Europe Commercial Property Update Spanish industrial rents: manufacturing to fall further behind logistics Steeper falls in manufacturing output than in consumer spending in Spain help to explain the recent underperformance of Spanish manufacturing property rents relative to the logistics sector. And if we... 17th January 2013 · 1 min read
Europe Commercial Property Update Investor's preference for retail over office in Vienna is likely to persist Over the past year or so, investors in Austrian property appear to have switched their preference from the office to the retail sector. Against an uncertain economic outlook, we expect this preference... 15th January 2013 · 1 min read
Europe Commercial Property Update Emerging European property markets won't survive 2013 unscathed The results from this week’s EC survey suggest that, for most of Emerging Europe, commercial property occupier demand probably stagnated or deteriorated in the final quarter of last year. Hungary was... 11th January 2013 · 1 min read
Europe Commercial Property Update Euro-zone commercial property faces weak start to the year This morning’s EC survey suggests that euro-zone commercial property markets ended 2012 on a low note. What’s more, past form suggests that the weakening in economic sentiment already seen is... 8th January 2013 · 1 min read
Europe Commercial Property Update Copenhagen retail yields to resume upwards drift The surprising recent strength of the Danish consumer sector suggests that prime retail yields in Copenhagen may have peaked. But we think that retail occupier demand will suffer this year as, among... 4th January 2013 · 1 min read
Europe Commercial Property Update Will office rental values in Rome fall further than Milan? Recent falls in Italian office rental values are likely to be extended next year. But with a 10% drop in public sector jobs in the pipeline, occupier demand and thus rents, are likely to fall further... 20th December 2012 · 1 min read
Europe Commercial Property Update Further falls in European property investment likely in 2013 Our forecast that 2012 European commercial property volumes would be as much as 20% lower than in 2011 looks to be on track. Unfortunately, the conditions are not in place for a rebound in 2013. If... 13th December 2012 · 1 min read
Europe Commercial Property Update Will retail rents in Amsterdam and Helsinki continue to trend up? The relatively strong rise in Helsinki retail rental values seen since 2010 is not difficult to square with the underlying health of the Finnish economy. But it is less straightforward to justify... 11th December 2012 · 1 min read
Europe Commercial Property Update Industrial yields in Prague and Budapest have further to rise Monday’s Central & Eastern European (CEE) manufacturing PMI data suggest that recent rises in industrial yields in Prague and Budapest might be one-offs. However, softer external demand from the euro... 5th December 2012 · 1 min read
Europe Commercial Property Update Will the Oslo-Stockholm all-property yield differential widen? If the euro-zone crisis worsens and economic growth in Norway and Sweden disappoints, property yields in both Oslo and Stockholm are likely to rise by 30bps to 50bps over the next 12-18 months... 30th November 2012 · 1 min read
Europe Commercial Property Update Will core market property yields be immune to the downturn? Outside the peripheral markets, the economic downturn in the euro-zone has yet to have a material impact on commercial property values. Yet if the recession deepens as we anticipate, the next six... 27th November 2012 · 1 min read
Europe Commercial Property Update Is retail property in Brussels overpriced? We think that weak retail fundamentals in Belgium don’t warrant the currently low level of retail property yields in Brussels. Indeed, our forecast that consumer spending and retail rents are likely... 22nd November 2012 · 1 min read
Europe Commercial Property Update Will Turkey's sovereign debt upgrade lower property yields? At the margins, a case could be made that Turkey’s sovereign debt upgrade could boost investor sentiment towards all Turkish assets, including property. But, in 2013, given the prospect of tight... 12th November 2012 · 1 min read
Europe Commercial Property Update Is the RICS survey too gloomy about occupier demand in France? Recent data from RICS showing that occupier demand in France has been falling are consistent with figures showing that office and industrial take-up has weakened significantly. The data also look... 9th November 2012 · 1 min read
Europe Commercial Property Update Could Romanian retail be a good medium-term bet? Fresh signs of life in the consumer sector, together with relatively low retail property prices, seem to have prompted investor interest in the Romanian retail market. But the immediate outlook for... 7th November 2012 · 1 min read
Europe Commercial Property Update Will German property rents be immune to the downturn? Recent business surveys do nothing to undermine our forecast that Germany will lapse back into recession next year. Admittedly, that recession should be mild. But that is unlikely to prevent... 1st November 2012 · 1 min read