UK Commercial Property Focus Are all forecasters too bearish about industrial rents? Despite a recent improvement in some near-term demand indicators, even the most optimistic forecaster in the consensus only expects nominal industrial rents to be 1% higher at end-2013 than they are... 12th July 2012 · 1 min read
Europe Commercial Property Update Investment case for Italian retail has weakened further Early last year, we argued that the investment case for the Italian retail market was weak. If anything, the situation has worsened since then. Indeed, a negative outlook for rents, coupled with... 11th July 2012 · 1 min read
UK Commercial Property Update Do commercial property yields have further to rise? Simple calculations suggest that the rate of future rental growth implied by prevailing property yields is too low, or, in other words, that yields themselves may already have risen far enough. But... 10th July 2012 · 1 min read
UK Commercial Property Data Response RICS Commercial Property Market Survey (Q2) Today’s RICS survey showed that the apparent, slight improvement in commercial property occupier market conditions in Q1 did not last in Q2. Given the weak economic backdrop, this was little surprise... 5th July 2012 · 1 min read
Europe Commercial Property Update Is Poland a “core” property market? One of the key messages from JLL’s 2012 Global Real Estate Transparency Index was that CEE markets – especially Poland – have become more transparent relative to Western Europe. But we think that... 4th July 2012 · 1 min read
Europe Commercial Property Update Most European office markets to suffer drop in take-up Our recent finding that the investment component of the German national accounts data is related to office take-up volumes seems also to apply in most other European office markets. Accordingly, our... 2nd July 2012 · 1 min read
UK Commercial Property Update Further evidence that London office rents will rise this year A composite indicator that aggregates up a range of individual balances from the CBI/PwC Financial Services survey points to continued, albeit modest growth in Central London office rents in H2. This... 29th June 2012 · 1 min read
Europe Commercial Property Update EC survey suggests euro-zone office rental value forecasts on track The latest snapshot of business and consumer confidence across Europe suggests that conditions in euro-zone occupier markets have deteriorated during the second quarter. However, in the short-term... 28th June 2012 · 1 min read
UK Commercial Property Data Response Bank of England Credit Conditions Survey (Q2) The availability of credit in both the residential and commercial property markets fell in Q2. And because of tight wholesale funding conditions, surely related to problems in the euro-zone, lenders... 28th June 2012 · 1 min read
UK Commercial Property Data Response Institutional Investment in Property (Q1) Official data show that UK investing institutions made further net purchases of property in Q1. Since then, however, Property Archive’s data show that these firms have become net sellers again. The... 27th June 2012 · 1 min read
Europe Commercial Property Update French REIT valuations reflect downside property risks The current low share prices of French REITs relative to NAVs might suggest that there is value in the sector. But given that French property yields are low, and that the economy is likely to contract... 25th June 2012 · 1 min read
Europe Commercial Property Update Are shopping centre development pipelines in CEE too large? A low stock of shopping centre floorspace and relatively fast trend rates of consumer spending growth might suggest that the large shopping centre development pipelines in CEE could be absorbed... 21st June 2012 · 1 min read
Europe Commercial Property Update Are we too downbeat on Norwegian retail rental values? The strong performance of Norway’s economy in Q1 raises the question whether our retail rental value forecasts may be a touch gloomy. However, given that international retailers are looking to scale... 20th June 2012 · 1 min read
UK Commercial Property Data Response Financial and business services sector jobs (Q1) There was another strong rise in the number of financial and business services (FBS) sector jobs in Q1. Given the normal lags, and barring an economic meltdown, it seems almost certain that Central... 20th June 2012 · 1 min read
UK Commercial Property Update West End office to residential conversions – too good to last? Strong interest in Central London office to residential conversions is not hard to understand, given that prime house prices command a substantial premium over office usage. But that premium looks... 15th June 2012 · 1 min read
Europe Commercial Property Update Office rents in Madrid likely to underperform relative to Barcelona Office rental values in Spain are forecast to fall by around 15% over 2012-13 as occupier demand weakens further. But on a city level, Madrid is exposed to greater downside risks than Barcelona. This... 13th June 2012 · 1 min read
