Europe Commercial Property Update First signs of improving investment markets in Western Europe? The latest RICS snapshot of global property markets offered some tentative hope that the pace of the correction in Western Europe might soon begin to moderate as improving investor demand helps to put... 19th May 2009 · 1 min read
UK Commercial Property Update De Montfort Lending Review, full-year 2008 Broadly speaking, the De Montfort review for 2008 supports our long-held view that commercial property lending will remain weak for a prolonged period. The sanguine attitude of lenders towards... 15th May 2009 · 1 min read
Europe Commercial Property Update Latest GDP data do not alter commercial property outlook There was nothing in the latest euro-zone GDP releases to change materially our commercial property forecasts. If anything, however, the figures raised most concerns about the German property market... 15th May 2009 · 1 min read
UK Commercial Property Update Falls in London office development pipelines: an alternative view All else equal, the recent falls in office development pipelines in Central London would be positive for the outlook for rental values. However, take-up has fallen at an even faster rate, meaning that... 14th May 2009 · 1 min read
Europe Commercial Property Update Have Norwegian property yields peaked? In the early stages of the correction, property yields in Oslo saw some of the largest rises of any European city. But the rate of increase slowed sharply in 2009Q1. However, it is too soon to... 8th May 2009 · 1 min read
Europe Commercial Property Focus Retail rents: the euro-zone will outperform emerging Europe Our forecasts envisage that, in general, rental values in the euro-zone will hold up better through the recession in retail than in industrial markets. But the same will not be true in emerging Europe... 7th May 2009 · 1 min read
UK Commercial Property Update How significant is the upturn in commercial property sentiment? Sentiment towards commercial property has improved of late and some anecdotal evidence suggests that yields have stabilised. However, to date, the improvement in sentiment appears modest and the... 6th May 2009 · 1 min read
Europe Commercial Property Update Falls in Spanish rental values are not just a temporary phase Dublin aside, prime commercial property rental values have fallen further in Barcelona and Madrid than in any other major euro-zone city. That seems consistent with the dramatic rise in Spanish... 28th April 2009 · 1 min read
UK Commercial Property Update Does a fast start to the rental downturn imply a quicker recovery? To date, the recession has triggered a larger fall in commercial property rental values than past experience suggests is typical. The abrupt drop in financial and business services employment, with... 24th April 2009 · 1 min read
Europe Commercial Property Update Property equities support relative optimism on France & Netherlands Real estate equity markets currently appear to be anticipating that commercial property capital values will fare worse in Germany and Italy this year than in France and the Netherlands. Those broad... 24th April 2009 · 1 min read
Europe Commercial Property Update Sharp interest rate cuts won’t help Turkish commercial property The Central Bank of Turkey’s most recent interest rate cut was the second in a row to surprise markets in its scale (75bps, to 9.75% on 16th April). However, unexpectedly sharp rate cuts do not mean... 20th April 2009 · 1 min read
Europe Commercial Property Update Resilience of German property yields at odds with the macro outlook To date, German property yields have proved remarkably resilient to the forces pushing property yields sharply higher in the rest of Europe. But, in our view, German property yields do not reflect the... 17th April 2009 · 1 min read
UK Commercial Property Update Industrial rents could fall most in Midlands and Northern England We expect all-industrial rental values to decline by 9% this year and by a further 13% in 2010. However, the experience of the early 1990s suggests that the worst performing regions could see annual... 16th April 2009 · 1 min read
Europe Commercial Property Focus The outlook for office markets in European financial centres Of the four main financial hubs of Europe, we think it is Paris that will deliver the best total returns for offices. An annual average of around minus 10% over the next two years will be better than... 15th April 2009 · 1 min read
Europe Commercial Property Update Falling currencies add to rental value gloom in emerging Europe As well as facing a deep and painful recession, occupiers in emerging Europe have been hit by falling currencies, increasing the burden of rental payments denominated in euros or dollars. While there... 6th April 2009 · 1 min read
UK Commercial Property Focus What do recent policy initiatives mean for property? In our view, neither Government intervention in the banking sector nor quantitative easing (QE) is likely to alter the subdued outlook for commercial property lending. Not only will gross new lending... 30th March 2009 · 1 min read
