We invite you to review SVN’s latest economic update providing information on Russia-Ukraine: RCA Analysis Of Impact On Commercial Real Estate, Independent Landlord Rental Performance, and More!

1. Russia-Ukraine: RCA Analysis Of Impact On Commercial Real Estate

• According to Real Capital Analytics’ Senior Director of EMEA Analytics, Tom Leahy, the spiraling conflict
in Ukraine will most likely only have indirect effects on global commercial real estate conditions.
• Mr. Leahy notes that Russian institutional capital has very little presence in global commercial property
markets, with outbound investment flows into foreign commercial property averaging just $330 million
over the past five years. Additionally, the analysis notes that global capital exposure to Ukrainian
commercial property is minimal.
• The primary channel by which the conflict is likely to disrupt global commercial real estate markets
is through increased energy prices. On the morning of February 24th, fresh of the news of Russia
commencing its invasion and missiles landing in the Ukrainian capital of Kyiv, Brent Crude prices topped
$100 a barrel for the first time since 2014.

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