LONDON, April 27 (Reuters) - European commercial real
estate investment fell to its lowest in 11 years in the first
quarter of 2023, MSCI Real Assets said on Thursday, as investors
spooked by higher interest rates and the economic outlook put
acquisition plans on ice.
The number of offices sold - Europe's largest real estate
sector - fell to its lowest on record, while the volume of
transactions slumped to a 13-year low of 10.8 billion euros
($11.94 billion).
The UK kept its top spot as Europe's largest commercial real
estate market, but Paris overtook London to become the region's
most active investment destination, with the three largest
European property deals of the first quarter all taking place in
the French capital.
($1 = 0.9048 euros)
(Reporting by Elizabeth Howcroft, editing by Sinead Cruise)
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