US Commercial Property Update Iran conflict a small downside risk to US commercial real estate returns The increase in energy costs brought about by the conflict in Iran could hit commercial real estate returns either through squeezed occupier margins and therefore weaker property demand and rent... 11th March 2026 · 4 mins read
UK Commercial Property Outlook UK Commercial Property Outlook: Stable yields mean steady returns Property yields saw no movement in 2025 and we expect that stability to continue over the next few years. We think the 10-year gilt yield will see a small fall to around 4.25% by the end of 2026, but... 27th February 2026 · 26 mins read
APAC Commercial Property Chart Pack APAC Commercial Property Chart Pack (Q1 2026) Asia-Pacific all-property capital value declines eased further in Q4 to minus 0.8% y/y, reinforcing signs that the market is bottoming out. Looking ahead, however, elevated risk-free rates and muted... 26th February 2026 · 1 min read
UK Commercial Property Valuation Monitor UK Commercial Property Valuation Monitor (Q1 26) Property valuations saw a further small improvement in Q4 as alternative asset yields edged back. Looking ahead, steady property yields and a further decline in the 10-year gilt yield will help nudge... 11th February 2026 · 1 min read
APAC Commercial Property Valuation Monitor APAC Commercial Property Valuation Monitor (Q1 2026) Asia-Pacific valuation scores worsened in Q4 as bond yields rose across markets while property yields held flat. As we expect risk-free rates to remain high, all-property valuations are likely to stay... 5th February 2026 · 1 min read
UK Commercial Property Chart Pack UK Commercial Property Chart Pack (Jan. 26) Stable yields over 2025 led to a gradual slowdown in capital value growth to 1.4% y/y by the end of the year. And with yields set to see little movement over the next few years, we expect total... 23rd January 2026 · 1 min read
Europe Commercial Property Update Our key calls for 2026 The recovery in European commercial property values is set to slow this year given the soft economic growth backdrop and elevated interest rates. Our forecast for euro-zone all-property total returns... 7th January 2026 · 3 mins read
Europe Commercial Property Update Reviewing our key calls for 2025 The recovery in European property values in 2025 was broadly as we forecasted. However, the drivers differed slightly from our expectations, with a smaller-than-expected fall in prime property yields... 6th January 2026 · 3 mins read
UK Commercial Property Chart Pack UK Commercial Property Chart Pack (Dec. 25) Rental growth has ended the year on a strong note, but with yields stable total returns are beginning to ease from their recent level of around 8% y/y. And with yields set to see little movement over... 17th December 2025 · 1 min read
APAC Commercial Property Update Rental growth will help Japan defy the squeezed yield spread Rising interest rates in Japan have raised concerns about whether this will slow investment activity and exert downward pressure on capital values. Our view is that while the risk-free rate will... 16th December 2025 · 3 mins read
US Commercial Property Outlook Retail shines in a disappointing recovery Below-trend economic growth and high interest rates will continue to weigh on all-property total returns, which we think will average just 5.5% p.a. over 2026-30. Of the major sectors, we think retail... 4th December 2025 · 21 mins read
APAC Commercial Property Outlook Narrow yield spreads to limit size and speed of the recovery Asia-Pacific property faces a slow, uneven recovery as high risk-free rates and weak growth limit investment demand and therefore, prospects for yield-driven capital gains. Spreads over risk-free... 2nd December 2025 · 18 mins read
UK Commercial Property Outlook UK Commercial Property Outlook: Higher gilt yields and taxes to weigh on recovery With the 10-year gilt yield now set to be higher for longer and the Budget likely to raise taxes on households, the outlook for commercial property has become a bit gloomier. We now expect total... 25th November 2025 · 26 mins read
APAC Commercial Property Chart Pack APAC Commercial Property Chart Pack (Q4 2025) Asia-Pacific all-property capital value declines slowed further with Q3 down just 1.1% y/y. Yet we expect the recovery to be modest, constrained by high risk-free rates and limited rental growth... 18th November 2025 · 1 min read
UK Commercial Property Valuation Monitor UK Commercial Property Valuation Monitor (Q4 25) Property valuations saw a minor improvement in Q3, thanks to a fall in dividend yields, but property still looks overvalued. Looking ahead, a fall in the 10-year gilt yield since the end of Q3 should... 12th November 2025 · 1 min read
APAC Commercial Property Valuation Monitor APAC Commercial Property Valuation Monitor (Q4 2025) Asia-Pacific valuation scores were unchanged in Q3, as property and bond yields saw little movement. While most markets are now fairly valued according to our scores, we expect high risk-free rates to... 7th November 2025 · 1 min read
