Europe Commercial Property Update CRE NPLs in Germany now highest in the EU and more on the way The notable rise in the share of non-performing loans to commercial real estate in Germany over the past couple of years stands out within the EU. We expect further increases to come in Germany, but... 14th October 2025 · 3 mins read
US Commercial Property Rapid Response US Commercial Real Estate Lending (Sep.) Net lending by banks to commercial real estate reached $4.1bn in September, its weakest monthly outturn since April. That was below the monthly average of $4.7bn for the year-to-date and less than... 13th October 2025 · 1 min read
US Commercial Property Update Why have multifamily and industrial delinquency rates diverged? The CMBS delinquency rate for multifamily was the second highest in August, largely reflecting relatively loose lending practices around the turn of the decade which has led to an outsized impact from... 1st October 2025 · 4 mins read
UK Commercial Property Rapid Response Lending to UK commercial property (Aug. 25) Net lending to property reached its highest monthly level since May 2020, reflecting a high volume of refinancing activity rather than an especially strong rise in originations for new purchases. 29th September 2025 · 1 min read
UK Housing Market Update UK mortgage arrears may not have peaked just yet The weak labour market means it’s too soon to conclude that the share of mortgages in arrears won’t rise further, although it will remain low relative to past standards. 10th September 2025 · 3 mins read
UK Commercial Property Rapid Response Lending to UK commercial property (Jul. 25) Net lending to property was strong again in July, reaching £1.8bn. While this was a slightly lower outturn than June, it nevertheless drove an acceleration in the three-month total, which hit £6.0bn... 1st September 2025 · 1 min read
US Commercial Property Chart Pack US Commercial Property Chart Pack (Q3 2025) All-property capital values rose modestly by 0.1% in Q2, suggesting a market floor, with cap rates falling by 5 bps. However, we expect values to see limited upside due to the narrow spread to risk... 22nd August 2025 · 1 min read
UK Commercial Property Rapid Response S&P Global/ CIPS UK Construction PMI (Jul. 25) The headline CIPS construction PMI dropped back in July to 44.3, the lowest since May 2020 when COVID lockdowns impacted activity. 6th August 2025 · 1 min read
UK Commercial Property Rapid Response Lending to commercial property (Jun. 25) 29th July 2025 · 1 min read
Europe Commercial Property Update Improving CRE lending outlook unlikely to boost investment Recent surveys of real estate lenders point to a continued improvement in the European commercial real estate lending environment. However, with refinancing still dominating lending activity, this is... 23rd July 2025 · 3 mins read
UK Commercial Property Update Will lender confidence drive UK commercial property capital values up? The current narrow spread between property yields and financing costs, combined with bullish lender capital value expectations, might be seen as an indication that a credit cycle is brewing and... 18th July 2025 · 4 mins read
UK Commercial Property Rapid Response Lending to commercial property (May 25) Net lending to property had another strong month in May, with the total of £2.15bn the largest amount in five years. 30th June 2025 · 1 min read
UK Commercial Property Chart Pack UK Commercial Property Chart Pack (Jun. 25) UK commercial property is on the road to recovery and lending to the sector has been strong in recent months. But with yields set to remain stable, the rise in capital values will be modest over the... 18th June 2025 · 1 min read
UK Commercial Property Update UK commercial property development on the road to recovery After a lean couple of years, the outlook for commercial property construction is brightening. While the economic outlook is fairly weak, vacancy rates in some subsectors such as prime offices and... 6th June 2025 · 4 mins read
UK Commercial Property Outlook UK Commercial Property Outlook: Property insulated from tariffs but recovery weak UK commercial property is relatively well insulated from the direct impact of US tariffs, and some sectors may even see small benefits. Rental growth has also held up better than expected. But with... 20th May 2025 · 26 mins read
US Housing Market Outlook US Housing Outlook: Market in need of rate relief that is not coming President Trump’s inflationary trade and immigration policies leave no clear path to the lower borrowing costs that the housing market desperately needs. A tariff-driven resurgence in inflation will... 2nd May 2025 · 15 mins read
