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
Europe Commercial Property Outlook Commercial property recovery losing steam The recovery in European commercial property values is slowing and we think this will continue as soft economic growth weighs on rents and elevated interest rates limit yield-driven capital gains... 11th December 2025 · 23 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
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
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
US Commercial Property Update Q3 US RICS survey shows growing market confidence Investment sentiment saw a sharp improvement in Q3, buoyed by falling interest rates and growing confidence in the economic outlook, although foreign enquiries remained in the doldrums. There was also... 30th 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
APAC Commercial Property Update China's office market weakness to persist through 2027 Mainland China’s office market has been in a prolonged downturn since 2018 as structural headwinds, including weak economic growth, cautious corporate hiring, and rampant new supply have kept vacancy... 8th 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
APAC Commercial Property Outlook Buyer-seller mismatch will keep investment slow Asia-Pacific property will endure a slow , uneven recovery. E levated risk-free rates and soft regional growth will restrain capital appreciation, leaving income as the primary engine of returns. We... 18th September 2025 · 19 mins read
