Europe Commercial Property Valuation Monitor Property yield gaps squeezed by rising bond yields Bond yields increased in Q4 and have generally climbed further since. This has meant that, despite a counter-balancing effect from lower equity dividend yields, property yields have begun to look... 17th February 2017 · 1 min read
Non-Euro Europe Commercial Property Chart Pack Prime yields continue to tumble across the sectors Steady economic growth in Western Europe has been positive for rental growth, helping to support yield falls in Q4. However, in Emerging Europe, the picture is more mixed, with the Czech Republic... 13th February 2017 · 1 min read
Europe Commercial Property Focus Have property pricing dynamics changed? Over the last eight years, the exceptionally loose monetary policy environment in Europe appears to have driven a change in the dynamics of the relationship between prime office yields, risk-free... 10th February 2017 · 1 min read
Europe Economics Update Le Pen would face a bumpy and uncertain road to “Frexit” Marine Le Pen’s desire to take France out of the euro zone and the European Union if she is elected President in May faces political and legal hurdles. They are not insurmountable but the process is... 7th February 2017 · 1 min read
Nordic & Swiss Economics Update Is the Swiss National Bank tolerating a stronger franc? The recent appreciation of the Swiss franc suggests that the Swiss National Bank (SNB) may now be willing to tolerate a (slightly) stronger currency. But we see the franc rising even further to reach... 6th February 2017 · 1 min read
Europe Chart Pack Steady labour market recovery continues Recent data on the euro-zone’s labour market have been encouraging. December’s decline in the unemployment rate to 9.6% left it at its lowest since May 2009. We expect the labour market recovery to... 1st February 2017 · 1 min read
Europe Commercial Property Update Paris offices rental growth to disappoint in 2017 An increase in the Paris development pipeline for 2017 means that our previous forecast for office rents this year is now unlikely to be met. Instead, we now expect prime rents to grow by just 1.5%... 1st February 2017 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Jan.) January’s PMIs add to the evidence that the Swedish economy has made a strong start to the year. They also suggest that price pressures are building in Switzerland. 1st February 2017 · 1 min read
Europe Data Response France GDP (Q4, 1st est.) & CPI (Jan., Prov.) Provisional data revealed that the French economy performed fairly well in Q4, while inflation picked up in January. But uncertainty surrounding the forthcoming presidential election looks set to... 31st January 2017 · 1 min read
Europe Data Response EC Business & Consumer Survey (Jan.) January’s rise in the European Commission’s Economic Sentiment Indicator (ESI) to a 70-month high suggests that the euro-zone economy started 2017 on a positive note. 30th January 2017 · 1 min read
Europe Economics Weekly Economy robust as election contests take shape Data released last week suggested that the euro-zone economy started 2017 on a pretty strong footing. January’s Composite PMI remains consistent with quarterly GDP growth of about 0.4%, while the rise... 27th January 2017 · 1 min read
Europe Commercial Property Update Appetite for mainland European property remains strong Commercial property investment across Europe fell last year for the first time since 2009, driven by a large decline in the UK. Yet increased investment in Europe ex-UK and upbeat investor sentiment... 26th January 2017 · 1 min read
Nordic & Swiss Data Response Sweden (Dec.) & Norway (Nov.) Labour Market Data December’s labour market data suggest that wage pressures are building in Sweden, supporting our view that the Riksbank will tighten policy this year. But in Norway, despite November’s fall in... 26th January 2017 · 1 min read
Europe Commercial Property Update Capital raising down in 2016, but far from out On the surface, lower levels of fund-raising in 2016 hint at concerns about pricing at this stage of the cycle. However, in light of tough competition for prime assets and a heightened perception of... 24th January 2017 · 1 min read
Europe Commercial Property Update Are the risks to Southern European property on the rise? Political and economic uncertainty this year could drive increased volatility in sovereign bond yields in Southern Europe. But in the absence of a sharp and sustained shift higher, we think prime... 18th January 2017 · 1 min read
Europe Commercial Property Update Investment in Germany slips, but pricing continues to firm Following a record 2015, investment activity in Germany slipped a little in 2016. However, prime office yields fell further in Q4, suggesting that investors still see value in the German market. 13th January 2017 · 1 min read
