Europe Commercial Property Valuation Monitor

Office sector joins industrial as overvalued in Q1

Higher alternative asset yields drove a sharp deterioration in European property valuations in Q1. Valuation scores declined across all sectors, though retail remained in fair value territory. With...

9th June 2022 · 6 mins read

Europe Commercial Property Valuation Monitor

Most industrial markets overvalued in Q4

Higher government bond yields and falls in property yields across all sectors contributed to a deterioration in European property valuations in Q4. While most industrial markets now look overvalued...

1st March 2022 · 6 mins read

Europe Commercial Property Valuation Monitor

Valuations worsen, but office and retail still fair value

Higher alternative asset yields and falls in office and industrial yields contributed to a further deterioration in property valuations in Q3. The decline in government bond yields since then, which...

29th November 2021 · 7 mins read

Europe Commercial Property Valuation Monitor

Rising bond yields point to deteriorating valuations

The valuation of industrial and offices deteriorated compared to bonds and equities in Q2 on account of falls in property yields. Meanwhile, retail yields stabilised, leaving valuations broadly...

2nd September 2021 · 7 mins read

Europe Commercial Property Valuation Monitor

Rise in bond yields weighs on property valuations

The marked rise in government bond yields drove a deterioration in property valuations in Q1, particularly in industrial markets where property yields also fell steeply. And with government bond...

2nd June 2021 · 6 mins read

Europe Commercial Property Valuation Monitor

Outlook for property valuations still supportive

With bond and equity dividend yields trending lower, valuations improved in Q4 for offices and retail, while they held steady for industrial. But in Q1, given the recent bond market rout, valuations...

8th March 2021 · 7 mins read

Europe Commercial Property Valuation Monitor

Only 15% of European markets overvalued

Falls in alternative asset yields in Q3 meant valuations continued to improve for offices and retail, while they held steady for industrial. And the backdrop is supportive of property valuations in...

30th November 2020 · 6 mins read

Europe Commercial Property Valuation Monitor

Improvement in valuations set to continue

The reversal in equity dividend yields following the virus-related market rout in March lead to a broad-based improvement in property valuations. (See Chart 1.) Coupled with central banks’ assurances...

3rd September 2020 · 7 mins read

Europe Commercial Property Valuation Monitor

Southern Europe leads valuation deterioration

The broad-based jump in equity dividend yields following the virus-driven collapse in equity prices meant that property valuations deteriorated in Q1. This impact was exacerbated in southern Europe...

4th June 2020 · 7 mins read

Europe Commercial Property Valuation Monitor

Deterioration in valuations likely to prove temporary

The uptick in government and corporate bond yields in Q4, coupled with the continued decline in property yields, resulted in a deterioration in the relative valuation of commercial property markets in...

5th March 2020 · 7 mins read

Europe Commercial Property Valuation Monitor

Majority of European markets look fairly valued

Lower government bond yields improved the relative valuation of commercial property markets for the third consecutive quarter. Less than one fifth of markets look overvalued, with more than half of...

21st November 2019 · 7 mins read

Europe Commercial Property Valuation Monitor

Falling bond yields buoy property valuations

A second consecutive quarter of sharp falls in bond yields has driven improved valuations in 90 of the 93 markets that we cover. As a result, less than a third of all markets look overvalued, the...

23rd August 2019 · 7 mins read

Europe Commercial Property Valuation Monitor

Property valuations improve in Q1

Lower government bond and equity dividend yields improved the relative valuation of commercial property assets in Q1. Indeed, less than half of the 93 property markets now appear overvalued, with the...

29th May 2019 · 1 min read

Europe Commercial Property Valuation Monitor

Prime property valuations steady as risk aversion rises

In light of the changes to our valuation weightings this quarter, many markets are closer to fair value than in our last Valuation Monitor. That said, the majority of property markets (51 out of 93)...

1st March 2019 · 1 min read

Europe Commercial Property Valuation Monitor

Three-quarters of office markets overvalued

The number of European property markets that appear to be overvalued continues to rise. With prime property yields still edging lower and government bond yields higher in Q3, the majority of markets...

20th November 2018 · 1 min read