Europe Commercial Property Update Could Norwegian property go from hero to zero in 2015? As oil prices have continued to fall, the prospects for economic growth and occupier demand in the Norwegian property markets have softened. However, with the krone now beginning to look cheap... 3rd February 2015 · 1 min read
Europe Commercial Property Update How much further will Moscow rental values fall? Despite a fall in USD-denominated Moscow all-property rents of 16% in Q4, currency depreciation means that rents rose in ruble terms by 19%. That seems unsustainable. Short-term uncertainty... 29th January 2015 · 1 min read
Europe Commercial Property Update ECB QE to drive European commercial property yields lower still The real impact of the ECB’s new QE programme on GDP growth and occupier demand will initially be stymied by the Greek election results and the ensuing debt re-negotiations. However, investors will be... 27th January 2015 · 1 min read
Europe Commercial Property Update What might Poland’s economic challenges mean for property? The growing risk of a deflationary spiral means the Polish Central Bank is likely to reduce interest rates to support demand. But the fall in the zloty against the Swiss franc could nevertheless... 21st January 2015 · 1 min read
Europe Commercial Property Update How will the Swiss franc’s appreciation affect property? Last week’s substantial Swiss franc appreciation has significantly dented the outlook for economic growth and occupier demand. It has also made Swiss property look even more expensive, especially to... 20th January 2015 · 1 min read
Europe Commercial Property Update Lower oil prices unlikely to drive French retail recovery in 2015 With the outlook for French consumer spending still weak and flows of wealthy tourists unlikely to grow in the short-term, retail rents in Paris and Lyon are unlikely to experience particularly strong... 15th January 2015 · 1 min read
Europe Commercial Property Update How will German logistics occupier demand fare this year? Despite Germany’s recent slowdown, logistics operators and customers report that market conditions are above average. And, despite our forecasts for overall soft economic growth this year, trade and... 14th January 2015 · 1 min read
Europe Commercial Property Update Italian logistics rental values unlikely to rebound this year Strong growth in Italian logistics occupier market activity suggests that rental values may finally have found a floor. Yet with the Italian economy set to stagnate this year, and with ample spare... 9th January 2015 · 1 min read
Europe Commercial Property Update Are euro-zone property markets already looking weaker in 2015? Despite growing concerns about the euro-zone economic outlook, we expect rental growth to improve in 2015. Indeed, with the bund yield and the euro both falling further in the last month, there may be... 6th January 2015 · 1 min read
Europe Commercial Property Update Can Prague retail rental growth pick up steam? Given below-trend consumer spending growth in the Czech Republic until mid-2016, the short-term outlook is for only limited growth in retail rental values. While stronger growth will then push rents... 22nd December 2014 · 1 min read
Europe Commercial Property Update What’s the outlook for peripheral retail rental values? The outlook for consumption growth in the Southern peripheral euro-zone economies is fragile. Yet there seems potential for rents to rise, given that the current level offers decent value for... 18th December 2014 · 1 min read
Europe Commercial Property Update Subdued German occupier demand offset by tight supply The subdued outlook for German GDP growth suggests that occupiers will be cautious with regard to expansion plans in 2015. Nevertheless, relatively tight office and retail supply conditions imply that... 17th December 2014 · 1 min read
Europe Commercial Property Update How low will Copenhagen property yields fall this time around? Historically low bond yields and a gradually improving rental growth outlook should mean that prime office yields set new lows in this cycle. However, in the absence of frenzied lending on Danish real... 11th December 2014 · 1 min read
Europe Commercial Property Update What will lower Bund yields mean for property? Recent cuts to our Bund yield forecasts reflect our view that the euro-zone economy will struggle to gain traction over the next year or two. Yet, on balance, by creating the scope for property yields... 2nd December 2014 · 1 min read
Europe Commercial Property Update New retail supply will dampen rental growth in the Polish regions Polish retail sales growth will continue to improve as labour market conditions strengthen. While this will support further retailer expansion, the volume of shopping centre space being developed and... 28th November 2014 · 1 min read
Europe Commercial Property Update Milan office vacancy rate set to rise further Italy’s weak economic outlook suggests that occupier demand in Milan will continue to be driven by companies seeking to consolidate space. As such, over the coming quarters the vacancy rate will... 20th November 2014 · 1 min read