On the left we show European real estate transaction volumes on a rolling year-over-year basis. Growth in transaction volumes peaked in 2022 due to lower interest rate and robust economic growth fueled by the reopening. Transaction volumes have moderated since, however, as higher interest rates and an outlook for slower economic growth leading to property value markdowns. On the right, we show the composition of European real estate transaction volumes by property type. Industrial and retail transaction volumes have seen a notable decline in terms of overall share in 1Q23.