UK Commercial Property Data Response CIPS/Markit Construction PMI (Aug 10) Today’s PMI suggested that growth in commercial construction sector activity continued to slow in August, hinting at growing concerns amongst developers about the prospects for economic growth and... 2nd September 2010 · 1 min read
Europe Commercial Property Update Time to be more positive on German retail property? Recent economic data suggest that the export-led recovery in Germany is spreading to domestic demand. However, there are reasons to remain cautious and our view remains that the scope for the German... 1st September 2010 · 1 min read
Europe Commercial Property Update Hungarian retail yield recovery may prove premature The recent sharp fall in Hungarian prime retail yields is encouraging. However, we suspect that the recovery may have got ahead of itself. In our view, the very weak consumer outlook and the potential... 25th August 2010 · 1 min read
UK Commercial Property Chart Pack The plateau for capital values has arrived (Sep 10) Data on the economy over the past month showed that the labour market continues to enjoy a rebound, with unemployment falling by about 50,000 over the past three months. However, we expect public... 25th August 2010 · 1 min read
Europe Commercial Property Update Underperformance of Czech Republic industrial yields is unlikely to last The fact that prime industrial yields in the Czech Republic are lagging the recovery in most of Emerging Europe does not square with the macro data. In addition, with prospects for rental value growth... 23rd August 2010 · 1 min read
UK Commercial Property Focus Effect of consumer austerity on high street shops investment We think that consumer spending will struggle to grow at all for at least the next two to three years. Taking the period 2010-14 as a whole, this will result in average total returns for high street... 23rd August 2010 · 1 min read
Europe Commercial Property Update Why are Dutch retail yields leading the euro-zone recovery? Boosted by the low level of unemployment and relatively attractive pricing, strong demand among large institutional investors has pushed prime retail yields down in the Netherlands more so than... 20th August 2010 · 1 min read
Europe Commercial Property Update Will Stockholm's prime office yield underperformance last? The recovery in Stockholm’s prime office yields may have got off to a late start, but we do not think their underperformance relative to the neighbouring Nordic markets of Copenhagen and Oslo will... 18th August 2010 · 1 min read
UK Commercial Property Data Response RICS Construction Survey (Q2 10) The latest RICS Construction Survey suggested that activity across the sector as whole dipped in Q2. Encouragingly, however, the slump in public sector construction activity was not mirrored in the... 18th August 2010 · 1 min read
UK Commercial Property Outlook Recovery is over, but fresh capital value falls are unlikely (Q3 10) Our medium-term forecasts are broadly unchanged from the previous Analyst. As we had expected, the recovery in commercial property capital values seems to have run out of steam. However, over the next... 16th August 2010 · 1 min read
Europe Commercial Property Update GDP data flatter the euro-zone occupier market outlook The surprisingly strong rise in euro-zone GDP in Q2 2010 is probably less supportive for occupier markets than it appears at first sight. For a start, the region remains vulnerable to a slowdown in... 13th August 2010 · 1 min read
UK Commercial Property Update Will regional office markets follow London’s lead in 2011? Notwithstanding some less encouraging recent news (e.g. yesterday’s reports of looming job cuts at Barclays Capital), London’s City and West End office occupier markets are in recovery mode. Past... 12th August 2010 · 1 min read
Europe Commercial Property Update Are Paris retail yields too low? Compared to offices, history suggests that retail property yields in Paris are too low. The weak outlook for consumer spending and the stronger outlook for office rental value growth point to the same... 5th August 2010 · 1 min read
Europe Commercial Property Focus How far do Emerging European headline rents respond to FX swings? Our analysis of the recent recession confirms that the volatility of headline retail rents in Emerging Europe can be exacerbated by swings in the exchange rate. Indeed, we estimate that each 1% fall... 3rd August 2010 · 1 min read
UK Commercial Property Data Response CIPS/Markit Construction PMI (Jul 10) The latest PMI reported that commercial property construction activity rose again in July. These data suggest that developers remain confident about a rental recovery by early 2011. Our view is that... 3rd August 2010 · 1 min read
UK Commercial Property Update Fading sentiment signals an end to capital value gains It is pretty clear that property investors’ sentiment has cooled in recent weeks. Accordingly there seems to be little scope for further gains in capital values. But with bond yields likely to stay... 2nd August 2010 · 1 min read
