US Commercial Property Update

San Francisco the poster child for the donut effect

With downtowns generally suffering most from the growth in remote work, the hardest-hit cities such as San Francisco are now seeing this impact other revenue streams too, not least tourism. While...

2nd May 2024 · 4 mins read

Europe Commercial Property Update

Further rises in property yields still on the cards

The weakness in euro-zone investment in Q1 highlights that the pricing correction to date has not been enough to entice investors back to the sector. Lower market interest rates will support the...

2nd May 2024 · 3 mins read

UK Commercial Property Rapid Response

Lending to commercial property (Mar. 24)

30th April 2024 · 1 min read

US Commercial Property Update

Share of remote work key to global office performance

The wide divergence in global office market performance to-date has been driven by significant differences in the return to office and the impact that has had on occupiers’ leasing decisions. US...

29th April 2024 · 5 mins read

US Commercial Property Update

NCREIF Q1 NPI shows more pain to come

While the headline of the Q1 NCREIF NPI data (-0.9% q/q total return) suggests we could be near the end of the price falls, we think this simply stored up bigger falls for the rest of the year. The...

26th April 2024 · 3 mins read

US Commercial Property Update

Q1 RICS survey highlights diverging market views

While overall surveyor sentiment remains negative, the Q1 RICS survey appeared to show a divergence in views between respondents of where in the cycle the market currently is. We think the apparent...

26th April 2024 · 3 mins read

Europe Commercial Property Update

Still-weak sentiment consistent with sluggish recovery

The latest RICS survey suggested that there was a further improvement in occupier and investment demand at the beginning of 2024. However, the big picture was one of a very weak market, reaffirming...

25th April 2024 · 3 mins read

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 student accommodation

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