Investor focus remains heavily biased towards core Western European markets, with Germany and the Nordics being top picks. Several significant transactions (in the €300 million plus category) were completed in Q4 2012, more often than not involving an international buyer. The Q4 results, whilst undoubtedly exaggerated by the investor rush to complete deals before the year-end, have also unveiled evidence of broadening investor demand towards better secondary assets in core Western European markets. Riskier Southern European markets and the fringe of CEE, however, remain quiet, with no significant improvement in investor sentiment. (source: CBRE Global Research and Consulting)