Europe Commercial Property Update Is the Q1 fall in all-property capital values a sign of what’s to come? Euro-zone capital values suffered a fall in Q1. Although the decline was small, it was pretty widely based. As a result, it does nothing to alter our view that euro-zone commercial property markets... 8th May 2012 · 1 min read
Europe Commercial Property Update Negative outlook for Swiss office rents The results of the KOF survey released this morning did little to change our view that office rents will decline this year. Subdued economic growth is likely to trigger fresh weakness in the labour... 27th April 2012 · 1 min read
Europe Commercial Property Update Are real estate equities understating the risks for 2012? An analysis of real estate equity prices suggests that our strongly negative capital value growth projections for 2012 may be pessimistic. However, since equity markets have not yet fully priced in... 23rd April 2012 · 1 min read
Europe Commercial Property Update Paris property yields looking vulnerable to an economic downturn In our view, the plunge in French commercial property investment volumes in the first quarter of 2012 highlights some fundamental weaknesses in the market. And if we are right that the French economy... 18th April 2012 · 1 min read
Europe Commercial Property Update Downside risks to Dublin office rental value outlook increase The fact that the Irish economy slipped back into recession in the latter half of last year lends support to our view that, taking 2012 and 2013 together, Dublin office rental values will fall by a... 16th April 2012 · 1 min read
Europe Commercial Property Update No improvement in euro-zone industrial rental value outlook February’s unexpected rise in euro-zone industrial production might raise hopes that the strength of industrial occupier demand in the single currency region has improved. But we are not convinced... 12th April 2012 · 1 min read
Europe Commercial Property Update Bond sell-off adds to concerns for Spanish and Italian property prices To the extent that the latest sell-off in Spanish and Italian bonds prompts investors to steer clear of commercial property in either market, the resultant drop in liquidity is likely to put upwards... 11th April 2012 · 1 min read
Europe Commercial Property Update Weak service sector putting the brakes on euro-zone office rent growth This morning’s PMI data suggest that business activity in the euro-zone’s service sector remains subdued. And if the past relationships between employment PMIs and office rental value growth continue... 4th April 2012 · 1 min read
Europe Commercial Property Update As good as it gets for German retail rents? February’s fall in German retail sales volumes served as a timely reminder that the strong recovery in retail rents in the euro-zone’s largest economy cannot be taken for granted. Nevertheless, while... 2nd April 2012 · 1 min read
Europe Commercial Property Update Are Polish retail occupier market conditions as healthy as they seem? Yesterday’s retail sales data from Poland suggest that occupier demand for retail floorspace in Warsaw is still strong relative to most of Europe. But the big picture is that consumer spending growth... 27th March 2012 · 1 min read
Europe Commercial Property Update Still no sign of a recovery in Budapest office rental values 2011 was a record-breaking year for take-up in the Budapest office market. Yet this failed to drive any form of recovery in office rents. Unfortunately, with employment set to fall and occupier... 26th March 2012 · 1 min read
Europe Commercial Property Update Are things starting to look up for the Copenhagen retail market? Recent macroeconomic indicators from Denmark might raise hopes that the outlook for Copenhagen retail rental values has improved significantly. But with the impact of past falls in household spending... 22nd March 2012 · 1 min read
Europe Commercial Property Update Which European office markets are most at risk of oversupply? Within Europe, office markets in the euro-zone’s peripheral region appear to be most at risk of oversupply over the next two years. But less obviously, office markets in Amsterdam and Budapest also... 20th March 2012 · 1 min read
Europe Commercial Property Update Have Portuguese property yields already risen enough? In our view, over 2012-13, Portugal will endure the second deepest recession in the euro-zone. Even so, the gap between the Portuguese property/bond yield spread and its long-term average is by no... 16th March 2012 · 1 min read
Europe Commercial Property Update Are deal volumes in Emerging Europe property markets set to fall? Investment market activity across Central & Eastern Europe (CEE) in the final stages of 2011 was not as weak as the initial estimates suggested. Even so, because of the weak economic outlook for most... 13th March 2012 · 1 min read
Europe Commercial Property Update Is a period of underperformance looming for Munich offices? Prime office capital values in Munich in 2011 outperformed the other main German cities, thanks mainly to a sharp rise in office rents. But while this rise might have raised the scope for office rents... 8th March 2012 · 1 min read
