Europe Commercial Property Update Labour market to weaken and weigh on German rents We expect commercial property rental values in Germany to fall across all sectors in 2010 and stabilise in 2011. In particular, we doubt that recent signs of an improvement in the German labour market... 5th January 2010 · 1 min read
Europe Commercial Property Update Ireland’s property market will remain in doldrums for next few years Ireland’s exit from recession in the third quarter provides less grounds for optimism about the outlook for commercial property than it may initially seem. Although rental value falls in Ireland have... 18th December 2009 · 1 min read
Europe Commercial Property Update Italy’s exit from recession does not spell end to occupier downturn The breakdown of Italy’s Q3 GDP data provided some good news for its retail and industrial property markets. However, the full effects of the drop in output over the past 12-18 months have yet to be... 10th December 2009 · 1 min read
Europe Commercial Property Update Depressed activity will prevent rapid rebound in Russian office rents The depressed level of economic activity in Russia is likely to keep the level of occupier demand for office space subdued over the next few years compared to levels recorded prior to the recession... 9th December 2009 · 1 min read
Europe Commercial Property Update Swedish economy continues to grow, but rental correction not over Recent Swedish GDP data confirmed the fragility of its economic recovery. In our view, the modest growth has done little to suggest that Sweden’s commercial property occupier market downturn is... 1st December 2009 · 1 min read
Europe Commercial Property Update Commercial property outlook rosier for France than Germany Over the next two years we think that the German economy will deliver slightly stronger growth than France. Even so, we think that the downside risks to French rental values are less, while a higher... 25th November 2009 · 1 min read
Europe Commercial Property Update Hungary – weak consumer to weigh on retail property performance Retail property yields and rental values in Hungary have proved surprisingly resilient to date. But if we are right that the outlook for household spending in Hungary is among the weakest in the... 24th November 2009 · 1 min read
Europe Commercial Property Update What do vacancy rates tell us about office rental prospects? At the start of the recession, office vacancy rates across Europe varied hugely. Yet, however tempting it may have been to assume that rental values in markets with the lowest vacancy rates were... 20th November 2009 · 1 min read
Europe Commercial Property Update Retail yield correction in the Netherlands still underway Over the past two years the prime retail yield in Amsterdam has gone from one of the lowest in the euro-zone to one of the highest. Given the relatively weak performance of Dutch retail sales, this... 17th November 2009 · 1 min read
Europe Commercial Property Update Office v industrial rents: why have Italy and Portugal been different? The relatively large falls in industrial rental values in Italy and Portugal appear to stem from poor links to Europe’s primary logistics corridors. With a strong dependence on their domestic economic... 12th November 2009 · 1 min read
Europe Commercial Property Update Office development cut, but not enough to prevent rental declines In response to the recession developers have cancelled new construction projects where possible. Unfortunately the cutbacks made have not prevented office completions from rising this year. Although... 11th November 2009 · 1 min read
Europe Commercial Property Update Spanish retail recovery not yet in sight as confidence falls in October October’s fall in the ICO measure of Spanish consumer confidence was not all bad news for property markets; confidence is still much higher than it was six months ago and expectations for the future... 3rd November 2009 · 1 min read
Europe Commercial Property Update RICS survey more upbeat, except for Europe Overall, the latest RICS survey of global commercial property markets was more upbeat than the last. However, the improvements were mostly evident in Asia. Within Europe, both occupier and investment... 2nd November 2009 · 1 min read
Europe Commercial Property Update Laying the foundations for a stronger investment market Today’s ECB Bank Lending Survey suggests that the tightening in credit conditions faced by business across Europe may now be at an end. At the same time, however, lenders do not yet appear ready to... 28th October 2009 · 1 min read
Europe Commercial Property Update Should Prague and Warsaw office yields be more differentiated? Investors seem to have taken a broad-brush approach to pricing Prague and Warsaw office markets in recent years. Should there be more differentiation in pricing between these markets? We think that... 22nd October 2009 · 1 min read
Europe Commercial Property Update Warsaw medium-term office rent prospects still good, despite falls The huge fall in Warsaw office rental values seen over the past year looks disproportionate relative to both the strength of the Polish economy and to developments elsewhere in Emerging Europe... 19th October 2009 · 1 min read
