European Commercial Property
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Are green commercial leases the future?

With emission targets needing to be met by 2030, the race is on for the real estate sector to decarbonise. By forcing tenants and landlords to share the risks, benefits and costs of environmental policies, green commercial leases are a promising tool, and widespread adoption seems likely. That said, we don’t expect a significant impact on commercial property performance yet.
In the view of wider interest, we are also sending this publication to clients subscribed to our US and UK Commercial Property Services.
Yasemin Engin Property Economist
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European Commercial Property Update

ECB rate hike unlikely to move the needle for property

While we now expect the ECB to start its tightening cycle earlier, we don’t think the change is significant enough to prevent further property yield compression over 2022-23, albeit at a slower pace than in 2021.

18 January 2022

European Commercial Property Update

Gradual flexible office recovery underway

Having been hit hard in 2020, improving economic conditions supported flexible office take-up in 2021, albeit caution and consolidation limited the net increase in space. While we expect take-up to remain low compared to the pre-virus period, we think it will improve in 2022, with demand for flexibility and the lower cost of desk space in some markets encouraging a shift towards flexible space.

17 January 2022

European Commercial Property Update

Estimating the carbon transition risk to property values

Real estate potentially has a significant role to play in helping achieve ambitious climate targets. We have estimated the size of the risks in the transition to net zero for the commercial property markets that we cover. This risk varies widely across markets and sectors, but suggests that the costs, at less than 8% of current capital values, are significant but not insurmountable. In view of the wider interest, we are also sending this European Commercial Property Update to clients of our UK and US Commercial Property services.

14 January 2022

More from Yasemin Engin

European Commercial Property Update

CEE office occupier activity past the worst

Despite poor employment prospects, we are cautiously optimistic on the outlook for CEE leasing activity as the economic recovery gets underway. However, large supply pipelines mean that improving occupier demand will not be enough to prevent further rental falls.

8 July 2021

European Commercial Property Update

Paris offices to maintain lead over Lyon

Tighter supply conditions and the expected smaller hit from the shift to remote working mean that we think Paris office rents will continue to outperform Lyon over the next five years.

30 June 2021

European Commercial Property Update

Hawkish CEE policy shift to push up property yields

Our expectation for more aggressive monetary tightening in Central and Eastern Europe and the subsequent upward pressure on bond yields mean that we now expect property yields to rise by more from 2023.

7 June 2021
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