That is, according to Sebastian Ehrhardt, head of transactions Germany for CBRE Investment Management, who has made the annual trip to Expo Real.

The company’s focus is on logistics, offices and residential assets in the country, but opportunities have been somewhat limited with the pipeline being a ‘little dry’. However, things are changing, he said.

‘Having spoken with business partners beforehand, I think everyone has been looking forward to Expo Real as the event in Germany and the industry this year.

‘In terms of the mood in the investment market, I think the market has recovered and has proved to be resilient during the pandemic. The investment market shows a strong appetite and is going upwards. People are keen to see more opportunities.

'The pipeline was a little bit dry because some investors were holding projects back and they were a little delayed. Sales processes are a positive for the investment market, which is offering more product now after a clear shortage over the last 12 months. It is positive for the investment market that this event is behind held.’

Logistics and residential have been the two most favoured asset classes, though logistics has lacked some volume amid high prices per square metre for some assets. Meanwhile, residential has established even more of a foothold.

From sales processes CBRE Investment Management has participated in, the firm knows that residential opportunities have received 60 to 100 offers from interested parties whereas in the past the number would have been closer to 30.

Meanwhile, for logistics, selling agents have been sending out teaser documents to a long list of more than 130 institutional investors.

Ehrhardt is now seeing a ‘wave’ of opportunities in this market segment which together would amount to €700 mln of assets. They are available through open processes run by the big agents which have been started up in just the past two weeks.

Meanwhile, in the office space some Frankfurt towers or large office buildings are being offered, he said.