UK Commercial Property Update

Slowing demand means UK industrial property will underperform

A weak economic outlook, increased efficiency of new buildings and worsening affordability are all weighing on demand for industrial assets, which has fallen to a 15-year low according to RICS. That...

15th January 2026 · 4 mins read

Canada Chart Pack

Canada Chart Pack (Jan. 2026)

We expect GDP growth to be just 1.2% this year as growth in household spending, investment and exports remains subdued. Despite soft GDP growth and only modest employment gains, the unemployment rate...

15th January 2026 · 0 mins read

UK Housing Market Update

UK RICS Residential Market Survey (Dec. 2025)

The continued weakness in buyer sentiment, the further rise in the supply of homes for sale and the softening in rental demand recorded by the RICS survey in December implies that the risks to our...

15th January 2026 · 3 mins read

US Housing Market Outlook

Trump's affordability push to have limited success

President Trump’s proposals to improve housing affordability are not enough to move the dial, which would require a sustained decline in mortgage rates. Unfortunately, our positive outlook for the...

14th January 2026 · 11 mins read

US Housing Market Rapid Response

US Existing Home Sales (Dec 2025)

The boost to purchasing activity from the modest reduction in borrowing costs in the latter-half of 2025 continued to gather momentum in December, with existing home sales rising to an almost three...

14th January 2026 · 2 mins read

Australia & New Zealand Chart Pack

ANZ Chart Pack (Jan. 2026)

Our ANZ Chart Pack has been updated with the latest data and our analysis of recent developments. We believe the RBA will join the rather exclusive club of advanced economy central banks that tightens...

14th January 2026 · 1 min read

US Housing Market Rapid Response

US New Home Sales (Sep. & Oct. 2025)

New home sales remained above 700,000 annualised in October for the third month in a row, confirming that the combination of slightly lower borrowing costs and strong homebuilder sales incentives are...

13th January 2026 · 2 mins read

Europe Commercial Property Update

High valuations challenge the Paris prime office market

A weak overall office market in Paris has pushed investor demand to prime assets, leaving valuations highly stretched. Nevertheless, our relatively positive prime rental forecast means that Paris...

13th January 2026 · 3 mins read

US Commercial Property Update

Five key calls for US commercial real estate in 2026

We expect another slow year for investment in 2026 and a correspondingly poor (and below-consensus) outlook for total returns. On the bright side the improving apartments outlook will see it return 7%...

13th January 2026 · 4 mins read

US Housing Market Rapid Response

US Housing Starts (Sep. & Oct. 2025)

Although the government shutdown-delayed residential construction report covering September and October showed a further weakening in housing starts, permit issuance picked up, suggesting we may have...

9th January 2026 · 2 mins read

US Housing Market Update

Proposed investor restrictions won’t shift the outlook

The large institutional investors that President Trump has proposed excluding from the single-family market account for just 1% of home sales nationally, meaning barring them would not materially...

8th January 2026 · 4 mins read

UK Housing Market Rapid Response

UK Halifax House Prices (Dec. 2025)

The 0.6% m/m fall in the Halifax measure of house prices in December was the biggest monthly fall since August 2023, chimes with the 0.4% m/m fall in the Nationwide release last week and confirms that...

8th January 2026 · 3 mins read

Europe Commercial Property Update

Our key calls for 2026

The recovery in European commercial property values is set to slow this year given the soft economic growth backdrop and elevated interest rates. Our forecast for euro-zone all-property total returns...

7th January 2026 · 3 mins read

UK Commercial Property Rapid Response

S&P Global/CIPS UK Construction PMI (Dec. 25)

The slight rise in the headline CIPS construction PMI in December 2025 to 40.1, from 39.4 in November, left the index firmly in contractionary territory. The rise was driven entirely by an improvement...

7th January 2026 · 1 min read

APAC Commercial Property Update

Weak total returns continue into 2026 amid tight yield spreads

Asia-Pacific property markets have performed largely in line with our mid-2025 forecasts, with investment activity recovering only moderately and returns held back by falling capital values. We expect...

7th January 2026 · 3 mins read