US Housing Market Data Response Mortgage Applications (May.) Home purchase mortgage demand continued its downward trend in May and is now broadly in line with its pre-virus level. Easing credit conditions and the reopening of the economy will provide some... 2nd June 2021 · 2 mins read
US Housing Market Data Response Existing Home Sales (Apr.) Existing home sales recorded another decline in April and are down 13% from the peak last October. Home sales are being constrained by record low inventory, which will continue to weigh on housing... 21st May 2021 · 2 mins read
US Commercial Property Valuation Monitor Rising Treasury yields to squeeze valuations further Following a sharp increase in Treasury yields, property valuations worsened for the second consecutive quarter in Q1. And we expect 10-Yr Treasury yields to resume their upward trend to reach 2.25% by... 21st May 2021 · 6 mins read
US Commercial Property Update ULI Consensus Forecast (Spring 2021) Consensus forecasts for the next two years have been revised upwards, largely driven by a more upbeat view on the industrial sector. As a result, we are now more downbeat than the survey respondents... 19th May 2021 · 2 mins read
US Housing Market Data Response Housing Starts (Apr.) Single-family starts dropped back in April and continue to underperform building permits. This adds to the evidence that high lumber and other material prices are constraining housing starts. But... 18th May 2021 · 2 mins read
US Commercial Property Data Response Commercial Property Lending (Apr.) Outstanding commercial real estate debt nudged higher in April. And with the vaccine rollout allowing more of the economy to reopen and lending standards set to loosen, we expect to see further gains... 14th May 2021 · 2 mins read
US Commercial Property Chart Pack Apartments starting to recover; offices deteriorating The economic recovery looks well-set, which should support occupier markets. However, structural change in the office sector means that occupier demand continues to fall, even while the beleaguered... 13th May 2021 · 13 mins read
US Commercial Property Update Is there scope for office to residential conversions? There currently appears to be little economic scope for conversions to residential across the six major office markets. But our forecasts of falling values and rising vacancy in the office sector... 7th May 2021 · 3 mins read
US Housing Market Data Response Mortgage Applications (Apr.) Despite a small fall in mortgage interest rates, home purchase and refinance demand edged back in April. The reopening of the economy and easing credit conditions will provide some support for housing... 5th May 2021 · 2 mins read
US Commercial Property Data Response RICS Commercial Market Survey (Q1) Weakness in office and retail occupier demand weighed heavily on market sentiment in Q1. Commercial property agents are therefore downbeat about rental and capital values in these sectors over the... 29th April 2021 · 2 mins read
US Housing Market Data Response Case-Shiller/FHFA House Prices (Feb.) House prices continued to climb in February, with Case-Shiller and the FHFA both reporting growth of around 12% y/y. But while annual growth rates are at record highs on the FHFA measure, month-on... 27th April 2021 · 2 mins read
US Commercial Property Update TV and film to support LA office demand We expect a strong recovery in TV and film-related employment will support office demand in LA over the next five years. Alongside a relatively small development pipeline and low office rents, this... 23rd April 2021 · 3 mins read
US Housing Market Data Response Existing Home Sales (Mar.) Tight inventory pushed existing home sales down to a seven-month low in March. Indeed, the number of homes for sale is at record lows and this will continue to constrain home sales this year. What’s... 22nd April 2021 · 2 mins read
US Commercial Property Update What does 2021 have in store for investment volumes? Property investment volumes held up better than we anticipated in 2020, and we are expecting 2021 to be a solid year for investment. We think that pent-up demand and the reopening of the economy will... 14th April 2021 · 3 mins read
US Commercial Property Data Response Commercial Property Lending (Mar.) Commercial real estate debt fell for the second consecutive month in March. That likely reflects weak investment activity due to virus restrictions. But, as constraints continue to ease and investment... 9th April 2021 · 2 mins read
US Commercial Property Outlook Major Office Markets Outlook (Q1 2021) There are forecast downgrades across the board this quarter, owing to the changes to our occupier demand expectations at the sector level. The markets broadly split into three pairs. New York City and... 31st March 2021 · 16 mins read
