Europe Commercial Property Update Structural changes take a toll on German retail sector Prime German retail rents are coming under pressure from softer occupier demand and online competition, despite the strong consumer sector. We now expect rents to stagnate over the next couple of... 29th November 2017 · 1 min read
Europe Commercial Property Update Barcelona office outlook to brighten again next year Following the Spanish government’s decision to invoke Article 155 of the constitution and take control of the regional administration of Catalonia, the political temperature in the region has tempered... 10th November 2017 · 1 min read
Europe Commercial Property Update Dovish ECB outlook implies slower yield rises Taking account of the ECB’s dovish tone at its last meeting, we have lowered our Bund yield forecasts for the next few years. As a result, the Bank’s stance bodes well for commercial property yields... 7th November 2017 · 1 min read
Europe Commercial Property Update Is it too late to stock up on Stockholm offices? Solid but slowing rates of employment growth in Sweden will provide continued impetus for Stockholm office rents. This will keep Stockholm towards the top of the pack in our total return rankings for... 2nd November 2017 · 1 min read
Europe Commercial Property Update France investment activity trending lower French investment activity appears to have peaked and prime yield falls have slowed markedly. Whilst it’s likely to be true that this reflects a lack of large, prime stock, we expect 2016 to have... 26th October 2017 · 1 min read
Europe Commercial Property Update Valuation concerns haven’t deterred investors yet Q3 investment in mainland European commercial property was the highest on record for a third quarter, despite pricing concerns. At the same time, a lack of prime assets in key markets appears to be... 24th October 2017 · 1 min read
Europe Commercial Property Update How does the impact of e-commerce vary in Europe? E-commerce is taking an increasing share of total retail sales across Europe, but its reach and impact in the short-to-medium-term will vary by country and across different retailer types. 20th October 2017 · 1 min read
Europe Commercial Property Update Could a soft housing market slow Oslo retail rents? The improving economic environment in Norway, coupled with strong urban population growth, as well as low inflation and interest rates, will support real retail rental growth in Oslo high streets in... 16th October 2017 · 1 min read
Europe Commercial Property Update Stamp duty hike likely to call time on Dublin property With investors now forced to fund an additional 4% in transaction costs, Ireland’s decision to increase stamp duty on commercial property will add to the slowdown in the market. Furthermore, with... 13th October 2017 · 1 min read
Europe Commercial Property Update Are Zurich office rents on the cusp of a revival? Economic and survey data suggest that prime office rents in Zurich may have finally found a floor. But with new developments and refurbishments equivalent to around 5% of current stock due to complete... 12th October 2017 · 1 min read
Europe Commercial Property Update Strong returns in prospect for Moscow offices The Moscow office market is showing signs of greater balance. With the potential for rental growth, and further falls in prime yields, several years of double-digit total returns could be on the cards... 6th October 2017 · 1 min read
Europe Commercial Property Update No value left in Budapest prime high streets Prime retail property in Budapest was undervalued as little as a year ago. However, with yields having fallen substantially in the last 12 months, there is no value left and we see little upside to... 5th October 2017 · 1 min read
Europe Commercial Property Update Improving outlook for secondary assets in Netherlands The surprisingly strong economic recovery in the Netherlands is giving investors the confidence to move up the risk curve, following a long period in which prime property was the only ticket in town. 29th September 2017 · 1 min read
Europe Commercial Property Update Should we be more optimistic on German retail? Already upbeat German consumers are likely to benefit from tax cuts ahead. But with prime rental growth seemingly held back by structural factors, total returns are likely to be poor over the 2018-21... 27th September 2017 · 1 min read
Europe Commercial Property Update Can Dublin industrial returns continue to outperform? Rental growth has been the driver of total returns in Dublin commercial property. But with the largest rental increases behind us, yield shifts will now play a greater role. Given the likelihood of... 22nd September 2017 · 1 min read
Europe Commercial Property Update How could tighter ECB policy affect property yields? Tighter monetary policy in the UK, US and euro-zone in the next couple of years will undoubtedly cause risk-free rates to rise. However, given that property’s yield spread against risk-free rates is... 21st September 2017 · 1 min read
