Europe Commercial Property Update Are Emerging European capital values on the road to recovery? The sovereign debt crisis in the euro-zone is bound to weigh heavily on the outlook for Emerging Europe, moderating, if not reversing, hopes for an occupier and investment market recovery. Thus, in... 3rd June 2010 · 1 min read
Europe Commercial Property Update What caused Belgian industrial rents to plunge in Q1? The sharp fall in Belgian industrial rental values in Q1 was probably just a delayed response to the depth of the recession. In any event, we expect the Belgian economy to grow a little faster than... 2nd June 2010 · 1 min read
Europe Commercial Property Update Will the resilience of French retail rents last? Although French retail rental values have barely fallen to date, we do not think that their resilience will last. With the economic recovery faltering, and figures released today showing that consumer... 27th May 2010 · 1 min read
Europe Commercial Property Update Do Emerging European property markets offer good value? Some valuation measures indicate that Emerging European commercial property markets now offer good value. However, the deepening fiscal crisis in the euro-zone has led to a marked drop in risk... 25th May 2010 · 1 min read
Europe Commercial Property Update How secure is the recovery in Western European capital values? Recent falls in property yields have lifted capital values in most markets, particularly in Norway and France. But this trend is unlikely to last. Indeed, we think that the yield recovery is likely to... 19th May 2010 · 1 min read
Europe Commercial Property Update Has the outlook for Hungarian commercial property improved? While recent news on the Hungarian economy has been surprisingly positive, we are not yet convinced that a sustainable economic recovery is underway. Among other things, Hungary’s fragile banking... 18th May 2010 · 1 min read
Europe Commercial Property Update Will falls in Western European yields be extended? Commercial property offers a seemingly attractive premium over bonds. However, once we factor in the weaker economic and occupier market outlook, to us most Western European markets look pricey. We... 13th May 2010 · 1 min read
Europe Commercial Property Update Will German funds accelerate the investment market recovery? In the short-term, March’s €535 million net inflow into German open-ended property funds is likely to boost European commercial property investment volumes and may add to the downwards pressure on... 11th May 2010 · 1 min read
Europe Commercial Property Update Has the recovery in Norwegian industrial yields got ahead of itself? Having fallen by 100bps since their high in mid-2009, industrial yields in Norway are beginning to look overvalued relative to bonds as well as both office and retail markets. Given that, Q1 2010’s... 7th May 2010 · 1 min read
Europe Commercial Property Update Rebound in Moscow office take-up looks unsustainable The rise in take-up in the Moscow office market in Q1 2010 may be less encouraging than it first seems. Indeed, given the large volume of completions, the improvement in demand was only enough to... 5th May 2010 · 1 min read
Europe Commercial Property Update Growing divergence across Emerging European property markets The upbeat message on Poland from yesterday’s Q1 2010 RICS global survey broadly fits with our view that Polish property will be among the best performers in Europe this year. But we are less... 30th April 2010 · 1 min read
Europe Commercial Property Update RICS survey highlights fragility of Western European occupier markets Today’s Q1 2010 RICS global commercial property survey broadly supports our view that the weak occupier market outlook will drive capital values at least a little lower this year in most Western... 29th April 2010 · 1 min read
Europe Commercial Property Update Tight credit conditions keep the brakes on the property recovery This morning’s ECB bank lending survey suggests that credit conditions for business and household lending in the euro-zone remained tight in Q1 2010. With expectations for Q2 much the same, this will... 28th April 2010 · 1 min read
Europe Commercial Property Update Easing credit availability supporting Norwegian investment recovery Q1’s easing of credit conditions for commercial real estate in Norway will continue to support the nascent property investment market recovery. The recovery in yields is well underway, but we think... 22nd April 2010 · 1 min read
Europe Commercial Property Update Resilience of Dutch retail rents unlikely to last The fading recovery in consumer confidence highlights the fact that retail occupier demand in the Netherlands is likely to remain pretty fragile. And with property-specific supports to headline rental... 21st April 2010 · 1 min read
Europe Commercial Property Update German office rents least at risk from excess supply Although the risk from new supply is less than in previous cycles, completions in all the major Western European office markets are likely to push vacancy rates up this year. This will keep rental... 14th April 2010 · 1 min read
