UK Commercial Property Update

Residential rental growth to outperform

The Q1 RICS commercial survey provided further evidence that occupier demand has turned the corner, with demand ticking up in the industrial and office sectors. But with availability still elevated...

25th April 2024 · 3 mins read

UK Commercial Property Chart Pack

UK Commercial Property Chart Pack (Apr. 24)

All-property yields have been broadly stable since the start of the year. Higher-than-expected interest rates mean yields may see a further small rise over the next few months, but we still think they...

24th April 2024 · 1 min read

US Commercial Property Update

Permanent online shift is mixed news for retail

The latest e-commerce statistics suggest that the pandemic has left US online sales on a permanently higher trend. That will be bad news for retail rents generally, though the detailed data also hint...

23rd April 2024 · 4 mins read

Europe Commercial Property Update

Oslo offices to lead the way in Scandinavia

Prime office rent growth in Scandinavia is expected to moderate in the coming years as soft demand and rising supply push up vacancy. But having trailed the other Scandinavian cities in 2023, we think...

23rd April 2024 · 3 mins read

UK Commercial Property Update

Multifamily rents set to outperform

New more granular MSCI data shows that the outperformance of residential property over the past decade was primarily down to student housing. Indeed, only in the past couple of years have multifamily...

22nd April 2024 · 3 mins read

UK Commercial Property Update

Will the investment recovery be delayed?

After a positive end to 2023 commercial property investment has since lost momentum, not helped by a rebound in interest rates. But we still think interest rates will fall back this year and, while...

12th April 2024 · 3 mins read

Europe Commercial Property Update

Answering questions from our recent Drop-In

This week we held a Drop-In on the outlook for euro-zone commercial property. Clients can access a recording here. This Update provides answers to the most interesting questions that emerged from the...

11th April 2024 · 3 mins read

UK Commercial Property Focus

Residential will continue to outperform

Residential has taken an increasing share of the professional investment universe over the last decade or more and we will be adding the sector to our next set of UK commercial property forecasts. Our...

11th April 2024 · 18 mins read

US Commercial Property Update

Consensus still moving in our direction

The latest consensus figures have moved closer to our own total returns forecasts for the next three years. But they continue to expect a lower path for Treasury yields implying a smaller cap rate...

9th April 2024 · 3 mins read

US Commercial Property Office Metros Outlook

Value falls of 25% still to come in worst-hit markets

Our latest office metro forecasts highlight a continued divergence between southern metros and the western and major markets. That difference in performance will be driven by a smaller hit to demand...

8th April 2024 · 7 mins read

UK Commercial Property Rapid Response

S&P Global/ CIPS UK Construction PMI (Mar. 24)

The headline CIPS construction PMI rose to 50.2 in February, the first time it has risen above the no change level since August last year. The rise was driven small improvements across the housing...

5th April 2024 · 1 min read

US Commercial Property Apartment Metros Outlook

Houston climbs to the top of the apartment rankings

We expect a surge in completions and a slowdown in employment growth to push vacancy higher in most of our 17 metros over the next year or so. Atlanta and Houston are two key exceptions to this rule...

4th April 2024 · 7 mins read

Europe Commercial Property Update

CEE industrial rents to trail the rest of Europe

The CEE industrial market cooled in 2023 as economic activity stagnated. This year will herald an economic recovery but we don’t think it will be stop the rent growth slowdown. Demand is anticipated...

4th April 2024 · 3 mins read

Europe Commercial Property Update

Paris prime office rent gains to slow

After a solid 2023, we expect Paris prime office rental growth to slow markedly over the next couple of years as demand softens, supply rises and affordability bites. That said, rental gains over 2024...

27th March 2024 · 3 mins read

UK Commercial Property Update

The economic outlook and industrial rents

The drivers of industrial rental growth were turned on their head during the pandemic, but we expect the pre-COVID-19 relationships will soon be reestablished. That points to consumer spending as an...

26th March 2024 · 3 mins read