UK Commercial Property Update Development activity may be at a floor, but outlook still weak Construction orders for new commercial property have fallen sharply during the recession. However, with the economy showing some signs of improvement, they may now have reached a floor. At the same... 14th September 2009 · 1 min read
Europe Commercial Property Update Why have Polish industrial rental values been so resilient? Several factors have contributed to the resilience of industrial rental values in Poland. But downward pressure on Polish industrial rents continues to build and we do not think that more substantial... 11th September 2009 · 1 min read
UK Commercial Property Update Bank lending to property: what’s in the numbers? The Bank of England (BoE) recently switched from publishing quarterly commercial property lending data to releasing them monthly. Given that these data generate an above-average number of client... 9th September 2009 · 1 min read
Europe Commercial Property Update What has happened to industrial yields in Iberia? Industrial yields in Spain and Portugal moved out sharply in the first half of 2009. This is not surprising given the outlook for rental values in these economies as the recession bites. We expect... 3rd September 2009 · 1 min read
Europe Commercial Property Update Polish expansion will be too weak to support rental values GDP data released late last week, suggest that the Polish economy may avoid recession this year. That suggests that the risks to our forecasts for a 45% peak-to-trough fall in capital values may now... 1st September 2009 · 1 min read
UK Commercial Property Update Are we underplaying signs of an occupier market recovery? As well as evidence of improving investor sentiment, there have also recently been signs that occupier demand may be firming. Even so, there are good reasons to believe that the peak-to-trough decline... 28th August 2009 · 1 min read
Europe Commercial Property Update Will confident consumers protect Italian retail market rents? The latest survey data from the ISAE show that Italian household confidence rose for the fifth consecutive month in August. On the face of it, this is encouraging news for the Italian retail... 27th August 2009 · 1 min read
Europe Commercial Property Update German occupier outlook weak despite growth in the economy The outlook for the German occupier market remains weak, despite the fact that the economy grew in Q2. We think that the labour market, which has held up well to date, could weaken in the second half... 25th August 2009 · 1 min read
Europe Commercial Property Update Paris further through the office rental value correction Paris has been among those Western European cities which have seen the sharpest declines in office rental values to date. However, we do not think that Paris has suffered disproportionately. Rather... 21st August 2009 · 1 min read
UK Commercial Property Outlook The emerging recovery will gather momentum this year, but will fade during 2010 (Q3 09) Evidence that a revival is underway in the commercial property investment market continues to build. Given that and the upward revisions to our economic growth forecasts for 2010, we have increased... 20th August 2009 · 1 min read
UK Commercial Property Update Investment market activity poised to rise; capital values could stabilise Commercial property transactions now seem to have found a floor, but we doubt that they will suddenly rebound strongly. Even so, it seems more likely than not that market activity levels will improve... 17th August 2009 · 1 min read
Europe Commercial Property Update Car scrappage schemes – a temporary support for occupier demand? Government incentive schemes to boost new car demand have, to date, been very successful. The surge in new car registrations in Europe should support occupier demand for industrial and logistics space... 13th August 2009 · 1 min read
Europe Commercial Property Update Expectation of more job losses points to falling office rents Recession in the European economy is hitting the labour market hard. Recent survey data from the European Commission show that employment intentions in the service sector may be turning a corner, but... 12th August 2009 · 1 min read
UK Commercial Property Update Derivative prices and funds flows: more signs of an improved outlook Commercial property derivatives pricing continues to improve. Moreover, the net outflows from pooled property investment funds, which have characterised the past couple of years, appear to have gone... 7th August 2009 · 1 min read
Europe Commercial Property Update 2009Q2 RICS survey: too gloomy on Poland and Czech Republic? The most recent edition of the RICS global commercial property survey highlights the severe occupier market downturn in emerging Europe. But while we think that the overall sentiment of the survey is... 6th August 2009 · 1 min read
Europe Commercial Property Update Currency depreciation adds to emerging European rental downturn Headline rental values in emerging European commercial property markets have been under downward pressure from both weak occupier demand amid the global economic downturn, and from currency... 4th August 2009 · 1 min read
