UK Commercial Property Outlook 2013: the first step on the road to recovery? All-property yields moved up modestly in 2012, in line with our forecasts, but we think that this small adjustment is now all but over. Equally, however, renewed falls in yields and rises in capital... 12th February 2013 · 1 min read
Europe Commercial Property Update Four reasons not to get carried away by better real estate equity prices The recent strength of European real estate equity prices would be consistent, on past form, with increases in physical property capital values this year. But we think there are four reasons why it is... 8th February 2013 · 1 min read
UK Commercial Property Update What does the rise in bond yields mean for commercial property? The recent rises in UK bond yields have been far too small to make much of a dent in the already-high property/bond yield spread and, in any event, are likely to go into reverse. Indeed, we think that... 7th February 2013 · 1 min read
Europe Commercial Property Update Surveyors sound alarm bells for French and Dutch rents The generally weak picture of European commercial property occupier markets portrayed by the latest RICS global survey is broadly consistent with our own views on the near-term prospects for rental... 6th February 2013 · 1 min read
Europe Commercial Property Update How concerning for property is the Russian economic slowdown? The Russian economy cooled at the end of 2012, as we had expected, and growth is likely to remain lacklustre this year. However, although there are signs that the slowdown may be affecting the office... 1st February 2013 · 1 min read
Europe Commercial Property Update Could the spread between yields in Paris and Munich reverse sign? Recent data show that the French economy is lagging behind Germany. If we are right that this divergence will grow, the low levels of property yields in Paris relative to Munich look unsustainable... 30th January 2013 · 1 min read
UK Commercial Property Data Response Lending to commercial property (Dec. 12) Net commercial property lending was negative again in December and it seems likely that this pattern will continue for some time yet. However, it is encouraging that there remains little evidence of... 30th January 2013 · 1 min read
UK Commercial Property Data Response RICS Commercial Property Market Survey (Q4 12) Today’s RICS survey showed that occupier demand remains soft and that surveyors envisage unchanged rental values over the next three to six months. That looks plausible to us, although the risks are... 29th January 2013 · 1 min read
UK Commercial Property Chart Pack Office investment demand remains robust On Property Archive data, the value of investment market activity in December rose to £3.1bn, up by £0.2bn from November. Investment in offices accounted for nearly half of this total, and the office... 28th January 2013 · 1 min read
Europe Commercial Property Update Risks to the Warsaw office rental outlook are building The recent news flow from Poland suggests that the office supply pipeline in Warsaw is growing while occupier demand is softening. A sharp rise in the office vacancy rate now looks unavoidable this... 23rd January 2013 · 1 min read
Europe Commercial Property Update Has European property investment turned a corner? The strong rise in European property investment volumes in Q4 was driven by only a handful of markets and appears largely seasonal. It is unlikely to be a sign that an upwards trend is forming. 22nd January 2013 · 1 min read
UK Commercial Property Update CBI/PwC data add to positive London office news-flow Today’s CBI/PwC data add to other evidence that continued near-term gains in London City and West End office rents are more likely than not. But with the economy unlikely to grow to any meaningful... 21st January 2013 · 1 min read
UK Commercial Property Update Do recent administrations justify retail rent forecast downgrades? The recent clutch of retailer failures probably won’t be the last and they increase the downside risks to rents this year. But not all retailers are struggling and recent administrations are more... 18th January 2013 · 1 min read
Europe Commercial Property Update Spanish industrial rents: manufacturing to fall further behind logistics Steeper falls in manufacturing output than in consumer spending in Spain help to explain the recent underperformance of Spanish manufacturing property rents relative to the logistics sector. And if we... 17th January 2013 · 1 min read
UK Commercial Property Update Will we see an FLS-driven rise in commercial property lending? The problems of legacy loans, along with increased regulation, are both significant barriers to the Funding for Lending Scheme (FLS) boosting new commercial property lending. But there are signs that... 16th January 2013 · 1 min read
Europe Commercial Property Update Investor's preference for retail over office in Vienna is likely to persist Over the past year or so, investors in Austrian property appear to have switched their preference from the office to the retail sector. Against an uncertain economic outlook, we expect this preference... 15th January 2013 · 1 min read
