Europe Commercial Property Outlook Sector fortunes to shift While the Delta variant has slowed economic activity in other parts of the world, this has not yet been the case in the euro-zone, and we are cautiously optimistic that the bloc will continue to grow... 16th September 2021 · 31 mins read
Europe Commercial Property Chart Pack Tentative signs of a turning point for property All-property capital values rose for the third consecutive quarter in Q2, leaving them less than 1% below their pre-virus level. The improvement was driven by a decline in all-property yields, though... 18th August 2021 · 9 mins read
Europe Economic Outlook Strong rebound and temporary rise in inflation The euro-zone is on the way to an almost full recovery. We expect Germany to regain its pre-pandemic level of activity later this year and the tourist-dependent southern countries to do so next year... 16th July 2021 · 33 mins read
Europe Economics Weekly Drop back in bond yields takes pressure off ECB The fall in sovereign bond yields over the past week may make things a little easier for the ECB Governing Council when it meets on 10 th June. We think it is likely to replace its commitment to make... 28th May 2021 · 8 mins read
Europe Economics Update Virus restrictions weigh on Portugal’s recovery The re-imposition of some restrictions in late-June is weighing heavily on Portugal’s tourism sector. Along with its unfavourable labour market structure and fragile banking system, this will hold... 3rd August 2020 · 4 mins read
Europe Commercial Property Update Is investor interest in Portugal justified? Despite the deterioration in the rental outlook, attractive property valuations justify investor interest in Portugal, especially compared with its southern European peers. 22nd July 2020 · 3 mins read
Europe Commercial Property Update Is southern Europe finally embracing e-commerce? While COVID-19 has forced consumers in southern Europe to shop online, we think that e-commerce penetration will remain lower for structural reasons, which is one reason why prime retail rents in... 14th April 2020 · 3 mins read
Europe Economics Update Portugal’s economy to slow but remain a bright spot Portugal’s economy has been a relative bright spot in the euro-zone in recent years and we think it will fare better than average again this year. Nonetheless, quarterly GDP growth looks set to slow... 25th February 2020 · 3 mins read
Europe Economic Outlook ECB to keep pushing on a string We expect economic growth to remain sluggish this year as external demand picks up only slowly and domestic demand softens. Employment growth is slowing, which will cause household incomes and... 21st January 2020 · 30 mins read
Global Markets Update Portugal/Spain spread won’t fall further in our view The yield of 10-year government bonds in Portugal has fallen below that of their counterparts in Spain this week after Portugal’s Socialist Party retained power in Sunday’s legislative elections... 11th October 2019 · 3 mins read
Europe Commercial Property Update Improved outlook for Lisbon offices We have upgraded our forecasts for Portugal’s economy and now expect growth to be above trend in 2019 and 2020. Along with a halving in the size of the Lisbon office development pipeline in the next... 29th July 2019 · 3 mins read
Europe Economics Update Portugal’s outlook still bright, but debt worryingly high Portugal recovered well from the euro-zone crisis and its economy is set to record above-trend growth for the rest of this year and next. But its high public and private debt levels suggest that it is... 27th June 2019 · 3 mins read
Europe Economics Update Eight quick points about the European elections Projections of the results of the European elections confirm that pro-European parties will continue to have a clear majority in the European Parliament (EP) itself, so little will change at EU level... 27th May 2019 · 1 min read
Global Markets Update Divergence in E-Z peripheral bonds likely to continue The yield of 10-year government bonds in Italy has moved in the opposite direction to the yields of 10-year government bonds in Spain and Portugal recently. While we don’t expect that to continue, we... 23rd May 2019 · 1 min read
Europe Commercial Property Update Office rental growth in Lisbon to stall in 2020 After two strong years for Lisbon office rents, a rise in development activity, alongside fading occupier demand, is set to curb rental growth in 2020. What’s more, rents could potentially fall in... 19th February 2019 · 1 min read
Europe Economic Outlook Missing the global tightening cycle The euro-zone should regain some momentum in the coming months, at least compared to its dire performance at the end of last year. But we think the economy will expand by just 1% in 2019 as a whole... 18th January 2019 · 1 min read