UK Commercial Property Update Will remote work go into reverse? We doubt the announcement by Amazon that it is requiring office-based workers to return full-time marks the start of a reversal in the remote work share. It is far from clear that requiring five days... 18th September 2024 · 4 mins read
Europe Commercial Property Update Milan office rent growth to undershoot the euro-zone Milan office take-up has held up well in recent quarters, but this has not translated into stronger prime rental growth. With the outlook for jobs growth pointing to a slowdown in take-up while... 11th September 2024 · 3 mins read
Europe Commercial Property Update Is industrial demand back on track? The most recent European industrial take-up figures were slightly more encouraging. We expect activity will continue to slowly improve over the next couple of years, supported by the consumer recovery... 5th September 2024 · 3 mins read
Europe Commercial Property Update Worst of online drag is over, especially in the south Recent estimates add to the evidence that online retail shares are growing more slowly across Europe. There has also been little sign of convergence in online shares, supporting our long-held view... 3rd September 2024 · 3 mins read
Europe Commercial Property Update Prime office rent gains to beat consensus expectations Prime office rents look set to rise by more than we had previously expected over the next few years given still low CBD vacancy, preferences for prime space and cuts to the supply pipeline in 2025-26... 29th August 2024 · 3 mins read
Europe Commercial Property Update Data improving, but German retail prospects still weak Despite better occupier data in H1, the weak consumer backdrop and still elevated vacancy mean we expect German retail rents to only hold steady this year. Thereafter, we expect rental gains to lag... 15th August 2024 · 3 mins read
Europe Commercial Property Update Office utilisation rising but space cutting to drag on European office occupier surveys reveal that office attendance and utilisation has continued to rise over the past year and that it could still improve a bit further. However, despite the rise in... 12th August 2024 · 3 mins read
Europe Commercial Property Update Investment turns a corner, but recovery will be uneven The Q2 rise in euro-zone investment marks the start of the recovery, but one that will be weak and uneven across markets. Economic and political concerns means investment in Germany and France is... 7th August 2024 · 4 mins read
US Commercial Property Update Investment recovering, but not without risks While the UK led the recovery in investment activity in Q4 last year, the latest data suggest the US and euro-zone are now also turning a corner. But given concerns over economic growth in all three... 6th August 2024 · 4 mins read
Europe Commercial Property Update Office conversion proceeding faster than expected We have been sceptical of the viability of conversion of excess office space into residential units. But the latest figures indicate that, despite marginal financials, there may have been more... 1st August 2024 · 6 mins read
Europe Commercial Property Update CBD shift clearest in the largest office markets At the end of the pandemic, there was a view that remote working would drive a wedge between CBD and other submarket rents. The evidence of this remains uneven. But in some cities, notably Paris and... 31st July 2024 · 3 mins read
Europe Commercial Property Update RICS survey sours on France, turns upbeat on values The Q2 RICS survey showed that sentiment toward offices is improving – occupier demand balances saw the largest sectoral rise and rent and value growth expectations were raised. With year-ahead... 25th July 2024 · 4 mins read
Europe Commercial Property Update Lending surveys point to weak recovery in transactions Recent surveys of real estate lenders paint a picture of a European lending market that is still seized up, as loan terms tightened and credit demand fell in H1. Lenders are optimistic that demand for... 23rd July 2024 · 3 mins read
Europe Commercial Property Update UK looking increasingly attractive compared to France Newfound political stability in the UK contrasts with the now more uncertain political backdrop in France. A better relative outlook for economic growth and risk-free rates had already led to a... 18th July 2024 · 3 mins read
Europe Commercial Property Update Sweden REIT distress unlikely to derail recovery The downgrading of Sweden’s SBB to selective default last week is the latest development for a property market that has faced some of the most acute debt refinancing pressure in Europe. The saga will... 11th July 2024 · 3 mins read
US Commercial Property Update Near-term laggard but US to outperform longer term The slower adjustment to past rises in interest rates and sharper hit to office demand mean US property is set to underperform European property over the next five years. But unlike equities, we think... 8th July 2024 · 3 mins read
