Non-Euro Europe Commercial Property Outlook Property returns to be dented by the euro-zone crisis Non-euro-zone European economies will not be immune to a fresh recession in the euro-zone. We expect all economies in the region to undergo a sharp slowdown in growth or worse. Barring perhaps Poland... 2nd May 2012 · 1 min read
Europe Commercial Property Outlook Recession to act as a drag on occupier markets and rents Over the past few months we have seen little reason to alter in either direction our euro-zone commercial property forecasts. With no resolution in sight to the region’s debt crisis, we think that all... 2nd May 2012 · 1 min read
Growth to disappoint as the euro-zone crisis drags on The euro-zone economy is heading back into recession. And if we are right that the euro-zone is not sustainable in its current form, the downturn will extend into 2013 and eventually encompass all... 30th April 2012 · 1 min read
Europe Commercial Property Update Negative outlook for Swiss office rents The results of the KOF survey released this morning did little to change our view that office rents will decline this year. Subdued economic growth is likely to trigger fresh weakness in the labour... 27th April 2012 · 1 min read
UK Commercial Property Chart Pack Recession to extend the falls in capital values Despite the stability of rents in March, IPD all-property capital values fell by a further 0.3%m/m. That was the fifth consecutive decline. Admittedly, the cumulative falls in capital values since... 25th April 2012 · 1 min read
UK Commercial Property Focus Is the low office to retail yield spread sustainable? The current situation, where IPD all-office yields are lower than all-retail yields, is almost unprecedented and, in our view, not sustainable. Consistent with this, our forecasts already envisage... 24th April 2012 · 1 min read
UK Commercial Property Update Relocations are another downside risk to West End office rents Media reports suggest that high West End office rents have begun to push some tenants out of the area. To be fair, evidence that high relative rents cause widespread relocations across the capital’s... 19th April 2012 · 1 min read
Europe Commercial Property Update Paris property yields looking vulnerable to an economic downturn In our view, the plunge in French commercial property investment volumes in the first quarter of 2012 highlights some fundamental weaknesses in the market. And if we are right that the French economy... 18th April 2012 · 1 min read
UK Commercial Property Update Can stronger industrial occupier market conditions last? Occupier demand for industrial property increased in Q1 and, given its low starting point, further gains in the near term can’t be ruled out. But the medium-term prospects for the manufacturing and... 17th April 2012 · 1 min read
Europe Commercial Property Update Downside risks to Dublin office rental value outlook increase The fact that the Irish economy slipped back into recession in the latter half of last year lends support to our view that, taking 2012 and 2013 together, Dublin office rental values will fall by a... 16th April 2012 · 1 min read
Europe Commercial Property Update No improvement in euro-zone industrial rental value outlook February’s unexpected rise in euro-zone industrial production might raise hopes that the strength of industrial occupier demand in the single currency region has improved. But we are not convinced... 12th April 2012 · 1 min read
Europe Commercial Property Update Bond sell-off adds to concerns for Spanish and Italian property prices To the extent that the latest sell-off in Spanish and Italian bonds prompts investors to steer clear of commercial property in either market, the resultant drop in liquidity is likely to put upwards... 11th April 2012 · 1 min read
UK Commercial Property Update Rental values - are comparisons with the 1990s relevant? The stagnation of commercial property rents over the past two years is similar to the experience of the mid-1990s. But while the earlier episode laid the foundations for a sustained recovery, a repeat... 11th April 2012 · 1 min read
UK Commercial Property Data Response RICS Commercial Property Market Survey (Q1) The overall tone of the latest RICS survey was more positive than in the previous two to three quarters. However, this was not broad-based, only reflecting better results from the industrial sector... 10th April 2012 · 1 min read
Europe Commercial Property Update Weak service sector putting the brakes on euro-zone office rent growth This morning’s PMI data suggest that business activity in the euro-zone’s service sector remains subdued. And if the past relationships between employment PMIs and office rental value growth continue... 4th April 2012 · 1 min read
Europe Commercial Property Update As good as it gets for German retail rents? February’s fall in German retail sales volumes served as a timely reminder that the strong recovery in retail rents in the euro-zone’s largest economy cannot be taken for granted. Nevertheless, while... 2nd April 2012 · 1 min read
