US Housing Market Rapid Response US Housing Starts (June 2025) The pick-up in housing starts in June is less encouraging than first appears, as it is narrowly concentrated in both the volatile multifamily sector, and in the Northeast of the country. Single-family... 18th July 2025 · 2 mins read
UK Commercial Property Update Will lender confidence drive UK commercial property capital values up? The current narrow spread between property yields and financing costs, combined with bullish lender capital value expectations, might be seen as an indication that a credit cycle is brewing and... 18th July 2025 · 4 mins read
China Economics Update Urban redevelopment plans don’t tick stimulus box This week’s Central Urban Work Conference didn’t deliver the revival of the shantytown redevelopment scheme that helped stabilise China’s housing market a decade ago and that some had been hoping for... 18th July 2025 · 4 mins read
Australia & New Zealand Economics Weekly ANZ Weekly: Labour market not an obstacle to RBA rate cuts The strong uptick in Australia's unemployment rate in June may be overstating the actual degree of slack in the labour market. After all, the underutilisation rate remains historically low and... 18th July 2025 · 5 mins read
Canada Economics Update Canada Housing Watch (Jul. 2025) The third consecutive rise in home sales in June lends some support to our view that house prices will soon stabilise, even if mortgage rates do not decline by quite as much as we expect. Elsewhere... 16th July 2025 · 4 mins read
US Commercial Property Update US consumer sector divergence echoed in winning retailer types The retail sector was suffering before the rise in tariffs as consumers were hit by higher costs and interest rates. But digging deeper exposes a divergent picture between higher and lower-earning... 15th July 2025 · 3 mins read
UK Commercial Property Update Upward-only rent review ban in England and Wales would nudge commercial property yields up Experience from Ireland suggests that a ban on upward-only rent reviews will weigh on future rental growth and widen property yield spreads to risk-free rates. While the overall impact is unlikely to... 15th July 2025 · 4 mins read
Australia & New Zealand Economics Update RBNZ to cut further as property sector remains weak New Zealand’s housing market is still struggling to recover from its steep post-pandemic downturn. Although we still expect it to turn the corner in the coming months, the risk is that it will remain... 15th July 2025 · 5 mins read
Middle East & North Africa Economics Weekly MENA Weekly: Egypt’s reform push, OPEC+ decision, Saudi real estate The delay to Egypt’s IMF review is not too concerning for the country’s balance of payments, but it underscores the difficulty of successfully achieving the goals of the privatisation drive. Elsewhere... 10th July 2025 · 7 mins read
US Housing Market Outlook US Housing Outlook: No clear path to housing recovery Activity in the housing market has been struck in a slump since 2023, with still no end in sight. As Trump’s immigration and trade policies push up inflation this year, the Fed will be forced to keep... 10th July 2025 · 12 mins read
Global Commercial Property Update APAC property to underperform globally 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... 10th July 2025 · 3 mins read
US Commercial Property Office Metros Outlook US Office Metros Outlook: Miami set to be the big winner Office values have further to fall in all metros this year, but from 2026 we are expecting a recovery, with the southern markets showing the way. Led by Miami, those metros will see strong rent growth... 10th July 2025 · 7 mins read
UK Housing Market Update UK RICS Residential Market Survey (Jun. 2025) While June’s RICS survey suggests most of the recent weakness in the housing market was due to the temporary influence of the change in stamp duty, it doesn’t yet point to a marked recovery in demand... 10th July 2025 · 3 mins read
APAC Commercial Property Chart Pack APAC Commercial Property Chart Pack (Q2 2025) All-property Asia-Pacific capital values fell at a slower rate of 3.4% y/y in Q1, driven by smaller declines in Australia and Hong Kong. But looking ahead, we expect the upturn in both investment... 9th July 2025 · 0 mins read
Europe Commercial Property Update Portuguese retail to lead the euro-zone 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... 9th July 2025 · 3 mins read
US Housing Market Rapid Response US Mortgage Applications (June 2025) The rise in purchase mortgage applications in June supports our view that transactions will pick up in the second half of the year, even if they remain depressed by historical standards. 9th July 2025 · 1 min read
