Europe Commercial Property Update

Will office rents in Bucharest and Budapest continue to underperform?

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...

12th June 2025 · 3 mins read

UK Housing Market Update

UK RICS Residential Market Survey (May 2025)

While May’s RICS survey suggests the worst of the housing market’s recent weakness is in the rear view mirror, it points to only a modest recovery. Unless there is a more significant rebound in demand...

12th June 2025 · 3 mins read

Canada Chart Pack

Canada Chart Pack (June 2025)

The economy faces a prolonged period of weak growth as US tariffs and uncertainty over the future of the USMCA weigh on exports and investment. We forecast quarterly GDP growth of less than 1%...

11th June 2025 · 0 mins read

US Commercial Property Update

Corporate bonds offer more proof of stretched US CRE valuations

On the back of the MSCI and NCREIF indices reporting rising capital values in Q1 and our significantly below-consensus forecast views for the next two years, we are again re-evaluating our forecasts...

11th June 2025 · 3 mins read

UK Commercial Property Update

UK commercial property development on the road to recovery

After a lean couple of years, the outlook for commercial property construction is brightening. While the economic outlook is fairly weak, vacancy rates in some subsectors such as prime offices and...

6th June 2025 · 4 mins read

UK Housing Market Rapid Response

UK Halifax House Prices (May 2025)

The fall back in house prices on the Halifax measure in May increases the chances that more of the recent soft patch in the housing market is due to the subdued economy than the temporary effects of...

6th June 2025 · 3 mins read

UK Commercial Property Rapid Response

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

The headline CIPS construction PMI rose for the third consecutive month in May, although the rise from 46.6 to 47.9 still suggests that construction activity is contracting. Within the headline figure...

5th June 2025 · 1 min read

US Commercial Property Update

Tariff upheaval not expected to derail industrial upturn

The recent court ruling on tariffs has put industrial demand back in the spotlight. Our view is that not enough has changed yet to make wholesale revisions to our short-term view and that, beyond this...

4th June 2025 · 3 mins read

US Housing Market Rapid Response

US Mortgage Applications (May 2025)

The rise in home purchase mortgage applications in May still leaves them just shy of where they were in January and very low by historical standards, supporting our view that homebuying activity will...

4th June 2025 · 1 min read

Europe Commercial Property Update

Dublin offices at a turning point, though tariff risks remain

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...

4th June 2025 · 3 mins read

UK Economics Rapid Response

UK Money & Lending (Apr. 2025)

April’s money and lending figures provided little indication that the US trade war and the deteriorating jobs market prevented consumers’ willingness to borrow and spend from rising. This supports our...

2nd June 2025 · 3 mins read

UK Housing Market Rapid Response

UK Nationwide House Prices (May 2025)

May’s 0.5% m/m increase in Nationwide house prices adds to the evidence that the recent soft patch for the housing market was a temporary blip rather than a longer-lasting downturn as a result of the...

2nd June 2025 · 3 mins read

Australia & New Zealand Economics Update

Australia in store for a tepid housing rebound

Australian house prices edged up a notch in May, and leading indicators suggest they will gather further momentum over the coming months. However, with debt-servicing costs set to remain onerous...

2nd June 2025 · 3 mins read

US Commercial Property Chart Pack

US Commercial Property Chart Pack (Q2 2025)

All-property capital values edged up by 0.1% in Q1, marking the first increase since mid-2022. Meanwhile, appraisal-based cap rates were flat after compressing by a slight margin in Q4 2024. We still...

30th May 2025 · 1 min read

UK Housing Market Update

Softening in UK housing market will only be temporary

Leading indicators suggest most of the recent weakness in housing demand and prices is due to the temporary influence of the change in stamp duty rather than any longer-lasting influence of the softer...

29th May 2025 · 3 mins read