UK Commercial Property Update

What does the Budget mean for UK commercial property?

With our 10-year gilt yield forecast unchanged and the impact of changes to business rates broadly revenue neutral over the next five year years, we are not changing are commercial property forecasts...

11th December 2025 · 4 mins read

UK Commercial Property Update

New office forecasts for seven regional UK cities

We have augmented our UK Commercial Property coverage with the addition of office forecasts for seven major regional cities. Overall performance is informed by our views on the RoUK market, but...

9th December 2025 · 6 mins read

UK Commercial Property Update

Key client questions from our commercial property in 2026 roundtables

Recently we held a series of roundtable discussions with clients in our London office about the outlook for commercial real estate in 2026 and beyond. This note shares our answers to some of the most...

18th November 2025 · 6 mins read

UK Commercial Property Update

RICS survey flags concerns over the UK commercial property recovery

The RICS survey showed that occupier demand dropped back in Q3 as concerns over the economic outlook, uncertainty around the Budget and rising interests rates all sapped confidence. That has cut...

30th October 2025 · 3 mins read

UK Commercial Property Update

How concerning is the rise in ‘extend and pretend’ for UK commercial property loans?

The surge in net lending by banks to commercial property firms may in part reflect borrowers being forced to refinance loans on buildings they have been unable to sell. But in contrast to the GFC...

17th October 2025 · 4 mins read

Global Commercial Property Update

Retail and residential sectors set to outperform globally

In a period of slow economic growth but stabilising inflation and earnings growth, we expect the residential sector to see the strongest rental growth globally, with industrial close behind thanks to...

15th October 2025 · 4 mins read

UK Commercial Property Update

New EPC analysis points to tough times ahead for offices in some UK cities

Upcoming EPC requirements, coupled with reduced occupier demand due to remote work, mean investors are shunning secondary offices, triggering a sharp decline in capital values. Our new dashboard on...

7th October 2025 · 4 mins read

UK Commercial Property Update

Are property equities signalling a fall in UK commercial property capital values?

The recent rise in interest rate expectations has not been kind to UK property equities, with the NAREIT price index currently down 18% y/y. On past form that implies commercial property capital...

25th September 2025 · 4 mins read

UK Commercial Property Update

IPF UK Commercial Property Consensus Forecasts

The September IPF consensus survey forecasted all-property total returns of 7.9% p.a. over 2025-29. That was unchanged from May, with a downgrade to 2025 returns offset by a slight upgrade over the...

19th September 2025 · 3 mins read

UK Commercial Property Update

UK PBSA may benefit from drop in US foreign students

The number of visas granted to foreign students looking to study in the UK saw a substantial rise in Q2, likely reflecting a substantial fall in the numbers entering the US as restrictions there have...

10th September 2025 · 3 mins read

Global Commercial Property Update

Global CRE needs a reset for real recovery to take hold

With interest rates staying high and closed-end funds already sitting on a large volume of investors’ capital, global real estate fundraising looks set to stay in the doldrums. We think the sector...

13th August 2025 · 5 mins read

UK Commercial Property Update

Strong rent prospects support UK industrial valuations

Decent rental growth expectations and a narrowing risk premium imply that industrial is only marginally overvalued, despite an historically narrow gap between industrial yields and alternative asset...

12th August 2025 · 3 mins read

UK Commercial Property Update

RICS survey shows a stagnant UK commercial real estate market

The RICS survey showed that occupier demand was still weak in Q2, with firms reluctant to expand in the face of higher costs and an uncertain economic outlook. In line with that, rental and capital...

31st July 2025 · 3 mins read

Global Commercial Property Update

Global CRE to outperform other assets

Although a forecast global real estate return of sub-6% p.a. over the next decade appears disappointing, compared to other assets it stacks up well. We expect sub-4% total returns for both global...

24th July 2025 · 4 mins read

UK Commercial Property Update

Will lender confidence drive UK commercial property capital values up?

The current narrow spread between property yields and financing costs, combined with bullish lender capital value expectations, might be seen as an indication that a credit cycle is brewing and...

18th July 2025 · 4 mins read