Europe Commercial Property Update

UK looking increasingly attractive compared to France

Newfound political stability in the UK contrasts with the now more uncertain political backdrop in France. A better relative outlook for economic growth and risk-free rates had already led to a...

18th July 2024 · 3 mins read

UK Commercial Property Chart Pack

UK Commercial Property Chart Pack (Jul. 24)

Yields look to have topped out in most sectors and alongside solid rental growth that means capital values are close to bottoming out. However, with no yield compression in sight the recovery will be...

17th July 2024 · 1 min read

US Housing Market Rapid Response

Housing Starts (Jun. 2024)

The rise in housing starts and building permits in June is not as good as it seems at first glance, as it was driven by gains in the volatile multi-family sector, which we think will prove temporary...

17th July 2024 · 2 mins read

US Commercial Property Update

Flight to more affordable South set to continue

Many households have left western metros in favor of those in the South over the past two years. With remote working looking like a permanent fixture of office-based jobs and affordability...

16th July 2024 · 4 mins read

Europe Commercial Property Update

Sweden REIT distress unlikely to derail recovery

The downgrading of Sweden’s SBB to selective default last week is the latest development for a property market that has faced some of the most acute debt refinancing pressure in Europe. The saga will...

11th July 2024 · 3 mins read

UK Commercial Property Update

Do the latest job figures hint at weaker office rents?

UK employment has faltered of late and, though growth is expected to improve, no return to the buoyancy of the recent past is in prospect. While headcount has become a weaker indicator of office...

10th July 2024 · 3 mins read

US Commercial Property Update

Industrial supply risks look most pointed in Phoenix

The legacy of the post-pandemic industrial construction boom is now being felt in rising supply across most metros. With the demand outlook stabilising, we think the evolution of supply will shape...

9th July 2024 · 4 mins read

US Commercial Property Update

Near-term laggard but US to outperform longer term

The slower adjustment to past rises in interest rates and sharper hit to office demand mean US property is set to underperform European property over the next five years. But unlike equities, we think...

8th July 2024 · 3 mins read

Europe Commercial Property Update

Latest trade data spell good news for Iberian ports

Timely estimates of trade through Europe’s busiest seaports so far this year have broadly mirrored relative economic performance across Europe, as volumes through Iberia’s ports have recovered while...

4th July 2024 · 3 mins read

UK Commercial Property Rapid Response

S&P Global/CIPS Construction PMI (Jun 24)

The headline CIPS construction PMI edged back in June from its two-year high last month, but at 52.2 remains in expansionary territory. Both the commercial and housing balances retreated, with the...

4th July 2024 · 1 min read

UK Housing Market Update

The shape of Labour's housing policy

The overarching theme of the Labour government’s housing policies will be a rebalancing of rights in favour of tenants and aspiring homeowners at the expense of landowners and landlords. That said...

3rd July 2024 · 3 mins read

Global Commercial Property Chart Pack

Global Commercial Property Chartpack

The slower adjustment to past rises in interest rates and a sharper hit to office demand is set to weigh on US property returns over the next couple of years. Overall, the UK is set to outperform over...

3rd July 2024 · 1 min read

US Commercial Property Apartment Metros Outlook

Houston and Chicago top the apartment rankings

Across the 17 metros we cover, most will see higher vacancy over the next year or so due to a surge in completions. Atlanta and Houston will be the key exceptions. There new construction has plummeted...

2nd July 2024 · 6 mins read

UK Commercial Property Update

Retail rental growth pessimism appears misplaced

The consensus is still downbeat on the outlook for retail rents, with growth expected to underperform even the struggling office sector. But with a decent consumer recovery on the horizon we think...

2nd July 2024 · 3 mins read

US Commercial Property Update

CMBS losses not a sign of widespread debt crisis

News that some top-rated CMBS in both the US and Europe are set to make losses is in line with our previous view that distress will ramp up in 2024. But, to date, the troubled securities have all been...

27th June 2024 · 3 mins read