US Commercial Property Update Lessons from 2021 2021 proved a challenging year to forecast commercial property markets. Indeed, we underestimated the speed and size of the bounce back in performance, albeit by less than the consensus. But there are... 5th January 2022 · 3 mins read
US Commercial Property Outlook Major Office Markets Outlook (Q4 2021) Our stronger national office forecast this quarter mean upgrades to all six major markets. The largest of those uplifts is in Boston, which has seen a sharp rise up the rankings and where we expect... 23rd December 2021 · 15 mins read
US Housing Market Data Response Existing Home Sales (Nov.) Existing home sales continued to climb higher in November, leaving sales just short of their peak last year. But we expect a tight inventory and stretched affordability as mortgage rates rise to weigh... 22nd December 2021 · 2 mins read
US Housing Market Outlook Major Apartment Markets Outlook (Q4 2021) Apartment markets in major coastal cities underperformed the national average in 2021, as they were more heavily impacted by lockdowns and the move of some households to cheaper, sunbelt cities. But... 17th December 2021 · 8 mins read
US Housing Market Data Response Housing Starts (Nov.) Single-family housing starts rebounded in November, following a weak four months. While strong new home demand, limited inventory and surging house prices will incentivise builders to increase... 16th December 2021 · 2 mins read
US Commercial Property Data Response Commercial Property Lending (Nov.) Commercial real estate debt recorded its largest gain in November since the onset of the pandemic. And with investment volumes on track for a record-breaking year, we expect lending activity to remain... 13th December 2021 · 2 mins read
US Commercial Property Outlook All-property returns set for double digits in 2022 The major change to our forecasts this quarter is that we now see strong demand for assets persisting well into 2022 and pushing yields down further. That is true in all sectors, with retail and... 10th December 2021 · 23 mins read
US Housing Market Chart Pack Housing activity surges even as mortgage rates rise Housing market activity has surprised on the upside over the past month and home sales look set for a strong end to the year. Even as mortgage rates increased to an eight-month high, home purchase... 7th December 2021 · 9 mins read
US Commercial Property Data Response US Metro Employment (Oct.) The easing of the Delta wave of infections in the South boosted leisure & hospitality hiring in October. Meanwhile, office-based jobs rose in all 30 metros, following widespread declines in September... 2nd December 2021 · 2 mins read
US Commercial Property Valuation Monitor Industrial overvalued, but supported by rental outlook Rising equity earnings yields and government bond yields squeezed property valuations in Q3. While pricing still looks reasonable at the all-property level, the industrial sector is starting to look... 24th November 2021 · 6 mins read
US Housing Market Data Response Existing Home Sales (Oct.) Existing home sales eked out a small gain in October, slowing considerably from last month’s increase. With inventory at a record low, buyer sentiment in a pit and mortgage rates on the rise, we... 22nd November 2021 · 2 mins read
US Commercial Property Update Structural changes weigh on offices more than retail Google mobility data show a much fuller recovery in visitors returning to retail and recreation than to the workplace. This supports our view that structural changes will weigh on the office sector... 19th November 2021 · 3 mins read
US Commercial Property Chart Pack Office and retail sectors turning a corner Economic growth slowed in Q3, but we expect it to pick up again in Q4. And with earnings growth and inflation at high levels, we see the Fed Funds Rate and 10-year bond yields rising over the next few... 18th November 2021 · 12 mins read
US Commercial Property Data Response Commercial Property Lending (Oct.) Outstanding real estate debt increased for the fifth consecutive month in October, driven by positive net lending in both residential and commercial real estate (CRE) sectors. We think that this... 12th November 2021 · 2 mins read
US Commercial Property Update REITs hint at upside risk for industrial and apartments REIT pricing appears consistent with our view that retail values are nearing a turning point while office values have a bit further to fall. But a strong recovery in industrial and apartment REITs... 4th November 2021 · 3 mins read
US Commercial Property Data Response US Metro Employment (Sep.) While the 3m/3m growth rate was positive in all metros in September, employment fell in Baltimore, Detroit, Los Angeles and Pittsburgh on the month. That left employment in just Austin, Phoenix and... 3rd November 2021 · 2 mins read
