UK Commercial Property Chart Pack UK Commercial Property Chart Pack (Oct. 23) After a brief respite earlier this year, property yields are once again on the rise, driven by a further increase in gilt yields. We don’t expect a repeat of the surge seen last year, but we also... 19th October 2023 · 1 min read
US Commercial Property Apartment Metros Outlook West coast markets set to feel the greatest pain We expect demand to be weakest in the six major markets, but new supply is also set to be low in those markets. Elsewhere, we think southern metros will continue to see stronger absorption, though... 18th October 2023 · 7 mins read
US Commercial Property Rapid Response Commercial Property Lending (Sep) The jump in lending in August proved temporary as net lending to commercial property totalled just $13.5bn in September, below the average for 2023 thus far. This took total outstanding real estate... 16th October 2023 · 4 mins read
Europe Commercial Property Update Nordic industrial rents to outpace euro-zone next year Industrial rental growth in the Nordics is set to slow in 2024. But a brighter macroeconomic outlook and tight vacancy will help rent growth to outperform the euro-zone. Further ahead, the current... 13th October 2023 · 3 mins read
UK Commercial Property Update BoE Credit Conditions Survey (Q3 2023) - Demand and supply of credit contracts Surging interest rates caused mortgage demand to slump in Q3 at the same time as rising defaults led lenders to tighten mortgage credit conditions. Similarly, it became more difficult to secure... 12th October 2023 · 3 mins read
US Commercial Property Office Metros Outlook Office value falls to exceed 50% in worst-hit cities The outlook for offices is negative across all markets, but we expect substantial differences across the 17 metros we forecast. We now think Seattle, San Francisco and Austin will see vacancy rise by... 11th October 2023 · 13 mins read
UK Commercial Property Update Manufacturing a potential thorn in the side for industrial The UK manufacturing sector has faltered in recent months, as rising interest rates and slowing economies in many parts of the world have cut global demand. That spells trouble for manufacturing... 10th October 2023 · 3 mins read
Europe Commercial Property Update Bond market sell-off a reminder of real estate fragilities The scale of the rise in bond yields over recent weeks has provoked worries about the impact on real estate. The sell-off presents an upside risk to our yield outlook, but we think falling inflation... 9th October 2023 · 4 mins read
UK Commercial Property Rapid Response S&P Global/ CIPS Construction PMI (Sep.) The decline in the headline CIPS construction PMI from 50.8 in August to 45.0 in September took it below the 50 “no-change” mark for the first time since January. The fall was driven by a plunge in... 5th October 2023 · 2 mins read
US Commercial Property Update Flexible offices unlikely to capitalise on hybrid working IWG’s record revenues in the first half of this year may suggest that flexible offices are the answer for many firms as hybrid working cements itself as the ‘new normal’. However, we don’t think... 4th October 2023 · 5 mins read
UK Commercial Property Update Lower food prices will benefit supermarkets Food price inflation is now falling back, which will help boost supermarket profits. That means the recent underperformance of the supermarket sector relative to all-retail will soon come to an end... 4th October 2023 · 3 mins read
Europe Commercial Property Outlook Decline in values to match GFC; offices fare worst With economic activity weakening, we expect rental growth to continue trending downwards over the next year. At the same time, valuations remain stretched despite property yields continuing to rise at... 4th October 2023 · 36 mins read
US Commercial Property Update No support from job growth for Chicago and NYC offices Office-based jobs are on course to underperform total jobs this year for the first time since 2009 and there is a growing risk this could be repeated in 2024, though that is not yet our central... 3rd October 2023 · 4 mins read
Europe Commercial Property Update Fair value estimates confirm scope for yield falls Fair value calculations combine valuation analysis with a forward-looking view of rents. As such, these estimates reinforce our existing view that there is scope for declines in euro-zone yields... 29th September 2023 · 3 mins read
UK Commercial Property Rapid Response Lending to commercial property (Aug. 23) 29th September 2023 · 2 mins read
UK Commercial Property Update Retail sector defies cost-of-living crisis The leisure sector is now feeling the impact of the cost-of-living crisis, with rising vacancy and declining rents. But we don’t think the retail sector will follow in its footsteps. Households are... 26th September 2023 · 3 mins read
