowed as a result of yield compression. The table belo