Europe Commercial Property Update RICS survey more upbeat, except for Europe Overall, the latest RICS survey of global commercial property markets was more upbeat than the last. However, the improvements were mostly evident in Asia. Within Europe, both occupier and investment... 2nd November 2009 · 1 min read
Europe Commercial Property Update Laying the foundations for a stronger investment market Today’s ECB Bank Lending Survey suggests that the tightening in credit conditions faced by business across Europe may now be at an end. At the same time, however, lenders do not yet appear ready to... 28th October 2009 · 1 min read
Europe Commercial Property Update Should Prague and Warsaw office yields be more differentiated? Investors seem to have taken a broad-brush approach to pricing Prague and Warsaw office markets in recent years. Should there be more differentiation in pricing between these markets? We think that... 22nd October 2009 · 1 min read
UK Commercial Property Update What do property/bond yield spreads imply for rental value growth? With 10-year bond yields averaging 3.65% over the past month and all-property initial yields at 7.7%, investors seem to be pricing property on the assumption that rental values in 10 years’ time will... 21st October 2009 · 1 min read
Europe Commercial Property Update Warsaw medium-term office rent prospects still good, despite falls The huge fall in Warsaw office rental values seen over the past year looks disproportionate relative to both the strength of the Polish economy and to developments elsewhere in Emerging Europe... 19th October 2009 · 1 min read
Europe Commercial Property Update Investment market activity picked up in Q3, but rental values fell The first data for 2009Q3 showed a pick-up in European commercial property investment activity, accompanied by a picture of broad stability for initial yields. At the same time, rental values declined... 14th October 2009 · 1 min read
Europe Commercial Property Update Rise in French industrial output is unlikely to support rental values On the face of it, the fourth consecutive monthly rise in French industrial output in August provides some grounds for hope that an improvement in industrial occupier demand might be imminent. However... 12th October 2009 · 1 min read
UK Commercial Property Update Why have retail warehouse capital values risen first and fastest? IPD all-property capital values rose by 0.2% in August, ending a 25-month unbroken run of falls. Retail warehouse capital values, however, troughed in June and have since risen by 1.4% from their... 12th October 2009 · 1 min read
Europe Commercial Property Update Why have French yields risen more than Italian and Dutch yields? At first glance it seems a little surprising that initial yields in France are now above those in Italy and the Netherlands. Foreign investors’ share of the French investment market has fallen... 8th October 2009 · 1 min read
UK Commercial Property Update Lenders begin to return, but outlook for lending activity still subdued Yesterday’s papers gave considerable coverage to recent Savills research reporting a sharp rise in the number of lenders willing to lend against UK commercial property. Clearly, this adds to the case... 7th October 2009 · 1 min read
Europe Commercial Property Update Oslo office take-up improves, but further rental falls still likely The rise in office take-up in Oslo is unlikely to signal an end to the occupier market downturn. But with the rental correction well advanced, Norway’s relatively strong economy should ensure that... 6th October 2009 · 1 min read
UK Commercial Property Update Financial services sector improves, but office rental values to fall further Although today’s CBI/PwC Financial Services Survey showed a further recovery in financial sector confidence, we doubt that this signals an imminent end to the downturn in office rental values. Indeed... 5th October 2009 · 1 min read
Europe Commercial Property Update Denmark 2009Q2 GDP points to prolonged occupier downturn The latest GDP data for Denmark showed that the pace of economic contraction accelerated in 2009Q2. Despite the weak state of the economy, however, rental values have held up fairly well so far. But... 1st October 2009 · 1 min read
Europe Commercial Property Update Industrial yields have risen, but differential over offices remains low Initial yields on European industrial property have risen further from their trough in mid-2007 than office and retail yields. This could be due to a sharper downward revision in investors’ rental... 28th September 2009 · 1 min read
UK Commercial Property Focus Total returns in 2010: how good could they get? The sharp rebound in investor sentiment and the sheer weight of equity poised to (re-)enter the market make it plausible that commercial property total returns could hit 15% next year. 28th September 2009 · 1 min read
Europe Commercial Property Update Irish and Greek retail rental values hit hard by downturn In our most recent Euro-zone Commercial Property Analyst (Vol. No. 2/2009) we forecast that Greece and Ireland would experience the largest falls in retail rental values. The agents’ latest data... 24th September 2009 · 1 min read
