UK Commercial Property Update

IPF UK Commercial Property Consensus Forecasts (Dec. 25)

The December IPF consensus survey forecasted all-property total returns of 7.8% p.a. over 2025-29, more-or-less unchanged from September. Indeed, the total return forecast has been stable for all of...

12th December 2025 · 3 mins read

UK Commercial Property Update

What does the Budget mean for UK commercial property?

With our 10-year gilt yield forecast unchanged and the impact of changes to business rates broadly revenue neutral over the next five year years, we are not changing are commercial property forecasts...

11th December 2025 · 4 mins read

Canada Chart Pack

Canada Chart Pack (Dec 2025)

We expect GDP growth to average around 1% annualised over the next four quarters as household spending, investment and exports all remain subdued, while the latest budget won’t provide much short-term...

11th December 2025 · 1 min read

Europe Commercial Property Outlook

Commercial property recovery losing steam

The recovery in European commercial property values is slowing and we think this will continue as soft economic growth weighs on rents and elevated interest rates limit yield-driven capital gains...

11th December 2025 · 23 mins read

UK Housing Market Update

UK RICS Residential Market Survey (Nov. 2025)

Despite three quarters of the survey responses being gathered after the Budget, November’s RICS survey suggests buyer sentiment fell further in November even though actual housing activity and prices...

11th December 2025 · 3 mins read

Australia & New Zealand Economic Outlook

RBA set to reverse course on rate cuts in 2026

The RBA is poised to join the rather exclusive club of advanced economy central banks that tightens policy in 2026. With growth accelerating when there’s little to no spare capacity and the labour...

10th December 2025 · 20 mins read

US Commercial Property Update

Q4 PREA consensus trimmed forecasts again, but not enough

The Q4 PREA consensus downgraded the all-property forecast for 2026-29. Even so, the consensus is still notably more optimistic than us. Indeed, stretched valuations mean we expect a modest rise in...

9th December 2025 · 3 mins read

UK Commercial Property Update

New office forecasts for seven regional UK cities

We have augmented our UK Commercial Property coverage with the addition of office forecasts for seven major regional cities. Overall performance is informed by our views on the RoUK market, but...

9th December 2025 · 6 mins read

Canada Economics Weekly

Will the Bank’s next move be a hike?

The risk that the Bank of Canada shifts course and begins hiking is one we had not focused on as closely until today’s stellar November Labour Force Survey. While money markets are now fully pricing...

5th December 2025 · 5 mins read

Global Commercial Property Update

Key themes for global commercial real estate in 2026

As the new year approaches, we are highlighting the key themes that we think will set the overarching narrative for global commercial real estate in 2026.

5th December 2025 · 4 mins read

UK Housing Market Rapid Response

UK Halifax House Prices (Nov. 2025)

The stagnation in the Halifax measure of house prices in November sends a weaker signal than the Nationwide release earlier this week. But with prices having only fallen once in the last six months...

5th December 2025 · 3 mins read

US Commercial Property Outlook

Retail shines in a disappointing recovery

Below-trend economic growth and high interest rates will continue to weigh on all-property total returns, which we think will average just 5.5% p.a. over 2026-30. Of the major sectors, we think retail...

4th December 2025 · 21 mins read

UK Commercial Property Rapid Response

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

The headline CIPS construction PMI fell for the second consecutive month to a new post-pandemic low of 39.4 in November. The drop was broad-based across the sectors, with the housing balance seeing a...

4th December 2025 · 1 min read

US Housing Market Rapid Response

US Mortgage Applications (Nov 2025)

The second consecutive decline in mortgage activity in November, as the previous decline in mortgage rates came to an end, supports our view that home sales are unlikely to rise by as much as most...

3rd December 2025 · 2 mins read

Europe Commercial Property Update

European residential outperformance to persist over 2026-30

Residential rent growth is set to slow over the next couple of years as wage growth moderates, but we expect it to remain above past averages given tight supply conditions. Meanwhile, we think yields...

2nd December 2025 · 4 mins read