Europe Commercial Property Update When will Prague office rents stabilise? Net absorption is likely to fall well short of the increase in new supply in the Prague office market over the next couple of years. Therefore, we have downgraded our rental growth forecasts for the... 1st October 2014 · 1 min read
Europe Commercial Property Update What impact will Turkey’s slowdown have on its retail sector? The significant fall in the Turkish lira, coupled with a consumer-sector slowdown, will ensure that landlords of secondary schemes continue to face downwards pressure on rents. However, Turkey’s prime... 30th September 2014 · 1 min read
Europe Commercial Property Update What impact will weak economic growth have on Italian retail rents? The relationship between retail sales growth and prime high street rental growth in Italy has broken down in recent years as occupier demand has been driven mainly by luxury retailers. Accordingly, we... 25th September 2014 · 1 min read
Europe Commercial Property Update Which sector offers the best prospects in the Netherlands? Given an environment of relatively muted economic growth in the Netherlands and its main trading partners, we think that office property returns have more potential to deliver a positive surprise than... 24th September 2014 · 1 min read
Europe Commercial Property Update Do German office markets face an impending oversupply risk? The short-term blip in German growth will not significantly impact office markets and, although development pipelines are growing, we expect to see continued office rental value growth in the next few... 16th September 2014 · 1 min read
Europe Commercial Property Update What impact will a weak Finnish economy have on Helsinki office rents? Despite weak economic and employment growth, prime office rents in Helsinki should rise a little further in the next couple of years. Further ahead, however, centrally-located office markets may then... 15th September 2014 · 1 min read
Europe Commercial Property Update Have Stockholm industrial rental values reached a cyclical high? Facing some of the highest industrial build costs in Europe, developers are unlikely to find it profitable to speculatively construct industrial space in Sweden in the next few years. Therefore, with... 11th September 2014 · 1 min read
Europe Commercial Property Update Is the current low level of Brussels retail yields sustainable? Today’s historically low Belgian retail yields cannot be explained by strong rental growth prospects. Rather, in a market with a high proportion of international retailers, investors’ preference for... 10th September 2014 · 1 min read
Europe Commercial Property Update Where next for industrial rents in Hungary? Provided that Hungary’s apparent slowdown in the pace of economic growth is short-lived, industrial rental values are more likely to continue to mark time over the next few quarters than to fall. But... 4th September 2014 · 1 min read
Europe Commercial Property Update Has the best passed for Portuguese property returns? The recent sharp drop in Portuguese property yields has not been excessive. But with yields no longer at a level that is obviously too high and the economic outlook still fragile, yield impact... 28th August 2014 · 1 min read
Europe Commercial Property Update Weak economic data suggest euro-zone rental upturn not imminent Recent, disappointing euro-zone economic data reaffirm our view that a meaningful, demand-driven commercial property rental upturn is not yet on the horizon. Given a looming floor for yields, this... 21st August 2014 · 1 min read
Europe Commercial Property Update Will office rental value growth in Barcelona outpace Madrid? To date, the stronger recovery in office-based employment in Barcelona has yet to be reflected in a rise in rental values. But over the next couple of years, we suspect that rents in Barcelona will... 19th August 2014 · 1 min read
Europe Commercial Property Update When will CEE office occupier demand take off? The recent fall in office take-up across the main CEE markets is a concern given the region’s large office development pipelines. But at the same time, the recent strength of office-based employment... 14th August 2014 · 1 min read
Europe Commercial Property Update Are rapid gains in Oslo retail rents underpinned by fundamentals? Solid Norwegian retail sales growth over the past few years seems to explain the rise in Oslo retail rental values. Granted, other factors such as changing retail trends are also at play. Nevertheless... 12th August 2014 · 1 min read
Europe Commercial Property Update Will Paris’ occupier demand outperformance last? Parisian office take-up grew by 55%y/y in the second quarter, but fell in three of the top four German cities, including a 45%y/y fall in Frankfurt. Nevertheless, the underlying weakness of the French... 7th August 2014 · 1 min read
Europe Commercial Property Update What next for Dutch office rents? We envisage only a modest improvement in office occupier demand in the Netherlands over the next year or two as economic growth and job creation disappoint. Yet office rents are likely to drift higher... 28th July 2014 · 1 min read
