US Commercial Property Update

Q4 PREA consensus trimmed forecasts again, but not enough

The Q4 PREA consensus downgraded the all-property forecast for 2026-29. Even so, the consensus is still notably more optimistic than us. Indeed, stretched valuations mean we expect a modest rise in...

9th December 2025 · 3 mins read

UK Commercial Property Update

New office forecasts for seven regional UK cities

We have augmented our UK Commercial Property coverage with the addition of office forecasts for seven major regional cities. Overall performance is informed by our views on the RoUK market, but...

9th December 2025 · 6 mins read

US Commercial Property Outlook

Retail shines in a disappointing recovery

Below-trend economic growth and high interest rates will continue to weigh on all-property total returns, which we think will average just 5.5% p.a. over 2026-30. Of the major sectors, we think retail...

4th December 2025 · 21 mins read

APAC Commercial Property Outlook

Narrow yield spreads to limit size and speed of the recovery

Asia-Pacific property faces a slow, uneven recovery as high risk-free rates and weak growth limit investment demand and therefore, prospects for yield-driven capital gains. Spreads over risk-free...

2nd December 2025 · 18 mins read

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

Europe Commercial Property Update

Prime office rents set to outperform consensus expectations

The consensus view of European prime office rental growth was generally revised up for this year and next. Even so, we remain more upbeat than the consensus given our view that low levels of new...

12th 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

APAC Commercial Property Update

Brisbane poised to outperform due to lower remote work share

Office attendance in Australia has recovered from pandemic lows but has stalled at around 70% of pre-pandemic levels since 2024. But the larger exposure of Melbourne and Sydney to the finance and...

22nd 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