UK Commercial Property Update Further support for a more optimistic office rental outlook The tone of today’s CBI/PwC Financial Services Survey was generally subdued, although an improvement in expectations about future business volumes points to a continued slowdown in the rate of decline... 29th March 2010 · 1 min read
UK Commercial Property Data Response Institutional investment in property (Q4 09) National Statistics’ measure of net institutional property investment was back in the black in Q4, consistent with the figures already to hand from Propertydata.com. Looking ahead, the strong inflows... 26th March 2010 · 1 min read
Europe Commercial Property Update French office occupier market recovery not yet set in stone March’s fall in service sector sentiment in France suggests that 2009Q4’s sharp rise in take-up is unlikely to be repeated in 2010Q1. Moreover, with underlying demand also still relatively weak, even... 26th March 2010 · 1 min read
Europe Commercial Property Update What does Portugal’s credit downgrade mean for commercial property? Along with GDP growth turning negative again in Q4, yesterday’s downgrade of Portugal’s credit rating can be nothing but bad news for commercial property. Even before the downgrade, our analysis... 25th March 2010 · 1 min read
Europe Commercial Property Update Equity markets suggest that capital values will rise this year The recovery in real estate equity prices suggests that capital values in the largest European commercial property markets will rise this year. Indeed, if anything, the risks to our forecasts seem to... 24th March 2010 · 1 min read
UK Commercial Property Chart Pack Investment market rebound resumes; yields set to fall further (Apr 10) The outlook for the real economy remains subdued. Although consumer spending grew in Q4 2009, high household debt levels and the weak labour market point to very little scope for further strong gains... 23rd March 2010 · 1 min read
Europe Commercial Property Update Has the Netherlands office market avoided a severe rental recession? Although Dutch office rental values have held up well to date, with low occupier confidence and a high volume of completions expected this year, we think the rental value correction has a little... 18th March 2010 · 1 min read
Europe Commercial Property Update Have rental growth prospects in Russia improved? At the margin, last week’s upward revision to our forecasts for Russian GDP growth will boost occupier demand for commercial property. However, we still expect the pace of recovery to fade next year... 17th March 2010 · 1 min read
UK Commercial Property Update Retail outperformance is narrowly based The retail sector again recorded the largest rise in capital values in February. However, the recent outperformance of the retail sector has been driven almost exclusively by retail warehouses. To us... 16th March 2010 · 1 min read
UK Commercial Property Update Does the fall in speculative industrial development matter? At the margin, the continued fall in the speculative industrial development pipeline can only be a support for medium-term rental value growth prospects in this sector. However, we still suspect that... 12th March 2010 · 1 min read
Europe Commercial Property Update Have Turkish property yields peaked? Their recent stabilisation suggests that the correction in Turkish property yields may now be over. With a relatively healthy outlook for the economy, and signs already emerging that rental values are... 11th March 2010 · 1 min read
UK Commercial Property Update Will the boom turn to bust ... again? The lessons from 1993/94 The current surge in commercial property capital values broadly mirrors the rebound seen in 1993/94 as the economy emerged from the last recession. That episode, however, gave way to renewed capital... 9th March 2010 · 1 min read
Europe Commercial Property Focus Will German office rental values lag behind during the recovery? German office rental value growth lagged behind other major markets between 2004 and 2008, but we do not expect a repeat performance over the next few years. We think that the fundamental supports for... 8th March 2010 · 1 min read
UK Commercial Property Update Does the property derivatives market know something we don’t? Current commercial property derivatives prices suggest that IPD total returns this year will be markedly lower than either our expectations or the IPF Consensus forecasts. The derivatives market may... 4th March 2010 · 1 min read
Europe Commercial Property Update Investors reveal a liquidity preference A closer look at the movement in French commercial property yields supports the idea that liquidity remains a key consideration for investors as office yields have fallen more sharply than retail or... 4th March 2010 · 1 min read
Europe Commercial Property Update Hope for a Swedish occupier and investment market recovery fade Q4’s dreadful GDP data for Sweden may have pushed back any recovery in commercial property occupier demand and rental values. Together with the prospect of a rising level of distressed sales, we also... 2nd March 2010 · 1 min read
