Europe Cre 360 Covid -19 Situation Covid -19 Report
EUROPEEUROPECOVID-19CRE360COVID-19REPORTCRE180 ERALLSITUATIONREAL ESTATE RTSCHEMESREALESTATEPERSPECTIVESOUTBREAK SITUATIONCITYFOCUSECONOMICOUTLOOKCITYFOCUS MEASURESSANITARYSUPPORT SCHEMESGLOBAL RESEARCHJULY 2021
AGENDACONTENTS1 Overall Situation012 Economic Outlook023 Real Estate Perspectives0341016
E X E C U T I V E S U M M A RYIN A NUTSHELLrising again at the beginning of summer 2021, forcinggovernments to slow down the removal of health restrictions.However, as more and more people are now fully vaccinated, thelink between infections, hospital admissions and deaths hasbeen broken.A new waveof infection ishittingEuropeA two-speedvacancy inEuropeCKLEI CYKMTEOS SEADGI TE SA NEW WAVE OF INFECTION IS HITTING EUROPEMAS TtheEnumberR ofTnewECovid-19X T cases beganIn manycountriesTHE ECONOMY IS BOUNCING BACKKEYMESSAGESThe economyis bouncingbackEurope has the greatest room for growth to exceed marketexpectations, powered by an accelerating vaccine programmeand supportive policy mix. We expect a prolongedaccommodative stance from the ECB and a valuable pro-cyclicalgrowth boost from the Next Generation EU recovery fund.REVERSAL OF DECLINE FOR INVESTMENTQ2 2021 witnessed reversal of decline in commercial real estateinvestment, which was created by the positive context ofvaccination and release from lockdowns.INCREASED LETTING ACTIVITY IN Q2Increasedlettingactivity in Q2Reversal ofdecline forinvestmentThanks to a much more dynamic take-up in Q2, almost 4 millionsqm was taken-up in Europe’s 26 main markets, which is in linewith the same period last year (-1%), despite significantdiscrepancies among markets.A TWO-SPEED VACANCY IN EUROPEVacancy stood at 7.3% on average in Europe, which remainsmanageable. This figure hides very different realities betweenextremely low vacancy rates in CBDs and in new offices andmuch higher levels in peripheries and 2nd hand buildings.3
OVERALLSITUATION
RESTRICTIONS ACROSS EUROPEEUROPEANBREAKCOUNTRIESHOLDTHEIRAs of July 27thBREATHDURINGTHESUMMERTotal lockdownHigh level of restrictions / curfew“Health pass” required to visit someindoor places or to attend public eventsSTOCKHOLMHealth PassLow / moderate level of restrictionsCoronaPassportCovid PassportDUBLINWhile curfew has been liftedalmost everywhere in Europe,more and more countries areimplementing a Health Pass to goto a restaurant, cinema, theatre orto attend a concert.AMSTERDAM HAMBURGCovid CertificateLONDONCovid Safe TicketBRUSSELSFrom 13.08TOULOUSEHealth PassPRAGUEMUNICHEntry VIENNAtestsHealth PassTravelling through Europe ispossible thanks to the EUCOVID-19 Vaccine Passport.In England, a 10-day quarantine isrequired for not fully UK vaccinatedpeople and for travellers comingfrom EHealth PassBUDAPESTBUCHARESTLYONMILANHealth PassFrom 06.08Curfew in Lisbon andPorto healh passLISBONMADRIDBARCELONALocal curfewROMEHealth PassSource: Government announcements.The heath pass can be a negative test result, a vaccination certificate or a recovery certificate.5
C O N F I R M E D D A I LY C A S E S O F C O V I D - 1 9IS A NEWWAVEHITTINGEUROPE?Confirmed daily cases in the worldAsia-PacificEuropeUnited StatesRest of the World In many countries the number of new Covid-19cases began rising again at the beginning ofsummer 2021, forcing governments to slowdown the removal of health restrictions.However, the acceleration of vaccine campaignsis now bringing hope and this new wave isexpected to be contained. Currently, around 450,000 new cases arebeing reported each day in the world, afterhitting a low point mid June (with 350,000new cases per day). This new increase maybe concerning. As a result of the rapid roll-out of Covid-19vaccines in some parts of the world, casesstarted to decrease quickly, especially in the USand in the UK. After a first and second wave in 2020 and a thirdwave in 2021, confirmed cases around the worlddecreased between April and June. However,the situation is worsening again at the beginningof July. New measures may have to beimplemented to cope with this fourth wave if thevaccine roll out is too slow. Moreover, the emergence of new variants allover the world may now jeopardise the effect ofrestrictions and of the vaccination campaign.900 000800 0007-day moving average700 000600 000500 000400 000300 000200 000100 0000March AprilMayJuneJulyAugust Sept2020OctNovDecJanFebMarch April2021MayJuneJulySources: World Health Organisation.6
N U M B E R O F D A I LY C O N F I R M E D C A S E SISTHE70 00060 000VACCINATIONPROGRAMEFFECTIVE?Number of daily casesA fourth wave of infection is now hittingEurope as the number of daily cases isincreasing again in a lot of countries. The easing of restrictions just before thesummer and the emergence of moretransmissible variants are driving anincrease in cases. However, with the vaccination programacross Europe, the number of hospitaladmissions and of deaths are not rising. As more and more people are now fullyvaccinated, the link between infections,hospital admissions and deaths hasbeen broken. However, less than 50% of the Europeanpopulation is fully vaccinated, and with thestrong increase in the number of casesacross Europe, the race to vaccinate thepopulation should continue to dominate2021. Moreover, the rate of vaccination hasalready slowed in some countries. As a result, France is now putting in placea ‘health passport’ that will be requiredthroughout different establishments fromAugust, including bars, restaurants, cafésand shopping centres. This measure isexpected to drive up vaccination rates byencouraging people to get the vaccine.7-day moving averageUnited giumIreland50 00040 00030 00020 00010 0000March AprilMayJuneJuly August SeptOctNovDecJan20204 500 7-day moving averageFeb March AprilMayJuneJuly2021Number of daily deathsIrelandPolandBelgiumNetherlandsUnited KingdomGermanyFranceSpainItaly4 0003 5003 0002 5002 0001 5001 0005000March AprilMayJuneSources: World Health Organisation.July August Sept2020OctNovDecJanFeb March April2021MayJuneJuly7
VA C C I N AT I O N I N E U R O P EA RACE AGAINST THEAs of July 23rdCLOCKVaccination around the WorldFully vaccinatedFirst dose80%70%60%50%40%30%20%10%0%-10%DUBLINAMSTERDAM EFRANKFURTPARIS As cases are surging again across Europe, the vaccination paceis crucial. The consensus is quite clear among experts: the onlyway out of the COVID-19 pandemic is to vaccinate thepopulation.The UK has the most advanced program in Europe, with almost 70%of its population that have received at least the first dose, followed byBelgium, Spain and Italy.However, the road is still long. In Europe, 45% of the population isfully vaccinated against the virus (vs 48% in the US and 54% in n rate(2nd dose)(in % of population) 50%MILANMADRIDBARCELONAROME45-50%35-45% 35%8
D A I LY A I R P O R T T R A F F I C A C R O S S M A I N E U R O P E A N A I R P O R T SEUROPEANTRAVEL RECOVERINGFASTERCOMPARED2020REFERENCE DATAPOINT: 12 JULY 20211800202020212019 (Reference)1600 Eurocontrol – an organisation that manages 90% ofEurope’s air traffic publish data on daily airport trafficacross Europe, comparing data to the same period in2019 (pre-pandemic level). The number of flights across Europe are beginning topick up but remain approximately 38% below prepandemic levels. Domestic flows of traffic continue to dominate withnoticeable increases on flows from France-Italy, withinFrance and Germany-Turkey. The busiest airports include Amsterdam with flightsapproximately 40% below 2019 levels, followed byFrankfurt (-44%), Paris CDG (-46%) and Madrid (-42%). An interesting observation in the latest figures is thatbusiness travel is up by 9% compared to 2019 levels, asis all cargo travel which has increased by 5% comparedto pre-pandemic levels. Low cost and traditional forms oftravel remain down by 46% and 47% respectively. Outside of Europe there has been an increase in demandfor international travel however, long-haul international airtravel is lagging short-haul European travel.140012001000800600400Source: ENBRUSSELSAMSTERDAM2000TO*Total Departing and Arriving Flights to/from the main airport hub in each city.The comparison with previous year is made using the closest similar day.9
ECONOMICOUTLOOK
PURCHASING MANAGER INDEX SURVEYSANBROADIMPROVEMENTOFBUSINESSCONFIDENCE The first half of the year has seen a broad-based improvement in business and consumer sentiment in advanced economies. This stems from acceleratingvaccination campaigns plus declining number of new infections leading to the easing of Covid-19-related restrictions. It is aided by ongoing policy support, bothmonetary and fiscal. However, the elevated levels of business surveys may scale back over the rest of the year as the European situation evolves. The third quarter is expected to see the peak in quarter-over-quarter GDP growth this year. Nevertheless, over the remainder of the forecast horizon (2022)quarterly growth is expected to stay above rmany20FranceItalySpainUnited 101112131415161718192021Sources: Markit, BNP Paribas Economic Research.11
ECONOMIC OUTLOOKWHATOUTLOOKOil crisis(1973)8%FORTHEMAINECONOMIES?World GDPOil crisis(1979)Dot-com bubble(2000-2001)Great recession(2008) With the new increase in the number of Covid-19cases, governments are forced to maintain somehealth restrictions, slowing again the economicrecovery. We continue to expect above-consensus growth thisyear and next. A strong pickup in vaccination rateshas reduced uncertainty and cemented our view of afirm cyclical near-term recovery, already apparent inQ2 survey data. This near-term picture is primarily driven by therelease of pent-up demand, but signs of strength inexports and investment point to a broad-basedrecovery. We expect GDP to return to pre-pandemiclevels by the end of this year and close to its prepandemic trend by end 2022. Further ahead, we are optimistic about the mediumterm recovery as we enter a new era ofpolicymaking regarding monetary and fiscal policy. The consequences of the pandemic may onlymanifest themselves over time. The economycould still face headwinds even when the healthsituation is under control. The impact of endingliquidity support measures to household andbusinesses is one of the main concerns. The changes in behaviour observed with thepandemic may also become permanent. Forexample, online shopping, working from home, andvideo conferencing may each have a significantimpact on retail activities, office sector and 779818385878991939597990103050709111315171921GDP Growth in European countriesFrance10%GermanyItalyPolandSpainUnited 141516171819202122Sources: BNP Paribas, Oxford Economics, OECD.12
GDP GROWTH IN EUROPEDIVERGENCEINRECOVERYFINLAND-2.7F O R E C A S T ( % ) : 2020202120222.7-3.36.04.9United States-3.56.94.7Euro Russia-4.54.53.0Brazil-4.15.5RUSSIA-4.5These include higher debt burdens for governmentsand many companies. There is the risk that manypeople who have lost their jobs or are in furloughschemes will remain unemployed for a considerabletime. Given the rapid roll-out of Covid-19 vaccines in someparts of the world and substantial fiscal stimulus, weare now more optimistic about the globaleconomic outlook. In the US, our 2022 growth forecast remainsabove consensus. We assume a sizeableinfrastructure-focused spending package to bepassed later this year, partly offset by higher taxes. It is in Europe where we see the greatest room forgrowth to exceed market expectations, powered byan accelerating vaccine programme and supportivepolicy mix. Even if the outlook improves, we expect upcomingstrategy review to underpin a prolongedaccommodative stance from the ECB. Also, theNext Generation EU recovery fund should providea valuable pro-cyclical growth boost and drive upproductive levels of spending.3.1IRELAND2.55.0POLANDUNITED 3.7CZ. RTUGAL-7.64.5DENMARK-6.3-7.2 cconsequences predominantly focuses on thenear term. Yet there will also be profound longerterm consequences.SWEDEN-2.9NORWAYWorld ITALY3.5-8.9SPAIN-10.86.05.28.2Source: BNP Paribas Real Estate Research.13
FINANCIAL OUTLOOKECONOMIC ANDINDICATORS%Policy CIAL0,33,92,72,11,81,20,11,80,10,9212220United States However, while the markets have caught upwith the story, we continue to believe thatthis rise in prices will be seen only in theshort or medium term. Indeed, persistentlabour market slack will prevent wagegrowth from accelerating and cs)willcontinuetoexertdisinflationary pressure, keeping inflation undercontrol. We are not expecting major changes inmonetary policy over the coming months.The ECB could extend its PandemicEmergency Purchase Programme (PEPP)beyond 2021 and increase its total envelope ifthe financial conditions tighten or if the recoveryis less positive than expected. Large rises in bond yields are not expectedin the coming months. Along with assetbuyback programmes, there is sufficient privatedemand to keep government bond yields low. Nevertheless, there is high uncertainty overthe debt created by fiscal policies that mayhave some impact in the longer term.0,10,10,320The risk of a global increase of inflationfigures is now at the centre of alldiscussions. A mix of ingredients imply arebound in inflation: higher prices fromtemporary market factors, stronger overalldemand, negative supply shocks andaccommodative monetary policies.0,250,22,5 212220UK0,0210,0222021222021United StatesEuro2220UK0,02122EuroGovernment bond 910111213141516171819202122Sources: BNP Paribas Economic Research, Oxford Economics, OECD.14
EMPLOYMENT OUTLOOKTHEIMPACTOFCOVID-19ONEMPLOYMENTEmployment growth in Europe07-0909-1119-21 Persistently high uncertainty is likely to leadto higher household savings and discourageinvestment. Some sectors, such as tourism andother recreational activities, will be particularlypenalised, as consumers will probably remainwary of crowded public places. The bold policy measures undertaken to‘freeze’ the economy have reduced the impactof the shock on household and businessfinances but will not fully prevent losses. Asthe main measures still applied at the beginningof 2021, we expect that the effect of the crisis willremain low regarding employment. We have reviewed our scenario for the next 2years. The major job protection measures putin place by governments have a positiveeffect on the overall unemployment rate for2020 and 2021. However, as the economic shockseems now to be longer than expected, weshould see a small increase in unemploymentrates until 2022. Indeed, despite the support, some corporateswill probably go out of business and theunemployment rate may rise. The employment outlook will be a key variablein the coming months, as consumption willdepend on household psychology. Adepressed labour market may imply a boostto precautionary yPolandSpainUnited KingdomUnemployment rate (in olandSpainUnited KingdomSources: BNP Paribas Real Estate Research, Eurostat, Moodys analytics.15
REAL ESTATEPERSPECTIVES
REAL ESTATEPERSPECTIVESCOMMERCIAL REAL ESTATEINVESTMENT MARKETS
I N V E S T M E N T I N C O M M E R C I A L R E A L E S TAT E I N E U R O P EBREAKDOWNOFINVESTMENT bn350BY ASSETCLASSH1 2021vs H1 2020Investment is reversing the downward trend of the past year300250200231-5%92-10%34-29%15010050008 09 10 11 12 13 14 15 16 17 18 19 20 2160504030201005344908 09 10 11 12 13 14 15 16 17 18 19 20 21 62% Investment was still buoyant in early 2020. Q1 2020 set a new all-timehigh for a Q1 in commercial real estate investment in Europe. 72bnwere invested. It is the last pre Covid-19 pandemic period to becompared. As Covid-19 outbreak hit Europe at the end of Q1 2020, investmentstrongly declined. It went from more than 315bn spent on a rollingyear basis at Q1 2020 to only 210bn at Q1 2021 (-33%). Q2 2021 witnessed reversal of decline in commercial real estateinvestment, which was created by the positive context of vaccinationand release from lockdowns. All asset classes benefited from this, including the retail segment but toa lesser extent.-16%-22%CRE REAL ESTATEINDUSTRIAL & LOGISTICSOFFICEHOTELRETAILOTHER5-YEAR AVERAGEThis excludes residential investment.18
C O M M E R C I A L R E A L E S TAT E I N V E S T M E N TH1 2021 vs H1 2020GERMANY-18%UNITED ALY-21%-30%IRELAND 53%BELGIUM-60%CZECHREPUBLICLUXEMBOURG1.3 1-2bn 5-10bn 1bn(excludes residential ECH OMANIA0.3SOUTH EAST EUROPE3.00.72.00.70.7 105.4bn were invested in Europein H1 2021, which represents a5% decline vs H1 2020, a resultmuch smoother than what hasbeen seen over the previousquarters.POLANDGERMANYITALYPORTUGAL 10-20bnUNITED KINGDOMBELGIUM-3% 2-5bnBALTICS2.5LUX. 27% 20bn-5% vs H1 2020SWEDENDENMARK 12%POLAND 105.4bn11.0IRELANDSPAINEUROPE – H1 2021NORWAY0.4 However, investment should seemore improvement in the nextquarters as improvement in theCovid-19pandemicsituationseems apparent in Europe.SPAIN3.9Source : BNP Paribas Real Estate19
C O M M E R C I A L R E A L E S TAT E I N V E S T M E N T V O L U M EPROPERTYREMAINS AN ATTRACTIVE ASSET TOBUYCRE Investment volume ( billion)1009080706057UNITED KINGDOM50544038303825GERMANYADVISORY 1920 21 Volumes remain high, especiallycompared to 2009, as today’scredit conditions are not tight, andinvestors don't expect majordeflation in prices in most marketsfor secure assets. Last but notleast, cash is there and definitelyking over this period. All countries are ticking up exceptfor France, although it should alsoresume growth by Q3. The United Kingdom is particularlybenefitting from its advancedvaccination campaign. It is back tothe top of the European investmentpodium. Northern Europe suffered the leastfrom the pandemic, and is evenexperiencing a surge in investorinterest.Advisory 8 (countries): Belgium, Czech Republic, Ireland,Italy, Luxembourg, Netherlands, Poland, Spain.Source: BNP Paribas Real Estate Research.20
INVESTMENT BY SIZE BANDCOMMERCIAL REAL ESTATE INVESTMENT IN EUROPETOTAL AND 100M SIZE BAND - VOLUME AND SHAREMega deals more impacted by the crisis Mega deals ( 100m) volume in Q1 2020 reached arecord figure of 37bn, which represents 51% of thetotal investment, an unusually big share for a Q1. Themega deals had demonstrated an uptick in activityfrom mid 2019.The volume of mega deals dropped since Q2 2020and only reached 88bn at Q1 2021 on a rolling yearbasis, -43% down on the 12 months ending with Q12020 figure, versus -33% for total investment. Thesituation is improving for mega deals as well at Q22021, even if slower than for the other deal categories.Big deals are more complicated and require a longerprocess before signature. The act of signature is alegal formality to a deal already done. This mayexplain why at onset the corona virus outbreak effecton the investment market impacted smaller dealsmore immediately. The process for small deals iseasier to terminate. Yet as the crisis goes on, themomentum behind getting big deals operational isdiminishing because of the problems of lockdown. 44%43%44%08091011121314151617181949%231TOTAL INVESTMENT95 100M DEALS41%20 21Source: BNP Paribas Real Estate.21
CROSS-BORDER INVESTMENT MARKET Foreign investment was damaged by the spread ofthe outbreak through Europe. In spring 2020, mostforeign investors delayed their ongoing deals untilEurope was open again. Over the last twelve monthsending with Q1 2021, foreign investment plummeted (38% vs Q1 2020), but the situation was also improvingat Q2 2021.Within foreign investment, European cross-borderinvestment was less affected (-18% over the last 12months), which makes sense as geographicalproximity favoured business during the lockdowns.Investment from other continents was, on the otherhand, strongly affected by the crisis. There wasAmerican activity during the pandemic, but it wasstrongly diminished (-34%), with 27bn invested.Investments from Asia Pacific (-33%) and Middle East(-60%) were also strongly impacted. There was almostno activity from both these regions over Q2 and Q32020. But at Q2 2021, we observe that both Americanand Asian investors are coming back to investing inEurope.As observed in 2009, reduction in cross-border dealsin European markets benefited from domesticinvestment. This trend could be amplified as localinvestors are physically closer to the markets.Therefore we observed an increase in the share ofdomestic investment during the 12 months ofpandemic. When restrictions ease, the share offoreign investors should gradually increase but it maytake time to reach pre-crisis levels.COMMERCIAL REAL ESTATE INVESTMENT IN EUROPETOTAL, FOREIGN AND DOMESTIC INVESTMENT bn350300250200150100500231118113TOTAL INVESTMENTDOMESTICFOREIGN08 09 10 11 12 13 14 15 16 17 18 19 20 21COMMERCIAL REAL ESTATE INVESTMENT IN EUROPEFOREIGN INVESTMENT DETAIL OPE2719115AMERICAASIA PACIFICMIDDLE EAST20 2122
AV E R A G E P R I M E Y I E L D S I N E U R O P EBASEDON15MARKETS8,0%7,0%6,0% After a halt during 2020, officeprime yields froze all over Europe,but they seem to be heading backto compression again.5,0%4,0%3,90%3,40%3,30%3,0%2,0% Primeretailyieldspausedexpansion at the end of 2020 andhave remained frozen in over2021. Prime logistics yields, boosted bye-commerce,continuedtheirdecrease during the : BNP Paribas Real Estate Research.201220132014High Street Retail201520162017Logistics201820192020 202110-year BundBased on 15 cities: Amsterdam, Berlin, Brussels, London,Paris, Dublin, Frankfurt, Hamburg, Lisbon, Luxembourg,Madrid, Milan, Munich, Prague, Vienna and Warsaw.23
PRIME OFFICE YIELDS The downward trend in officeprime yields, ongoing for severalyears, had slowed down or haltedin most markets in 2020. Inseveral markets, they have keptgoing down such as Germanmarkets, Paris, London, Milan,and Brussels.Q2 2021 vs Q2 2020-10bpBERLINPARIS-10bpAMSTERDAM 15bpMADRID LO3.20 25bpWARSAW ELONAPRAGUE4.25VILNIUS4.70WARSAWAMSTERDAMTHE HAGUEMUNICH3.50 LISBON 3%STOCKHOLMTALLINN-15bpPRAGUE3.20GLASGOW DUBLIN But they are showing upwardmovement in some markets. suchas Amsterdam, Madrid, Warsawand OGNEATHENS6.003.70LUXEMBOURG4-6% 6%Source : BNP Paribas Real Estate24
REAL ESTATEPERSPECTIVESOFFICEMARKETS
O F F I C E TA K E - U P I N E U R O P E – H 1 2 0 2 118MAINEUROPEANOFFICEMARKETS*thousand sqm12 000Average: 9,40610 0008 0006 000H1/H1-3%4 000Q2/Q2 27%2 01920202021AverageGood letting activity in Q2 leaves H1 2021 Q2 2021 take-up shows considerable and unsurprising improvement over a year ago. Q2 2020 is the period of maximum impact on European take-up as the pandemic’s first wave started to peakand lockdown more strictly enforced than today.Although volumes are still far from their pre-crisis levels, take-up is recovering albeit in a more protracted manner than expected in December 2020 because of recurring waves of infection.Around 3.391m sqm was transacted over H1 in the 18 main European markets, down 3% on 2020.Take-up gained traction in some markets, such as in Brussels ( 3%), the six main German market ( 5%), Central Paris ( 8%), Madrid ( 10%) or Milan ( 23%).Other markets are still experiencing decreases in volumes y.o.y. but increases on a quarterly basis, such as Central London (-28% y.o.y. but with a much more dynamic Q2 than Q1)Source: BNP Paribas Real Estate Research.* Berlin, Cologne, Dusseldorf, Frankfurt, Hamburg, Munich, Central Paris, Central LondonBrussels, Barcelona, Madrid, Dublin, Milan, Rome, Luxembourg, Amsterdam, Warsaw, Prague26
O F F I C E TA K E - U P I N E U R O P EH1 2021 vs H1 2020CENTRALLONDONEUROPE – H1 20213.99M sqm-1%BERLINCENTRAL-28%PARIS 8%AMSTERDAM-53%MADRID 10%MILANWARSAWBRUSSELSDUBLINLUXEMBOURG26 markets- 1% vs H1 2020GLASGOWEDINBURGHRebound in take-up in Q2MANCHESTER 23%DUBLIN-36%LONDON 7%BRUSSELS-81%PARISBERLINDÜSSELDORFCOLOGNE-4% PRAGUEVIENNAMUNICH 7% WARSAWFRANKFURTLUXEMBOURGLYONPRAGUE HAMBURGAMSTERDAMMILANBUDAPESTTake-up at the end of H1 2021 wasstable (-1%) compared to last year.Volumes are consequently still wellbelow their long-term average despitemore dynamic letting activity in Q2.However, the rebound in volumeswas not seen in all markets yet, withsome of them still declining whileothers have seen growth.BUCHARESTMARSEILLEDeals in thousand sqm500250100BARCELONA 5%LISBONROMEMADRID-5 to 5% -5%Source: BNP Paribas Real Estate.27
L O C AT I O N S( J U LY 2 0 2 1 )EUROPEFRANCEHeadquarters167, quai de la Bataille de Stalingrad92867 Issy-les-MoulineauxTel.: 33 1 55 65 20 04GERMANYGoetheplatz 460311 Frankfurt am MainTel.: 49 69 29 89 90UNITED KINGDOM5 Aldermanbury SquareLondon EC2V 7BPTel.: 44 20 7338 4000MIDDLE EAST / ASIABELGIUMITALYAvenue Louise 2351050 BrusselsTel.: 32 2 290 59 59Piazza Lina Bo Bardi, 320124 MilanoTel.: 39 02 58 33 141C/ Emilio Vargas, 428043 MadridTel.: 34 91 454 96 00Kronos building10, rue Edward-Steichen2540 LuxembourgTel.: 352 34 94 8457 Adelaide Road,Dublin 2Tel.: 353 1 66 11 233Investment ManagementTel.: 352 26 06 06SPAINIRELANDLUXEMBOURGNETHERLANDSAntonio Vivaldistraat 541083 HP AmsterdamTel.: 31 20 305 97 20ALLIANCESPOLANDAtrium TowerAl. Jana Pawła II 2500-854 WarsawTel.: 48 22 653 44 00PORTUGALAvenida da República, 90 Piso 1,Fracção 11600-206 LisboaTel.: 35 1 939 911 125CZECH REPUBLICOvocny trh 8110 00 Prague 1Tel.: 420 224 835 000DUBAIEmaar SquareBuilding n 1, 7th FloorP.O. Box 7233, DubaïTel.: 971 44 248 277HONG KONG, SAR CHINA63/F, Two InternationalFinance Centre8 Finance Street, Central,Hong Kong, SAR ChinaTel.: 852 2909 8888SINGAPORE20 Collyer Quay, #17-04Singapore 049319Tel.: 65 681 982 82AUSTRIA I DENMARK I ESTONIA I FINLAND I GREECE I HUNGARY I JERSEY I LATVIA I LITHUANIA I NORTHERN IRELAND I NORWAY I PORTUGAL I ROMANIA I SWEDEN I SWITZERLAND I USA
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vacancy in Europe. KEY MESSAGES. A TWO-SPEED VACANCY IN EUROPE. Vacancy stood at 7.3% on average in Europe, which remains manageable. This figure hides very different realities between extremely low vacancy rates in CBDs and in new offices and much higher levels in peripheries and 2. nd. hand buildings . A NEW WAVE OF INFECTION IS HITTING EUROPE
2 Data Field . Instructions for Form Completion. CRE (CRE-E. coli, CRE-Klebsiella pneumoniae, CRE-Klebsiella . oxytoca, CRE-Klebsiella aerogenes. or CRE-Enterobacter), MDR-Acinetobacter, or . C. difficile. Use one form per LabID event (1 form
CITY FOCUS. GLOBAL RESEARCH. SEPTEMBER 2021. EUROPE CRE 360 OVERALL SITUATION. ECONOMIC OUTLOOK. REAL ESTATE PERSPECTIVES . ( 30%) in H1 2021. Vacancy rates are still low at 5% pushing rents up. Yields are still compressing in most market. THE ECONOMY IS BOUNCING BACK . 2021. Moreover, the rate of vaccination has already slowed in some .
carbapenem-resistant Enterobacteriaceae (CRE). 2. Improve CRE surveillance: The registry stores CRE surveillance data and has features that can help facilities track their CRE submission history. Reporting Requirements IDPH amended the Control of Communicable Diseases Code (77 Ill. Adm. Code 6
Cygnos 360 Manual 3 Installation 3 Installation 3.1 Installing Cygnos 360 Installation of Cygnos 360 is a quick and easy task. Cygnos 360 is installed to the underside of the Xbox 360 motherboard. The exact location is shown in gure 3.1. Figure 3.1:A picture of the underside of an Xbox 360 mother-board. The location where Cygnos 360 is to be in-
Heavy engine mods required. RPM Range: 2000 - 7200 STAGE 4 - Full Race . DODGE V8 MAGNUM TRUCK DODGE V10 MAGNUM TRUCK Daily Driver RPM Range: Idle to 4800 Redline: 5000 rpm max . 318 340 318 360 318 360 318 360 318 360 318 CID 340 360 340 360 340 360 340
2 Review the steps for National Healthcare Safety Network (NHSN) enrollment to prepare for state-mandated Carbapenem-resistant Enterobacteriacea (CRE) reporting. Learn how to enter CRE data into NHSN. Apply the NHSN CRE
CP-CRE Case Classification Confirmed CP-CRE Klebsiella spp., E. coli, Enterobacter spp. Positive phenotypic test or Positive carbapenem resistance mechanism Suspect CP-CRE Klebsiella spp., E. coli, Enterobacter spp. Resistance to at least 1 carbapenem No phenotypic or molecular testing done Not a Case
Spring Awakening [1891/1906]. Translated by Jonathan Franzen. Faber & Faber 2007. [on loan from NYU Berlin] o Oskar Kokoschka. Murderer, Hope of Women In: Plays and Poems [1907/1910. ]. Translated by Michael Mitchell. Ariadne Press 2001. pp. 21 – 28. [course reader] o David F. Kuhns. German Expressionist Theatre: The Actor and the Stage .
