US Commercial Property Update Why have multifamily and industrial delinquency rates diverged? The CMBS delinquency rate for multifamily was the second highest in August, largely reflecting relatively loose lending practices around the turn of the decade which has led to an outsized impact from... 1st October 2025 · 4 mins read
US Housing Market Chart Pack US Housing Market Chart Pack (Sep. 25) We expect the recent drop in mortgage rates to give the housing market a short-term boost, although buying activity will remain low by historic standards. We expect the 30-year fixed rate to stay... 30th September 2025 · 1 min read
Global Commercial Property Chart Pack Global Commercial Property Chartpack (Q3 2025) The gradual recovery in property values is set to continue in Europe over the next few years, but we think values have further to fall in the US and APAC as they adjust to the higher interest rate... 30th September 2025 · 0 mins read
Europe Commercial Property Outlook Weak recovery despite lower interest rates The extension of the ECB easing cycle into 2026 will support real estate markets. However, a softer economic outlook and the narrow spread of property to government bond yields mean even our upwardly... 29th September 2025 · 26 mins read
UK Commercial Property Rapid Response Lending to UK commercial property (Aug. 25) Net lending to property reached its highest monthly level since May 2020, reflecting a high volume of refinancing activity rather than an especially strong rise in originations for new purchases. 29th September 2025 · 1 min read
US Commercial Property Office Metros Outlook Southern US office markets still set to outperform We expect capital values to see another drop in 2026. But led by strong rent growth in Miami, we think southern markets will start to recover before the end of next year. Occupier demand in these... 26th September 2025 · 6 mins read
UK Commercial Property Update Are property equities signalling a fall in UK commercial property capital values? The recent rise in interest rate expectations has not been kind to UK property equities, with the NAREIT price index currently down 18% y/y. On past form that implies commercial property capital... 25th September 2025 · 4 mins read
Europe Commercial Property Update Estimates point to steady euro-zone all-property yields further ahead Fair-value calculations which incorporate rental expectations suggest euro-zone all-property yields should hold steady in the medium term. However, the outlook differs by sector, with rises still... 25th September 2025 · 3 mins read
US Commercial Property Outlook Final value falls deferred again, but US CRE still overvalued Our view that capital values still need to fall by 5% at the all-property level keeps our forecasts below consensus. Based on our forecast of a long-term 10-year Treasury yield of 4.5%, appraised cap... 22nd September 2025 · 21 mins read
UK Commercial Property Update IPF UK Commercial Property Consensus Forecasts The September IPF consensus survey forecasted all-property total returns of 7.9% p.a. over 2025-29. That was unchanged from May, with a downgrade to 2025 returns offset by a slight upgrade over the... 19th September 2025 · 3 mins read
Europe Commercial Property Update Demand for industrial property near ports should hold up The recent resilience of euro-zone trade is expected to continue in the coming quarters, which will support demand for industrial property near key ports. However, industrial demand near the ports of... 18th September 2025 · 3 mins read
APAC Commercial Property Outlook Buyer-seller mismatch will keep investment slow Asia-Pacific property will endure a slow , uneven recovery. E levated risk-free rates and soft regional growth will restrain capital appreciation, leaving income as the primary engine of returns. We... 18th September 2025 · 19 mins read
UK Commercial Property Chart Pack UK Commercial Property Chart Pack (Sep. 25) Rental growth has continued to defy gravity and there is early evidence of yield compression in some sectors such as offices. Nevertheless, a muted economic outlook and limited chance of a substantial... 17th September 2025 · 1 min read
Emerging Markets Economics Chart Pack Emerging Markets Chart Pack (Sep. 2025) EM GDP growth generally held up well in H1 but we think it will soften over the second half of the year as US tariffs, tighter fiscal policy and slowing wage growth bite. The inflation outlook is... 17th September 2025 · 1 min read
US Commercial Property Update Q3 PREA consensus forecasts predict a steady recovery for US CRE The latest PREA consensus forecasts showed a minor downgrade in the all-property forecast, both for the next two years and the 2025-29 average. That was driven by downgrades in the residential, senior... 10th September 2025 · 3 mins read
UK Commercial Property Update UK PBSA may benefit from drop in US foreign students The number of visas granted to foreign students looking to study in the UK saw a substantial rise in Q2, likely reflecting a substantial fall in the numbers entering the US as restrictions there have... 10th September 2025 · 3 mins read
