Key points:

--Offices - little change in Q3, for core office markets where demand from equity has remained firm, so too has debt pricing

-Retail - liquidity is returning to the retail credit market, though transactional activity remains suppressed

-Logistics -  the market saw the most borrower-friendly pricing movement, as lenders scramble to follow investors into the sector

-Residential - European residential investment volumes hit their highest total on record in Q3 2021 (€24.7bn), overtaking office volumes

-Rising swap rates, particularly in the UK and Norway, have driven the cost of debt higher in 2021