Filtered by Subscriptions: Europe Commercial Property Use setting Europe Commercial Property
Poor performance in the US and APAC property markets is set to drag on the global recovery over the next few years. While strong economic fundamentals argue for a material improvement in total returns in the US in the longer term, APAC won’t be as …
10th July 2025
We anticipate further yield falls for prime Portugal retail assets over the rest of the year. And with robust economic fundamentals and a solid rental outlook, we forecast Portugal to be one of the best retail performers in the euro-zone over 2025-29, …
9th July 2025
The gradual recovery in property values underway in Europe is unlikely to be pushed off track by tariff developments this year, but we think values still have further to fall in the US and APAC as they adjust to the higher interest rate environment. …
2nd July 2025
Somewhat paradoxically, climate-driven shifts in tourist patterns could help to smooth the seasonal peaks seen in summer destinations, and some countries – particularly in northern Europe – will become more attractive places to visit. However, there is a …
1st July 2025
Despite a sluggish economic backdrop and rising vacancy rates in the wider Paris office market, we continue to believe that prime office rental growth will be stronger than the consensus expects. This reflects the importance of the continued occupier …
27th June 2025
A comparatively attractive spread over risk-free rates and solid investor sentiment mean there is scope for Swiss prime property yields to fall further than in most other European markets this year. That would allow all-property capital values to rise …
26th June 2025
Overview – European commercial property is relatively insulated from the direct impact of US tariffs, but property markets are also not likely to see substantial benefit from more fiscal spending. In all, our forecasts are little changed from our last …
19th June 2025
The overnight strikes by Israel on Iran mark a major escalation in the conflict in the region and, with the oil market tighter than it was a few months ago, the risks to oil prices look more balanced than we’d previously thought (rather than skewed to the …
13th June 2025
Having lagged over the past year, the improving economic backdrop should support office demand in Bucharest and Budapest in the coming few years. However, while we think high vacancy rates will limit rent growth in Budapest, we expect more upward pressure …
12th June 2025
While tariff risks remain, the recent improvement in demand and weaker supply pipeline suggest the Dublin office market has reached a turning point. However, we don’t expect prime rental growth to rebound by as much as most expect given the high level of …
4th June 2025
This report is part of our Future of Europe series. Read more analysis, explore the supporting data, and learn about our broader European coverage on the dedicated Future of Europe page. Europe is being buffeted by geopolitical and geoeconomic shifts but, …
30th May 2025
In this Update, we answer several key questions about how the US Court of International Trade (CIT) tariff ruling might affect the US and other economies. The outlook may now rest on the decision of the Republican-stacked Supreme Court. The upside risks …
29th May 2025
The pandemic is firmly in our collective rear-view mirrors, but five years on, its effects continue to drive real estate performance differentials. We expect it to remain integral to driving winners and losers over the next five years and into the 2030s. …
28th May 2025
European residential property outperformed all-property for the third consecutive year in 2024 and our updated forecasts suggest that this will continue over the coming five years. Returns were especially strong in the Netherlands, but going forward we …
27th May 2025
Europe Commercial Property Chart Pack (Q2 2025) …
22nd May 2025
German office rents made stronger than expected gains in 2025 Q1. But not all markets were moving in line, with Frankfurt’s buoyancy a stark contrast to other cities. While that suggests risks remain on the upside in the near term, we still expect overall …
20th May 2025
Europe Commercial Property Valuation Monitor (Q2 2025) …
15th May 2025
There is broad agreement amongst forecasters that prime rental growth will slow over the next couple of years. However, we think the slowdown could be sharper than the consensus expects, especially if affordability constraints start to bite. The May IPF …
14th May 2025
Global Trade Stress Monitor …
13th May 2025
The gradual recovery in European investment continued in Q1 but going forward transaction totals are likely to be weak as a result of uncertainty around tariffs and the potential downside to property values. As a result, we now think euro-zone investment …
7th May 2025
Stockholm was one of the worst performing industrial markets in western Europe last year. And despite our relatively upbeat outlook for the Swedish economy, we think the coming years will herald more of the same as high vacancy and a strong supply …
29th April 2025
The RICS survey showed that the recovery in occupier and investor demand remained muted in Q1 and uncertainty about tariffs means this picture is unlikely to change in the near term. The Q1 RICS survey was conducted between 10 th March and 14 th April so …
24th April 2025
The pandemic-driven reduction in office-based footfall in city centres has weighed heavily on many urban environments, particularly in the US. But if cities can find ways to align incentives with other stakeholders and re-shape those environments to …
22nd April 2025
Global Commercial Property Chartpack (Q1 2025) …
17th April 2025
German retail performance has been among the worst in the euro-zone for most of the last decade. A combination of declining vacancy, better affordability and reduced online leakage point to a relative improvement. But any recovery is likely to be slow and …
16th April 2025
Trump’s tariffs have darkened the outlook for industrial demand across Europe, but Germany looks more exposed than most. Even if the paused 20% reciprocal tariff on EU imports is not reinstated, the blanket 10% tariff and product-specific tariffs, most …
10th April 2025
Last week we held a series of roundtable discussions with clients in our London office about how the pandemic will shape real estate into the 2030s. This note shares our answers to some of the most interesting questions raised, covering the pandemic’s …
8th April 2025
We hosted two online Drop-In sessions on 3 rd April to discuss the fallout from President Trump’s Liberation Day tariff announcement. (See a recording here .) This Update contains answers to some of the questions that we received and links to several more …
3rd April 2025
The pandemic triggered an exodus from large cities in both the UK and US as households used the freedom of remote work to move to cheaper locations with larger homes. In the rental market, that trend has largely reversed, with younger households valuing …
Note: We'll be discussing how the pandemic continues to shape UK and European real estate markets at 9:00 BST/10:00 CET on Tuesday 8th April. Register here for the 20-minute online briefing. Five years since the onset of the pandemic, the share of remote …
2nd April 2025
Overview – Following upward revisions to our forecasts for policy rates and bond yields, we have raised our forecasts for prime property yields in Europe and now expect increases of around 20-25bps by the end of 2026. Meanwhile, despite a slightly …
27th March 2025
Physical retail demand has not only been shaped by online shopping, but also by shifting working patterns which have redistributed where we spend our money since COVID-19. Nevertheless, we expect a more even retail performance with the worst-hit …
26th March 2025
It is becoming clear that President Trump’s actions are driven by both his fixation on reducing the US trade deficit and his transactional approach to dealing with other countries. So, even though the Trump administration’s ideas to transform the entire …
25th March 2025
Residential has been the Netherlands’ strongest performing commercial property sector since the GFC, with bumper rent growth a key contributor to that outperformance. Looking ahead, slower wage growth and inflation will bring an end to the recent boom in …
24th March 2025
Despite numerous reports of firms rowing back on remote work, the evidence in the UK, US and the EU suggests that the share of jobs being done remotely has remained constant over the past couple of years. Admittedly, that may reflect relatively tight …
20th March 2025
Events of the past week or so have worsened the outlook for German commercial property. While more government spending could marginally boost rents, the higher outlook for interest rates will outweigh this positive, and will likely put upward pressure on …
12th March 2025
Five years ago, we were downbeat about the immediate prospects for the largest city real estate markets, the so-called gateways, and that view has proved correct. But we also argued that this malaise would be short lived and strong fundamentals would be …
5th March 2025
The events of the past two weeks have called into question whether the US is severing ties not just with adversaries such as China but also allies, including Canada, Mexico and the European Union. This would radically alter the shape of the fractured …
4th March 2025
Europe Commercial Property Chart Pack (Q1 2025) …
28th February 2025
Industrial property has been a clear winner over the past five years, with double-digit annual rental growth far outpacing expectations. However, as we predicted early on, supply has been responsive and, combined with a normalisation in demand, those …
25th February 2025
Hotels have seen a considerable turnaround in the past five years given the near-existential threat that the pandemic posed to the sector. Having bottomed last year, we expect values will grow in the coming years, with a pick-up in consumer spending …
20th February 2025
Europe Commercial Property Valuation Monitor (Q1 2025) …
19th February 2025
The decision by the US and Russia to “lay the groundwork” to end the war in Ukraine marks a potentially significant turning point after three years of conflict. Negotiations will take time and the macroeconomic implications will depend on the features of …
18th February 2025
With return-to-office policies again hitting the headlines in the last week we are highlighting our recent notes on the outlook for remote work across the markets we forecast. In the first two of those, we pushed back against the idea that in the next few …
17th February 2025
Five years ago, the retail sector was staring at the abyss, as lockdowns and virus-related restrictions worsened what was already a crisis in demand. The turnaround since has been dramatic. But while the sector has now re-priced and is set to perform …
12th February 2025
After a strong Q4, a shaky start to 2025 has highlighted the fragility of the recovery in euro-zone commercial real estate investment. We still expect transaction volumes to rise over the remainder of the year, but tight lending conditions, refinancing …
11th February 2025
Five years on and the pandemic is continuing to impact real estate, influencing how we work, where we live and how we spend. But while some structural shifts are now better understood, there’s widespread uncertainty about how they are likely to develop …
9th May 2025
A stabilisation in capital values and decline in interest rates have sparked optimism that we may be past the worst of the real estate debt refinancing challenge. That indeed looks to be the case in the UK. However, euro-zone banks are still pulling back …
6th February 2025
This is the first in a series of pieces that revisit our pandemic-era forecasts about the future of global real estate markets and cities and explore how they will evolve in the coming years. This dedicated page highlights key analysis from our earlier …
5th February 2025
The latest RICS survey showed further improvement in occupier and investor demand in Europe. However, with the uptick in sentiment only small, the market looks to be struggling to gain momentum, supporting our view that the recovery in capital values this …
30th January 2025
