European Commercial Property
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Is investor interest in Portugal justified?

Despite the deterioration in the rental outlook, attractive property valuations justify investor interest in Portugal, especially compared with its southern European peers.
Amy Wood Property Economist
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European Commercial Property Update

Why are prime industrial rental values not taking off?

Despite strong demand, we think that high capital values have kept development profitable and have prevented an acceleration in euro-zone prime industrial rental value growth. However, as capital value growth slows there is a risk that some markets will see more upward pressure on rents.

15 October 2021

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Wider market confirms recovery in prime data

The latest MSCI data show that the wider market has moved roughly in line with our prime data since the onset of the pandemic and provide support to our outlook for property values.

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European Commercial Property Update

CEE investment recovery to pick up from 2022

We think a greater reliance on foreign capital and tighter monetary conditions will leave CEE investment activity lagging the euro-zone in H2. Overall, transactions are set to end the year 5% lower than their already weak 2020 levels, before catching up with the euro-zone recovery next year.

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European Commercial Property Update

Has Athens been pushed off track by COVID-19?

After gaining ground since 2018, the recovery in Athens’ prime property values has stalled. However, we think that the catch up with the euro-zone will continue, albeit at a slower pace than in recent years.

6 July 2021

European Commercial Property Update

Vaccine passport no silver bullet for prime high streets

Lingering restrictions on travel mean that weakness in foreign tourist spending will continue to weigh on retailers’ incomes in tourist-dependent retail markets this year. This supports our view that prime retail rents will fall, even as the domestic economic recovery gets underway.

1 July 2021

European Commercial Property Update

Consensus catching up to the view of a weak recovery

The latest IPF Consensus forecasts are consistent with our view that prime office rents will fall this year and the recovery in 2022 will be weak, even as the easing of virus restrictions allows economic activity to rebound. However, outside of Emerging Europe, we are more pessimistic on the outlook after 2022.

3 June 2021
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