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Photography: Gettyimages CBRE Research This report was prepared by CBRE Research the Netherlands, which forms part of CBRE Research, a network of preeminent researchers who collaborate to provide real estate market research and econometric forecasting to real estate investors and occupiers around the globe. The data in this report have as reference data July 13, 2022. All materials presented in this report, unless specifically indicated otherwise, is under copyright and proprietary to CBRE. Information contained herein, including projections, has been obtained from materials and sources believed to be reliable at the date of publication. Readers are responsible themselves for independently assessing the relevance, accuracy, completeness and currency of the information of this publication. This report is presented for information purposes only exclusively for CBRE clients and professionals and is not to be used or considered as an offer or the solicitation of an offer to sell or buy or subscribe for securities or other financial instruments. All rights to the material are reserved and none of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party without prior express written permission of CBRE. To learn more about CBRE Research, or to access additional research reports, please visit the Global Research Gateway at www.cbre.com/research. © 2022 CBRE B.V.