US Commercial Property Update How remote work could impact US city revenues On the back of the remote work revolution, US downtowns have seen reduced office-led footfall and rising crime rates. Cities will need to be proactive to drive conversion to alternative use and to... 15th August 2023 · 4 mins read
US Commercial Property Rapid Response US Metro Employment (Jun.) Seasonally-adjusted total employment growth rose by 0.6% 3m/3m on average across the 30 metros we track for the third consecutive month. But there has been clear weakness in the information sector in... 2nd August 2023 · 3 mins read
US Housing Market Update Unpriced climate risks in US residential property Climate change is expected to intensify the scale and frequency of flooding over the coming years. Housing markets in the US have yet to fully price in these risks, leaving many properties... 31st July 2023 · 5 mins read
US Commercial Property Apartment Metros Outlook Clear split between weak west and strong south The latest economic and property market data support the view we’ve held since last year that there would be a growing differentiation between southern and western markets. We expect that to persist... 11th July 2023 · 7 mins read
US Commercial Property Office Metros Outlook San Francisco and Seattle values to drop 40% in 2023-25 Further downgrades to our national office outlook have driven corresponding cuts to return prospects in our metro-level forecasts this quarter. San Francisco still has the poorest outlook, with our... 7th July 2023 · 12 mins read
US Commercial Property Rapid Response US Metro Employment (May.) Total employment growth was resilient across metros in May, recording 0.6% 3m/3m on average. That growth was led again by Boston, Las Vegas and Charlotte, with San Antonio also seeing a rise of over 1... 28th June 2023 · 2 mins read
US Commercial Property Update Top-ranked warehouse markets dominated by Sunbelt Our updated industrial metros analysis, which now incorporates the current vacancy rate, continues to point to Memphis as having the strongest prospects for rent growth over a three-year horizon... 8th June 2023 · 3 mins read
US Commercial Property Rapid Response US Metro Employment (Apr.) Total employment growth reached a solid 0.7% 3m/3m on average in April for the second consecutive month, led by Boston, Las Vegas, Charlotte and Orlando. But for office-based jobs, the poor... 31st May 2023 · 2 mins read
US Commercial Property Chart Pack Portland, San Francisco and Seattle off to a bad start Metro level data for Q1 2023 showed the slowdown in occupier demand was widespread, with no market consistently outperforming across the sectors in terms of absorption. While office and industrial... 24th May 2023 · 6 mins read
US Commercial Property Update Affordability adds downside risk to big 6 apartments We think migration patterns of footloose workers will continue to play the largest role in driving the rental outlook across metros. But rent as a share of income will also have a bearing, weighing on... 9th May 2023 · 4 mins read
US Commercial Property Office Metros Outlook Western and big six metros set for 25%+ price falls We have made substantial downgrades to our metro-level forecasts this quarter. The outlook for office-based employment growth has been hit by tech sector struggles, weighing on demand in many western... 14th April 2023 · 14 mins read
US Commercial Property Apartment Metros Outlook Capital values to fall 25% in San Fran, Seattle and D.C. We expect a surge in completions and a slowdown in employment growth to push vacancy substantially higher in all markets over the next few years. That will slam the brakes on rental growth, causing an... 12th April 2023 · 13 mins read
US Commercial Property Data Response US Metro Employment (Feb.) February saw a slowdown in jobs growth after a strong month prior, suggesting January’s jump in employment was an outlier as the labour market resumes its cooling. We expect metros with a high... 5th April 2023 · 2 mins read
US Commercial Property Focus Where are the risks from US commercial real estate greatest? While we expect a more-than 20% peak-to-trough price correction for US commercial real estate, offices face a much tougher outlook, with large falls in net operating incomes compounding the broader re... 4th April 2023 · 14 mins read
US Commercial Property Data Response US Metro Employment (Jan.) January was an especially strong month for payrolls data, and this translated into positive employment growth across all 30 of the biggest metros. However, this was not the case for office-based jobs... 17th March 2023 · 2 mins read
US Commercial Property Update West Coast ports to rally while Houston stands resilient Failed dockworker union negotiations on the West Coast have led to further diversion of US imports toward the East and Gulf Coasts, supporting warehousing demand in those markets for longer than... 10th March 2023 · 3 mins read
