UK Commercial Property Outlook

UK Commercial Property Outlook: Higher gilt yields and taxes to weigh on recovery

With the 10-year gilt yield now set to be higher for longer and the Budget likely to raise taxes on households, the outlook for commercial property has become a bit gloomier. We now expect total...

25th November 2025 · 26 mins read

Europe Commercial Property Chart Pack

Europe Commercial Property Chart Pack (Q4 2025)

Softening rental growth and steady yields weighed on capital value growth in many markets in Q3. And this is likely to continue, with our Capital Value Lead Indicator pointing to a further slowdown in...

24th November 2025 · 0 mins read

US Commercial Property Chart Pack

US Commercial Property Chart Pack Q4 2025

All-property capital values were flat in Q3 and our CE Capital Value Lead Indicator suggests more of the same in Q4 and into early 2026. Lagging appraisal adjustments and still-high financing costs...

20th November 2025 · 0 mins read

APAC Commercial Property Chart Pack

APAC Commercial Property Chart Pack (Q4 2025)

Asia-Pacific all-property capital value declines slowed further with Q3 down just 1.1% y/y. Yet we expect the recovery to be modest, constrained by high risk-free rates and limited rental growth...

18th November 2025 · 1 min read

Europe Commercial Property Update

RICS surveyors’ expectations for EZ property recovery downgraded

The RICS survey showed a softening in demand, investment enquiries and the outlook for capital values in the euro-zone in Q3, consistent with our view that the commercial property recovery will weaken...

13th November 2025 · 3 mins read

APAC Commercial Property Valuation Monitor

APAC Commercial Property Valuation Monitor (Q4 2025)

Asia-Pacific valuation scores were unchanged in Q3, as property and bond yields saw little movement. While most markets are now fairly valued according to our scores, we expect high risk-free rates to...

7th November 2025 · 1 min read

APAC Commercial Property Update

RICS data shows APAC CRE sentiment still subdued in Q3

The latest RICS Commercial Property Sentiment Index for Asia-Pacific remained in negative territory in Q3, reaffirming our view that the recovery in this cycle will be weak. Mainland China and Hong...

31st October 2025 · 3 mins read

UK Commercial Property Update

RICS survey flags concerns over the UK commercial property recovery

The RICS survey showed that occupier demand dropped back in Q3 as concerns over the economic outlook, uncertainty around the Budget and rising interests rates all sapped confidence. That has cut...

30th October 2025 · 3 mins read

UK Commercial Property Chart Pack

UK Commercial Property Chart Pack (Oct. 25)

Rental growth has continued to surprise on the upside, but signs of a more significant compression of yields in August have not carried through to September. Capital value growth is therefore muted...

21st October 2025 · 1 min read

Global Commercial Property Update

Retail and residential sectors set to outperform globally

In a period of slow economic growth but stabilising inflation and earnings growth, we expect the residential sector to see the strongest rental growth globally, with industrial close behind thanks to...

15th October 2025 · 4 mins read

US Commercial Property Update

Why have multifamily and industrial delinquency rates diverged?

The CMBS delinquency rate for multifamily was the second highest in August, largely reflecting relatively loose lending practices around the turn of the decade which has led to an outsized impact from...

1st October 2025 · 4 mins read

Europe Commercial Property Outlook

Weak recovery despite lower interest rates

The extension of the ECB easing cycle into 2026 will support real estate markets. However, a softer economic outlook and the narrow spread of property to government bond yields mean even our upwardly...

29th September 2025 · 26 mins read

US Commercial Property Outlook

Final value falls deferred again, but US CRE still overvalued

Our view that capital values still need to fall by 5% at the all-property level keeps our forecasts below consensus. Based on our forecast of a long-term 10-year Treasury yield of 4.5%, appraised cap...

22nd September 2025 · 21 mins read

UK Commercial Property Update

IPF UK Commercial Property Consensus Forecasts

The September IPF consensus survey forecasted all-property total returns of 7.9% p.a. over 2025-29. That was unchanged from May, with a downgrade to 2025 returns offset by a slight upgrade over the...

19th September 2025 · 3 mins read

Europe Commercial Property Update

Demand for industrial property near ports should hold up

The recent resilience of euro-zone trade is expected to continue in the coming quarters, which will support demand for industrial property near key ports. However, industrial demand near the ports of...

18th September 2025 · 3 mins read