Europe Commercial Property Update Can upward momentum in Moscow office rents reignite? After a strong upturn in 2010 and most of 2011, office rents in Moscow have stabilised. Given that the economy is likely to slow and that the vacancy rate amongst the capital’s existing office stock... 31st July 2012 · 1 min read
Europe Commercial Property Update Industrial rent outlook is weakest in Hungary and Czech Republic Exports to the troubled, peripheral euro-zone economies account for a relatively high share of GDP in both Hungary and the Czech Republic. And the open nature of both economies also leaves them... 26th July 2012 · 1 min read
Europe Commercial Property Update Is the office development pipeline still a risk to the Paris rental outlook? The latest indicators from the Paris office market suggest that occupier demand is softening while development activity is picking up. Accordingly, our concern that the city will face a supply... 19th July 2012 · 1 min read
Europe Commercial Property Update Despite safe-haven status, Swiss property yields likely to rise We think that the safe-haven status of Switzerland’s commercial property market has allowed Swiss all-property yields to fall to very low levels. But now they look stretched and vulnerable to a... 18th July 2012 · 1 min read
Europe Commercial Property Update Fall in Bund yields does not change weak property price outlook The sharp fall in 10-year German Bund yields since the end of Q1 has pushed all-property/Bund yield spreads in the euro-zone to new highs. Clearly, property yields now incorporate some allowances for... 12th July 2012 · 1 min read
Europe Commercial Property Update Investment case for Italian retail has weakened further Early last year, we argued that the investment case for the Italian retail market was weak. If anything, the situation has worsened since then. Indeed, a negative outlook for rents, coupled with... 11th July 2012 · 1 min read
Europe Commercial Property Update Is Poland a “core” property market? One of the key messages from JLL’s 2012 Global Real Estate Transparency Index was that CEE markets – especially Poland – have become more transparent relative to Western Europe. But we think that... 4th July 2012 · 1 min read
Europe Commercial Property Update Most European office markets to suffer drop in take-up Our recent finding that the investment component of the German national accounts data is related to office take-up volumes seems also to apply in most other European office markets. Accordingly, our... 2nd July 2012 · 1 min read
Europe Commercial Property Update EC survey suggests euro-zone office rental value forecasts on track The latest snapshot of business and consumer confidence across Europe suggests that conditions in euro-zone occupier markets have deteriorated during the second quarter. However, in the short-term... 28th June 2012 · 1 min read
Europe Commercial Property Update French REIT valuations reflect downside property risks The current low share prices of French REITs relative to NAVs might suggest that there is value in the sector. But given that French property yields are low, and that the economy is likely to contract... 25th June 2012 · 1 min read
Europe Commercial Property Update Are shopping centre development pipelines in CEE too large? A low stock of shopping centre floorspace and relatively fast trend rates of consumer spending growth might suggest that the large shopping centre development pipelines in CEE could be absorbed... 21st June 2012 · 1 min read
Europe Commercial Property Update Are we too downbeat on Norwegian retail rental values? The strong performance of Norway’s economy in Q1 raises the question whether our retail rental value forecasts may be a touch gloomy. However, given that international retailers are looking to scale... 20th June 2012 · 1 min read
Europe Commercial Property Update Office rents in Madrid likely to underperform relative to Barcelona Office rental values in Spain are forecast to fall by around 15% over 2012-13 as occupier demand weakens further. But on a city level, Madrid is exposed to greater downside risks than Barcelona. This... 13th June 2012 · 1 min read
Europe Commercial Property Update Lower office take-up volumes in store for Germany On past form, the drop in gross fixed capital formation (GFCF) seen in Germany in the first quarter is a signal that a sharp fall in office take-up is likely to follow. We expect investment to fall... 12th June 2012 · 1 min read
Europe Commercial Property Update CEE industrial rental value outlook brightest in Russia and Turkey Relatively strong domestic demand is likely to support industrial occupier markets in Poland, Russia and Turkey over the next couple of years. This should ensure that all three markets outperform the... 8th June 2012 · 1 min read
Europe Commercial Property Update A brighter outlook for Oslo office rents? Reports that office rents in Oslo continued to rise in Q1 seem consistent with the economy’s stronger-than-expected start to the year. And they almost certainly suggest that our forecast of stagnant... 30th May 2012 · 1 min read
