US Commercial Property Update Q3 US RICS survey shows growing market confidence Investment sentiment saw a sharp improvement in Q3, buoyed by falling interest rates and growing confidence in the economic outlook, although foreign enquiries remained in the doldrums. There was also... 30th October 2025 · 3 mins read
US Commercial Property Update NCREIF Q3 2025: Same old, same old Capital values were broadly flat in Q3 and total returns reached 1.2% q/q, unchanged from Q2. While the main sector ranking is consistent with our views – retail and residential leading, office and... 27th October 2025 · 3 mins read
US Commercial Property Update Self-storage valuations look most stretched of all main sectors Self-storage cap rates are roughly on par with the 10-year Treasury yield, which is well short of the 200bps spread seen over the last 10 years. Coupled with an uninspiring outlook for rent growth... 22nd 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
US Commercial Property Update New lead indicator points to short-lived capital value growth Our new CE Capital Value Lead Indicator suggests that all-property capital growth may finally turn positive on an annual basis in H2 2025. But importantly, it also suggests that any growth this year... 9th October 2025 · 3 mins read
US Commercial Property Update Why have multifamily and industrial delinquency rates diverged? The CMBS delinquency rate for multifamily was the second highest in August, largely reflecting relatively loose lending practices around the turn of the decade which has led to an outsized impact from... 1st October 2025 · 4 mins read
US Commercial Property Update Q3 PREA consensus forecasts predict a steady recovery for US CRE The latest PREA consensus forecasts showed a minor downgrade in the all-property forecast, both for the next two years and the 2025-29 average. That was driven by downgrades in the residential, senior... 10th September 2025 · 3 mins read
US Commercial Property Update Dallas and Memphis out in front for warehouse rent prospects Our refreshed analysis of the 34 largest US warehousing markets puts Dallas and Memphis in a close-fought battle for the top. Kansas City and Phoenix have risen up our rankings since last year, while... 4th September 2025 · 4 mins read
US Commercial Property Update Poor recovery in home sales to weigh on self-storage rents The slow recovery we expect in home sales over the coming years will be a key factor limiting self-storage demand from returning to pre-pandemic levels. As a result, even though completions will... 28th August 2025 · 5 mins read
US Housing Market Update Labour market slowdown won’t curtail rental demand The recent slowdown in the labour market won’t stop rental demand from continuing to climb this year, given that falling labour demand and the immigration clampdown are most impacting cross-sections... 14th August 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
US Commercial Property Update A mid-year stock-take on US sector and metro level job growth We expect office-based jobs growth to remain at a standstill through 2026 as the tech sector cuts back and AI fills some of the gap. At the metro level though, our expectations are broadly unchanged... 6th August 2025 · 4 mins read
US Commercial Property Update Q2 US RICS survey shows investment demand dented by uncertainty While occupier market trends were mixed, the Q2 RICS survey showed a distinct downturn in investment market sentiment, with investment enquiries – and particularly those from abroad – well down from... 31st July 2025 · 3 mins read
US Commercial Property Update NCREIF Q2 2025: Another disappointingly muted release At 1.2% q/q, second quarter returns were roughly in line with expectations. But the data support our view that appraisals don’t fully reflect the drop in values needed for assets to transact. While a... 28th 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
US Commercial Property Update US offices divergence poses both a risk and an opportunity We expect the divergence in performance between the best performing offices and the rest to persist through our forecast. This will see further capital value falls in average and poorer quality space... 22nd July 2025 · 5 mins read
