Europe Commercial Property Update German industrial property looks vulnerable to a shift in sentiment For now, the risks of a marked fall in prime industrial rental values in Germany look low, despite the recent downbeat industrial data. But the comparatively low level of industrial yields in Germany... 8th October 2011 · 1 min read
Europe Commercial Property Update Which markets are most at risk from excess retail supply? Yesterday’s retail sales data showed that domestic demand is weakening across most of Europe. And there is little reason to expect the pace of household spending to improve in 2012. Against that... 7th October 2011 · 1 min read
UK Commercial Property Focus Will commercial property prices start to fall again in 2012? Despite recent financial markets turmoil and the knock-on effects for the real economy, we do not think that the outlook for growth and employment has yet deteriorated to a level that merits a... 6th October 2011 · 1 min read
UK Commercial Property Data Response Construction PMI (Sep.) & Institutional Property Investment (Q2) Today’s CIPS/Markit PMI showed that commercial property construction continues to grow steadily. However, the weak economic outlook suggests that it is more likely to slow sharply over the medium term... 5th October 2011 · 1 min read
UK Commercial Property Update Weaker financial services sector points to soft office rent outlook Compared with recent quarters, the tone of the latest CBI/PwC Financial Services Survey was pretty weak. Of course, given the turmoil of the past few months, that is no major surprise. Even so, today... 4th October 2011 · 1 min read
Europe Commercial Property Update Oslo office rental outperformance close to an end The office market in Oslo has been one of Europe’s star performers over the past year. Yet, there are good reasons to believe that the best of Oslo’s office occupier recovery may now be behind us... 1st October 2011 · 1 min read
Europe Commercial Property Update Slowing GDP growth unlikely to derail Polish investment market revival Our sub-consensus view that Polish GDP growth will slow to about 2.5%y/y in 2012 might suggest that the recent surge in commercial property investment activity could lose momentum. However, even if... 28th September 2011 · 1 min read
UK Commercial Property Focus Can hotels weather the consumer spending slump? By contrast with the track record of outperformance, we expect hotel property total returns to average about 7% p.a. over 2011-13, below the all-property figure of about 8%. 28th September 2011 · 1 min read
Europe Commercial Property Update Is the Italian retail market as safe an investment as some think? Anecdotal evidence suggests that many investors believe that the Italian retail market offers a better risk profile than offices or industrial. We are not convinced. Indeed, with consumer spending... 24th September 2011 · 1 min read
UK Commercial Property Chart Pack No respite on the horizon for retail occupier markets Apart from Central London, where shop vacancy is now almost nonexistent, there remains little cause for optimism about retail occupier markets. Admittedly, there will be very few new shopping centre... 23rd September 2011 · 1 min read
Europe Commercial Property Update Have Hungarian retail yields fallen too far? The recovery in Hungary has disappointed in recent months and economic growth is likely to remain lacklustre in 2012 and 2013. That represents a downside risk for commercial property, but especially... 22nd September 2011 · 1 min read
UK Commercial Property Update Real retail rental value correction on track to be largest ever In recent months, retail property rental value trends – which were already pretty weak – have taken a turn for the worse. What’s more, the recent data-flow, such as weak retail sales and problematic... 17th September 2011 · 1 min read
UK Commercial Property Data Response Financial and business services sector jobs (Q2) Financial and business services (FBS) sector employment edged lower in Q2, which reinforces the downside risks to Central London office rental values. For now, supply constraints should see further... 15th September 2011 · 1 min read
Europe Commercial Property Update Spanish industrial rental downturn has further to run July’s fall in Spanish industrial production extended the recent run of disappointing manufacturing data. The deteriorating outlook for occupier demand suggests that take-up levels will remain at very... 9th September 2011 · 1 min read
UK Commercial Property Update Transactions may bear the brunt of any drop in risk appetite The recent outperformance by lower grade London offices is unlikely to be repeated in the near-term by secondary property in other sectors. Indeed, over the coming quarters, it is more likely that... 9th September 2011 · 1 min read
Non-Euro Europe Commercial Property Chart Pack CEE markets still outperforming, but outlook is cloudy In contrast to Western European property markets, investment volumes in CEE have continued to rise. But the latest batch of disappointing economic data from Emerging Europe suggests that investor... 7th September 2011 · 1 min read
