Should I buy or should I lend?

There’s a question that international investors ask their advisers a lot: should I buy or should I lend? It is certainly a question that Richard Dakin, head of CBRE Capital Advisors, and Dominic Smith, senior director in CBRE’s research team, have struggled to answer with more than a “it depends”.

However, the pair have collected data from the largest office markets across 20 European countries to come up with a more scientific response and have, using CBRE’s European Forecasting service and Debt Map, created hurdle rates of return for ungeared equity investors and debt investors