US Commercial Property Rapid Response

US Commercial Property Lending (May)

Net lending by banks to commercial real estate in May reached its highest level since December 2025, at $15.4bn. Both multifamily and other commercial sectors saw their highest monthly net lending...

15th June 2026 · 2 mins read

Australia & New Zealand Economics Weekly

A cooling housing market but the RBA’s job isn’t done

Australian consumers remain deeply pessimistic, particularly about the housing market, with house price expectations falling to a three-year low and auction clearance rates continuing to weaken. Even...

12th June 2026 · 5 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

UK Housing Market Update

UK RICS Residential Market Survey (May 2026)

While May’s RICS housing market survey shows that the worst of the falls in buyer sentiment may be in the past, a number of leading indicators continue to suggest that the risks to our forecast for...

11th June 2026 · 3 mins read

US Housing Market Chart Pack

US Housing Market Chart Pack (June 2026)

The rise in mortgage rates since the start of the Iran War will worsen already-stretched housing affordability. This will weigh on housing activity over the next couple of quarters and presents a...

10th June 2026 · 1 min read

US Commercial Property Update

Q2 26 PREA consensus forecasts cut, especially for residential

There was another reduction in the PREA consensus total return forecast for both 2026 and 2027 this quarter, led by the residential sector. However, this still left the consensus more optimistic than...

9th June 2026 · 3 mins read

US Housing Market Rapid Response

US Existing Home Sales (May 2026)

The rise in existing home sales in May was a bit stronger than we expected but, given the further increase in mortgage rates in recent weeks, we remain concerned about the downside risks to our...

9th June 2026 · 2 mins read

Europe Commercial Property Focus

European student housing outperformance has further to run

The two-decade period of student accommodation outperformance in Europe is set to continue, supported by higher income returns, favourable structural demand drivers and still-tight supply. Within...

9th June 2026 · 11 mins read

US Commercial Property Chart Pack

US Commercial Property Chartpack (Q2 2026)

All-property capital values ticked up slightly in Q1, reflecting the US’ relative insulation from the effects of the Iran war so far. However, we don’t think it will be totally unaffected, while we...

5th June 2026 · 0 mins read

UK Housing Market Rapid Response

UK Halifax House Prices (May 2026)

The modest fall in the Halifax measure of house prices in May shows that the rise in mortgage rates triggered by the Iran war continues to weigh on the housing market.

5th June 2026 · 3 mins read

UK Commercial Property Rapid Response

S&P Global/CIPS UK Construction PMI (May 26)

After another month-on-month decline, the headline CIPS construction PMI dropped to 38.2, its lowest level since May 2020. Meanwhile, t he fourth consecutive fall in the future activity index, to 53.0...

4th June 2026 · 1 min read

Europe Commercial Property Chart Pack

Europe Commercial Property Chart Pack (Q2 2026)

Prime office values continued to grow strongly in Q1, in contrast to a further slowdown in the retail and industrial sectors. These two sectors are also more vulnerable to the impacts of the Iran war...

3rd June 2026 · 0 mins read

US Commercial Property Valuation Monitor

US Commercial Property Valuation Monitor Q2 2026

All-property valuation scores worsened in Q1 2026 as the Iran war pushed up alternative asset yields. With those yields still elevated as the war drags on, valuations look set to worsen further in Q2...

2nd June 2026 · 1 min read

UK Commercial Property Rapid Response

Lending to UK commercial property (Apr. 26)

Net lending to commercial property totalled around £1.5bn in April, weaker than the strong March reading of £2.5bn. The softer April reading likely reflected a slowdown in the investment transactions...

2nd June 2026 · 1 min read

Australia & New Zealand Economics Update

Australia’s housing market correction is underway

Australian house prices fell for a second straight month in May, and leading indicators suggest that the decline has further to run. However, with inflationary pressures still running hot, the housing...

2nd June 2026 · 4 mins read