The Knight Frank wave depicts the current position of selected European centres with respect to their local
prime rental cycle. As demand swells relative to supply and rents rise, centres move towards the crest of the wave.
As demand ebbs and rental levels weaken, centres start to move down the wave towards the trough. Some markets
will ride the wave more quickly than others. Similarly, some markets will tread water for periods of time or move
only gently through the wave.