UK Commercial Property Update Takeaways from our Property in 2024 roundtables This week, we held a series of property roundtable discussions with clients in our London office as part of our World in 2024 series. In this Update, we outline our thoughts on the most interesting... 14th December 2023 · 4 mins read
UK Housing Market Outlook Prices to bottom out, but activity will remain soft Surprisingly resilient demand, high inflation, and limited supply mean a severe drop in house prices will be avoided. With the peak in mortgage rates now behind us and the labour market in good shape... 21st November 2023 · 17 mins read
US Housing Market Rapid Response Housing Starts (Oct. 2023) With homebuilders encouraged by the recent surge in buyers entering the new homes market due to a lack of existing inventory, housing starts and permits edged slightly higher in October. 17th November 2023 · 2 mins read
US Commercial Property Update 2024-27 completions to be below pre-pandemic levels With vacancy set to stay elevated, development finance remaining expensive, and values to continue falling next year, we expect construction starts will be weak in all sectors over the next 12 months... 10th November 2023 · 3 mins read
US Housing Market Rapid Response Housing Starts (Sep. 2023) Single-family starts edged higher in September to 963,000 annualised from 933,000 in August and building permits also rose to a 15-month high. However, we don’t think this means single-family... 18th October 2023 · 2 mins read
UK Commercial Property Update BoE Credit Conditions Survey (Q3 2023) - Demand and supply of credit contracts Surging interest rates caused mortgage demand to slump in Q3 at the same time as rising defaults led lenders to tighten mortgage credit conditions. Similarly, it became more difficult to secure... 12th October 2023 · 3 mins read
US Commercial Property Office Metros Outlook Office value falls to exceed 50% in worst-hit cities The outlook for offices is negative across all markets, but we expect substantial differences across the 17 metros we forecast. We now think Seattle, San Francisco and Austin will see vacancy rise by... 11th October 2023 · 13 mins read
UK Commercial Property Rapid Response S&P Global/ CIPS Construction PMI (Sep.) The decline in the headline CIPS construction PMI from 50.8 in August to 45.0 in September took it below the 50 “no-change” mark for the first time since January. The fall was driven by a plunge in... 5th October 2023 · 2 mins read
UK Housing Market Update Spike in housing starts belies weak construction outlook As we anticipated, housing starts in England spiked to their highest level on record in Q2 as builders began work early to avoid having to conform with the Future Homes Standard. More timely monthly... 28th September 2023 · 3 mins read
US Housing Market Rapid Response Housing Starts (Aug.) Housing starts fell sharply across both the single-family and multifamily sectors in August, suggesting that construction has now reached a turning point. We expect this downward trend to continue for... 19th September 2023 · 2 mins read
UK Commercial Property Update Who pays for greener buildings? The UK government’s decision to block Marks and Spencer’s (M&S’) re-development of its flagship store highlights the challenges in the transition to net zero. In particular, while authorities are... 7th September 2023 · 3 mins read
UK Commercial Property Rapid Response S&P Global/ CIPS Construction PMI (August) 6th September 2023 · 2 mins read
US Commercial Property Update Apartment completions likely to stay strong until 2025 We continue to expect historic highs for apartment completions in 2023-24 even though there are signs some will be deferred. This also means that, although new permits have dropped back amid softer... 18th August 2023 · 3 mins read
US Commercial Property Update How remote work could impact US city revenues On the back of the remote work revolution, US downtowns have seen reduced office-led footfall and rising crime rates. Cities will need to be proactive to drive conversion to alternative use and to... 15th August 2023 · 4 mins read
UK Commercial Property Rapid Response S&P Global/CIPS Construction PMI (Jul 23) The headline CIPS construction PMI resumed its upward trend in July, with the rise to 51.7 more than reversing the drop into contractionary territory in June. 4th August 2023 · 2 mins read