Europe Commercial Property Update

CEE industrial rents to trail the rest of Europe

The CEE industrial market cooled in 2023 as economic activity stagnated. This year will herald an economic recovery but we don’t think it will be stop the rent growth slowdown. Demand is anticipated...

4th April 2024 · 3 mins read

Europe Commercial Property Update

Paris prime office rent gains to slow

After a solid 2023, we expect Paris prime office rental growth to slow markedly over the next couple of years as demand softens, supply rises and affordability bites. That said, rental gains over 2024...

27th March 2024 · 3 mins read

UK Commercial Property Update

The economic outlook and industrial rents

The drivers of industrial rental growth were turned on their head during the pandemic, but we expect the pre-COVID-19 relationships will soon be reestablished. That points to consumer spending as an...

26th March 2024 · 3 mins read

US Housing Market Update

Renting to remain substantially cheaper than buying

As mortgage rates fall, we think the difference between the cost of buying and renting will narrow from the current all-time highs. But even by 2026, renting will remain by far the more cost-effective...

25th March 2024 · 3 mins read

US Commercial Property Outlook

A tough year in store, but retail returns will be positive

This year is being flagged by many as the year the recovery starts, but there is still a substantial amount of pain (and value falls) to come. We think activity will gradually pick up in H2, but...

22nd March 2024 · 22 mins read

Europe Commercial Property Outlook

Further value falls to come, but should reach trough in H2

Further near-term yield rises will push property values lower in the coming quarters, but better valuations, falling interest rates and improving economic activity suggest a trough should be reached...

21st March 2024 · 31 mins read

UK Commercial Property Chart Pack

UK Commercial Property Chart Pack (Mar. 24)

All-property total returns have turned the corner, with a month-on-month rise in January and February. Rental growth is set to continue to ease, but yields are close to a peak and that will remove the...

19th March 2024 · 1 min read

Europe Commercial Property Update

Rents rising but a retail renaissance in 2024 is unlikely

The revival of prime retail rental growth in 2023 ended a three-year rental decline for the sector. This likely marks the end of retail’s rental woes and we have nudged up our prime rent forecast for...

14th March 2024 · 3 mins read

US Commercial Property Update

Nashville, Jacksonville and Austin top for remote workers

Our updated remote worker preference scores again highlight Nashville as the most attractive metro for remote workers, while San Jose is the least attractive. The winners continue to be predominantly...

13th March 2024 · 5 mins read

UK Commercial Property Update

Online share developments not all bad news

The online share of retail sales is still above its pre-pandemic trend, but a closer look suggests that is perhaps not as bad for the retail sector as it looks. For example, the share of online...

13th March 2024 · 4 mins read

Europe Commercial Property Update

Peak in yields is near, but little scope for compression

Improved valuations suggest that the price correction in prime property is almost done. However, with little scope for bond yields in continental Europe to fall from here and property-to-bond yield...

13th March 2024 · 3 mins read

UK Commercial Property Update

IPF Consensus Forecasts (Mar. 24.)

The latest IPF Consensus Survey shows that forecasters have upwardly revised their 2024 expectations, which are now more in line with our view. Stronger rental growth help drive that improvement and...

8th March 2024 · 3 mins read

UK Commercial Property Rapid Response

S&P Global/ CIPS Construction PMI (Feb. 24)

The headline CIPS construction PMI rose to 49.7 in February, just under the no change level. The rise was driven by the housing component, with commercial activity edging back a touch. As interest...

6th March 2024 · 2 mins read

US Commercial Property Update

Investment activity unlikely to improve in 2024

Commercial real estate investment saw its worst year in over a decade last year. Most brokers seem to expect a recovery in investment activity this year as the Fed cuts interest rates and distressed...

5th March 2024 · 3 mins read

Europe Commercial Property Update

Drop back in office completions to support prime rents

Completions in Europe are set to increase over the next year or so as construction delays unwind, which will contribute to rising vacancy. However, we expect the upward pressure from supply to ease...

5th March 2024 · 3 mins read