US Commercial Property Update Non-bank CRE lending growing, but not a systemic risk As large banks have pulled back in recent years, non-bank lenders have accounted for an increasing share of CRE debt originations. While insurers’ lending has been conservative, debt funds and other... 8th May 2026 · 5 mins read
Global Commercial Property Update Student housing investment set to diversify Investment in student accommodation appears to be turning a corner after several lean years. Demand fundamentals are expected to support a further recovery over the next decade, though geographic... 7th May 2026 · 4 mins read
US Commercial Property Update NCREIF Q1 2026: Little divergence in regions and core sectors Income returns are already accounting for almost all the total return in the traditional sectors, but senior housing stood out positively again in Q1, seeing strong capital growth and posting a 3.9%... 27th April 2026 · 3 mins read
Global Commercial Property Update CRE construction cost rises most impactful in retail and hotels Commercial real estate construction costs are already showing signs of rising due to the Iran war. While this will weigh on profitability of new projects, the impact will vary by sector, with retail... 23rd April 2026 · 3 mins read
Global Commercial Property Update Weaker near-term hotel outlook; Europe better placed ahead A soft consumer spending outlook and subdued business demand, reinforced by the effects of the Iran war, will weigh on global hotel demand in the coming years. Longer term, hotel performance will be... 21st April 2026 · 4 mins read
Global Commercial Property Update Life science to outperform, but will remain a niche sector While supply headwinds have hit life science performance in recent years, long-term fundamentals have been reinforced by the pandemic. We expect a recovery in the short term and strong performance... 16th April 2026 · 5 mins read
Global Commercial Property Update How will AI job cuts influence office demand? Tech occupations are the most exposed to the impact of AI, but that doesn’t necessarily mean that sector will see the most job losses. That said, a decline in the share of pre-lets to the sector in... 10th April 2026 · 3 mins read
Global Commercial Property Update Retail and hospitality sectors to bear the brunt of Iran War The effects of the Iran war will feed through to property occupiers through two main channels: higher energy costs and lower household disposable income growth. The impact on sectors will vary based... 9th April 2026 · 4 mins read
Global Commercial Property Update Alternative real estate sectors set to gain more ground In an environment of relatively weak economic growth, alternative sectors stand to benefit from a lower reliance on cyclical drivers, and support from structural trends that will drive long-term... 24th March 2026 · 3 mins read
US Commercial Property Update Changing living costs key for remote worker migration Nashville has reclaimed top spot in our ranking of the attractiveness to remote workers of 52 US metros. Its continued dominance owes much to its relatively low cost of living, a factor that has... 16th March 2026 · 4 mins read
US Commercial Property Update Q1 26 PREA consensus much more optimistic than us The Q1 PREA consensus for returns of 6.8% p.a. over 2026-30 is significantly above our call for returns of 5.2% p.a. Our view that appraised cap rates have further to rise is behind that difference... 12th March 2026 · 3 mins read
US Commercial Property Update Iran conflict a small downside risk to US commercial real estate returns The increase in energy costs brought about by the conflict in Iran could hit commercial real estate returns either through squeezed occupier margins and therefore weaker property demand and rent... 11th March 2026 · 4 mins read
Commodities Update Strategic reserves are no substitute for an open Strait A record-breaking release of emergency oil reserves could cushion a lack of supply from the Middle East and provide some relief to oil prices. However, this would prove temporary with prices likely to... 11th March 2026 · 4 mins read
Global Economics Update Scenarios for the Iran war & the macro impact This note assesses the macro and commodity‑market implications of three potential scenarios for the Iran war. In the most benign – a severe but short‑lived conflict – the effects on GDP, inflation and... 10th March 2026 · 7 mins read
Global Economics Update The consequences of the Middle East conflict The global economic impact of conflict in the Middle East will hinge on its effect on energy markets. If oil stays near $70-$80 per barrel, DM inflation will be only about 0.2-0.3 percentage points... 2nd March 2026 · 8 mins read
US Commercial Property Update Foreign capital flows to the US set to stay at low levels The US’ relatively strong economic growth outlook and large data center market are likely to support a pick-up in foreign demand for US assets after the cross-border share of purchases fell to at... 17th February 2026 · 4 mins read
