Global Commercial Property Update

UK commercial property investment to catch-up with US as rates fall back

A divergence in risk-free interest rates in the UK and US since the end of 2024 has led to a marked difference in the level of commercial property investment between the two countries, in part because...

20th July 2026 · 3 mins read

Australia & New Zealand Economics Update

Data centre boom making the RBA’s job harder

Australia’s data centre boom has yet to generate a broad-based inflationary impulse. But by adding demand to an already stretched construction sector, it risks prolonging capacity constraints and...

15th July 2026 · 4 mins read

Australia & New Zealand Economics Weekly

Capacity pressures to persist despite housing weakness

This week’s data will likely have reinforced the RBA’s view that tighter financial conditions are weighing on the housing market. But we doubt that housing wealth effects will push consumption much...

3rd July 2026 · 4 mins read

UK Commercial Property Update

High costs mean low development and falling UK land prices

The Iran war looks set to boost commercial construction costs by at least 8%, on top of the 24% rise seen since 2021. With commercial capital value growth also coming under pressure as interest rates...

11th June 2026 · 4 mins read

Global Property Outlook

Iran war’s property impact will be small and short-lived

Given the fast-moving nature of events in Iran and the Strait of Hormuz, this global publication brings together our updated residential and commercial property market analysis and forecasts. It...

1st April 2026 · 23 mins read

APAC Commercial Property Chart Pack

APAC Commercial Property Chart Pack (Q1 2026)

Asia-Pacific all-property capital value declines eased further in Q4 to minus 0.8% y/y, reinforcing signs that the market is bottoming out. Looking ahead, however, elevated risk-free rates and muted...

26th February 2026 · 1 min read

APAC Commercial Property Update

RICS survey shows APAC sentiment on an uptrend

The Q4 RICS Commercial Property Survey showed sentiment for Asia-Pacific stayed on an uptrend, though it hasn’t yet turned positive. Mainland China remained a significant drag on the region, while...

10th February 2026 · 3 mins read

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

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

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

UK Commercial Property Rapid Response

S&P Global/CIPS UK Construction PMI (Oct. 25)

6th 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

How concerning is the rise in ‘extend and pretend’ for UK commercial property loans?

The surge in net lending by banks to commercial property firms may in part reflect borrowers being forced to refinance loans on buildings they have been unable to sell. But in contrast to the GFC...

17th October 2025 · 4 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