Europe Commercial Property Valuation Monitor Valuations improve but all sectors still overvalued A sharp increase in property yields in Q4 helped European property valuations improve for the first time in two years. That said, spreads over alternative assets remained very narrow by past standards... 2nd March 2023 · 6 mins read
US Commercial Property Valuation Monitor Valuation scores rise, but still some way to go this year Q4 property valuation scores rose from their Q3 troughs, as equity earnings yields fell and property yields all increased. Even so, that left all major sectors still looking overvalued, suggesting... 23rd February 2023 · 6 mins read
UK Commercial Property Update Is the worst behind us? This week’s data contained encouraging signs that inflationary pressures are fading, and the risks to our view that Bank Rate will rise to 4.5% this year now lie to the downside. The January MSCI data... 17th February 2023 · 3 mins read
UK Commercial Property Valuation Monitor Surge in property yield helps valuations improve A surge in property yields helped commercial property valuations improve for the first time in two years in the final quarter of 2022. Jumps in alternative asset yields late last year following the... 8th February 2023 · 7 mins read
Europe Commercial Property Update German office values fall faster than after the GFC Early data indicate that German offices saw the steepest increases in yields on record in late 2022. And we think that with policy rates set to go higher, it is too early to rule out further rises in... 31st January 2023 · 3 mins read
UK Housing Market Outlook Activity to slump as prices adjust to higher rates 2023 will be the most difficult year for the housing market since 2008. Mortgage rates remain very high by the standards of recent years and can’t drop materially until the Bank of England shifts from... 26th January 2023 · 25 mins read
US Commercial Property Data Response NCREIF Property Index (Q4) The 4.45% hit to all-property capital values in Q4 was more substantial than our end-2022 forecasts implied, although recent news of bigger valuation markdowns in December made this less of a surprise... 25th January 2023 · 4 mins read
US Commercial Property Update Blackstone and Starwood symptoms rather than causes On the face of it, the news of unlisted REITs reaching redemptions limits suggests cause for concern as it could point to forced sales over the coming months. However, both BREIT and SREIT have solid... 13th December 2022 · 3 mins read
US Commercial Property Valuation Monitor Valuation scores at a turning point Property valuation scores fell further in Q3 as rises in alternative asset yields outweighed the marginal increase in all-property yields, but alternative asset yields have dropped back in Q4 to-date... 6th December 2022 · 6 mins read
Europe Commercial Property Valuation Monitor Valuations near turning point as property yields spike Despite a sharp rise in property yields, renewed increases in alternative asset yields led to a further deterioration in European property valuations in Q3. All markets were overvalued except for... 30th November 2022 · 6 mins read
UK Commercial Property Valuation Monitor Rising property yields help valuations stabilise Commercial property valuations began to stabilise in Q3, as a large rise in property yields helped offset a further rise in alternative asset yields. And with the reversal of the “mini-Budget” meaning... 10th November 2022 · 7 mins read
UK Housing Market Outlook Spike in mortgage rates to trigger price correction The jump in market interest rates following the ill-advised “mini” budget has forced quoted mortgage rates up to over 5%, a level not seen since 2009. That will turn the slowdown in demand already... 31st October 2022 · 25 mins read
Event US Real Estate Drop-In: What recession will mean for real estate returns 1st November 2022, 4PM GMT With a US recession looming, Kiran Raichura and Andrew Burrell held a briefing on the impact of weaker growth on commercial real estate returns and answering your questions.
US Commercial Property Update Which apartment markets look most overvalued? A forward-looking fair value analysis of the 17 apartment metros that we forecast suggests that Phoenix and the Western markets look most overvalued. This insight underpins the changes to our yield... 14th September 2022 · 3 mins read
Europe Commercial Property Valuation Monitor All sectors overvalued despite rise in property yields Despite a rise in property yields, increases in alternative asset yields led to a further deterioration in European property valuations in Q2. (See Chart 1.) While industrial and office valuations... 2nd September 2022 · 6 mins read
US Commercial Property Valuation Monitor Another deterioration but valuations may have troughed Despite a stabilisation in property yields, valuation scores fell again in Q2 on the back of further rises in alternative asset yields. Apartment and industrial pricing look most stretched, but also... 26th August 2022 · 7 mins read
