Europe Commercial Property Update Hungarian retail yield recovery may prove premature The recent sharp fall in Hungarian prime retail yields is encouraging. However, we suspect that the recovery may have got ahead of itself. In our view, the very weak consumer outlook and the potential... 25th August 2010 · 1 min read
Europe Commercial Property Update Underperformance of Czech Republic industrial yields is unlikely to last The fact that prime industrial yields in the Czech Republic are lagging the recovery in most of Emerging Europe does not square with the macro data. In addition, with prospects for rental value growth... 23rd August 2010 · 1 min read
Europe Commercial Property Update Why are Dutch retail yields leading the euro-zone recovery? Boosted by the low level of unemployment and relatively attractive pricing, strong demand among large institutional investors has pushed prime retail yields down in the Netherlands more so than... 20th August 2010 · 1 min read
Europe Commercial Property Update Will Stockholm's prime office yield underperformance last? The recovery in Stockholm’s prime office yields may have got off to a late start, but we do not think their underperformance relative to the neighbouring Nordic markets of Copenhagen and Oslo will... 18th August 2010 · 1 min read
Europe Commercial Property Update GDP data flatter the euro-zone occupier market outlook The surprisingly strong rise in euro-zone GDP in Q2 2010 is probably less supportive for occupier markets than it appears at first sight. For a start, the region remains vulnerable to a slowdown in... 13th August 2010 · 1 min read
Europe Commercial Property Update Are Paris retail yields too low? Compared to offices, history suggests that retail property yields in Paris are too low. The weak outlook for consumer spending and the stronger outlook for office rental value growth point to the same... 5th August 2010 · 1 min read
Europe Commercial Property Update Italy: the best of a bad bunch? The Q2 2010 RICS global commercial property survey points to a divergence in commercial property performance between Italy and the rest of the so-called “PIIGS”. That is consistent with our view that... 26th July 2010 · 1 min read
Europe Commercial Property Update Moscow office rents are more likely to stabilise than recover The increase in Moscow office rental values in Q2 is likely to prove a one-off. Although the occupier market has seen a continued improvement over the past few quarters, we think that the main driving... 23rd July 2010 · 1 min read
Europe Commercial Property Update Latest rise in Greek property yields is unlikely to be the last The fact that rises in Greek property yields have accelerated recently highlights the increasing perception of investment risk associated with the country. And with fears of a government default... 22nd July 2010 · 1 min read
Europe Commercial Property Update Poland vs. the Czech Republic: where are retail prospects brightest? Recent data releases support our view that the Polish retail property market will outperform that of the Czech Republic over the next few years. Indeed, although we do not expect a blistering recovery... 16th July 2010 · 1 min read
Europe Commercial Property Update Will the CEE property investment market recovery run out of steam? Fading risk appetite among property investors may put the brakes on the current investment market recovery in Emerging Europe. Indeed, while recent falls in property yields have been encouraging, the... 13th July 2010 · 1 min read
Europe Commercial Property Update World Cup triumph does not improve the Spanish retail outlook While it is not unreasonable to suggest the Spanish retail property market could be boosted by the national team’s World Cup success, unfortunately we think other factors will continue to provide far... 12th July 2010 · 1 min read
Europe Commercial Property Update Will Swedish property yields fall much further? The emerging recovery in Swedish property yields looks set to continue in the near-term. Indeed, we now think that the economic outlook in Sweden is one of the brightest in Western Europe, while... 8th July 2010 · 1 min read
Europe Commercial Property Update Recovery in Spanish retail rental values is a distant prospect Following the plunge in May, June’s small rise in Spanish consumer confidence does little to improve the outlook for the Spanish retail property market. Indeed, with retail sales volumes unlikely to... 6th July 2010 · 1 min read
Europe Commercial Property Update How sustainable is the recovery in French office rental values? We think that the nascent recovery in French office rental values probably has further to run. Indeed, with business confidence approaching long-run average levels and a risk of undersupply emerging... 23rd June 2010 · 1 min read
Europe Commercial Property Update French and German prospects better than derivatives prices imply Commercial property derivatives pricing may be giving too negative a steer on the outlook for French and German capital values. Indeed, in projecting flat or falling property prices, derivatives... 22nd June 2010 · 1 min read
