UK Commercial Property Rapid Response

S&P Global/CIPS UK Construction PMI (Dec. 25)

The slight rise in the headline CIPS construction PMI in December 2025 to 40.1, from 39.4 in November, left the index firmly in contractionary territory. The rise was driven entirely by an improvement...

7th January 2026 · 1 min read

APAC Commercial Property Update

Weak total returns continue into 2026 amid tight yield spreads

Asia-Pacific property markets have performed largely in line with our mid-2025 forecasts, with investment activity recovering only moderately and returns held back by falling capital values. We expect...

7th January 2026 · 3 mins read

US Commercial Property Apartment Metros Outlook

D.C. & Miami remain bottom of the apartment rankings

The apartment market appears to have turned a corner, with the national vacancy rate stabilizing in recent quarters as new supply moderates, which we expect will restore some pricing power to building...

6th January 2026 · 7 mins read

UK Commercial Property Update

UK commercial property returns to hit five-year high in 2026

As we expected, and in contrast to consensus, all-property yields saw no compression in 2025. But stronger-than-expected rental growth means our call for all-property total returns of 6.6% in 2025...

6th January 2026 · 3 mins read

Europe Commercial Property Update

Reviewing our key calls for 2025

The recovery in European property values in 2025 was broadly as we forecasted. However, the drivers differed slightly from our expectations, with a smaller-than-expected fall in prime property yields...

6th January 2026 · 3 mins read

US Commercial Property Update

Reviewing our 2025 key calls for US CRE

Although we were right in expecting a slow recovery in investment transactions in 2025 and for office CMBS delinquency rates to climb further, stretched valuations did not result in another fall in...

5th January 2026 · 3 mins read

UK Commercial Property Rapid Response

Lending to UK commercial property (Nov. 25)

Net lending secured against commercial property accelerated again in November, reaching £2.49bn, the second strongest monthly increase since May 2020 when banks granted interest payment holidays.

5th January 2026 · 1 min read

US Commercial Property Office Metros Outlook

Plenty of rent gains left in top southern office markets

The office sector may be turning a corner, but there remain big differences in metro performance. Southern metros look set to dominate the winners, with Austin, Miami and Dallas coming out on top for...

30th December 2025 · 7 mins read

Europe Commercial Property Update

Are we too pessimistic about CEE retail rents?

So far CEE markets have proved more resilient to the slowdown in European retail rents. While risks still skew to the upside, we expect that CEE retail rent growth rates will slow further, with...

23rd December 2025 · 3 mins read

UK Commercial Property Chart Pack

UK Commercial Property Chart Pack (Dec. 25)

Rental growth has ended the year on a strong note, but with yields stable total returns are beginning to ease from their recent level of around 8% y/y. And with yields set to see little movement over...

17th December 2025 · 1 min read

Global Commercial Property Chart Pack

Global Commercial Property Chartpack (Q4 2025)

Global property returns have improved in 2025, though performance in APAC and the US has lagged Europe. This divergence is set to continue in 2026. However, we expect performance in the US will...

17th December 2025 · 0 mins read

APAC Commercial Property Update

Rental growth will help Japan defy the squeezed yield spread

Rising interest rates in Japan have raised concerns about whether this will slow investment activity and exert downward pressure on capital values. Our view is that while the risk-free rate will...

16th December 2025 · 3 mins read

US Commercial Property Rapid Response

US Commercial Property Lending (Nov. 25)

Net lending by banks to commercial real estate jumped to $13.8bn in November, the strongest monthly outturn since February 2023. That followed a strong month for net lending in October, and as a...

12th December 2025 · 1 min read

UK Commercial Property Update

IPF UK Commercial Property Consensus Forecasts (Dec. 25)

The December IPF consensus survey forecasted all-property total returns of 7.8% p.a. over 2025-29, more-or-less unchanged from September. Indeed, the total return forecast has been stable for all of...

12th December 2025 · 3 mins read

UK Commercial Property Update

What does the Budget mean for UK commercial property?

With our 10-year gilt yield forecast unchanged and the impact of changes to business rates broadly revenue neutral over the next five year years, we are not changing are commercial property forecasts...

11th December 2025 · 4 mins read