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
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
UK Commercial Property Update New EPC analysis points to tough times ahead for offices in some UK cities Upcoming EPC requirements, coupled with reduced occupier demand due to remote work, mean investors are shunning secondary offices, triggering a sharp decline in capital values. Our new dashboard on... 7th October 2025 · 4 mins read
UK Commercial Property Update Are property equities signalling a fall in UK commercial property capital values? The recent rise in interest rate expectations has not been kind to UK property equities, with the NAREIT price index currently down 18% y/y. On past form that implies commercial property capital... 25th September 2025 · 4 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
UK Commercial Property Update UK PBSA may benefit from drop in US foreign students The number of visas granted to foreign students looking to study in the UK saw a substantial rise in Q2, likely reflecting a substantial fall in the numbers entering the US as restrictions there have... 10th September 2025 · 3 mins read
Global Commercial Property Update Global CRE needs a reset for real recovery to take hold With interest rates staying high and closed-end funds already sitting on a large volume of investors’ capital, global real estate fundraising looks set to stay in the doldrums. We think the sector... 13th August 2025 · 5 mins read
UK Commercial Property Update Strong rent prospects support UK industrial valuations Decent rental growth expectations and a narrowing risk premium imply that industrial is only marginally overvalued, despite an historically narrow gap between industrial yields and alternative asset... 12th August 2025 · 3 mins read
UK Commercial Property Update RICS survey shows a stagnant UK commercial real estate market The RICS survey showed that occupier demand was still weak in Q2, with firms reluctant to expand in the face of higher costs and an uncertain economic outlook. In line with that, rental and capital... 31st July 2025 · 3 mins read
Global Commercial Property Update Global CRE to outperform other assets Although a forecast global real estate return of sub-6% p.a. over the next decade appears disappointing, compared to other assets it stacks up well. We expect sub-4% total returns for both global... 24th July 2025 · 4 mins read
UK Commercial Property Update Will lender confidence drive UK commercial property capital values up? The current narrow spread between property yields and financing costs, combined with bullish lender capital value expectations, might be seen as an indication that a credit cycle is brewing and... 18th July 2025 · 4 mins read
UK Commercial Property Update Upward-only rent review ban in England and Wales would nudge commercial property yields up Experience from Ireland suggests that a ban on upward-only rent reviews will weigh on future rental growth and widen property yield spreads to risk-free rates. While the overall impact is unlikely to... 15th July 2025 · 4 mins read
Global Commercial Property Update APAC property to underperform globally Poor performance in the US and APAC property markets is set to drag on the global recovery over the next few years. While strong economic fundamentals argue for a material improvement in total returns... 10th July 2025 · 3 mins read
UK Commercial Property Update Household savings to support UK spending and retail rents Real household disposable income growth is now slowing, but we still expect household consumption will accelerate to around 1.8% y/y on average over 2025-27 as households start to run down the savings... 2nd July 2025 · 3 mins read
Climate Economics Update The changing face of the global tourism market Somewhat paradoxically, climate-driven shifts in tourist patterns could help to smooth the seasonal peaks seen in summer destinations, and some countries – particularly in northern Europe – will... 1st July 2025 · 3 mins read
UK Commercial Property Update Obsolescence to hit UK secondary logistics rental growth Despite solid take-up the industrial vacancy rate has risen to a 10-year high, which reflects occupiers shifting into new buildings at the expense of the secondhand market. We expect that dynamic to... 25th June 2025 · 3 mins read
