US Housing Market Update NYC apartment rental growth will cool rapidly Rental growth in NYC reached 22% y/y in Q1 2022, one of the fastest rates in the country. But we expect growth to cool rapidly from here and underperform other cities. The past surge in rents largely... 25th May 2022 · 3 mins read
US Commercial Property Update Southern apartment rent growth unlikely to last forever Over our five-year forecast, we expect in-migration to the South will see apartment rents there outgrow the national average. But further ahead, the greater ability of supply to respond in the South... 12th May 2022 · 3 mins read
US Commercial Property Update Industrial demand returning to West Coast ports Congestion at the ports of Los Angeles and Long Beach forced some container ships to reroute to the less busy ports of the Gulf Coast, supporting industrial occupier demand in those markets. But we... 11th May 2022 · 3 mins read
US Commercial Property Update Forecast downgrades, but the sky is not about to fall Rises in short-and-long interest rates and the likelihood of further increases over the next 12 months pose a threat to real estate prices. While some have suggested that this will not derail market... 6th May 2022 · 5 mins read
US Commercial Property Update ULI Consensus Forecast (Spring 2022) Consensus forecasts for rents and total returns in 2022 and 2023 have been upgraded in all four sectors since the last survey. But those changes come with property pricing looking more stretched than... 4th May 2022 · 2 mins read
US Commercial Property Update Divergence in regional mall performance set to persist The squeeze on consumer incomes points to a tough couple of years ahead for regional and super-regional malls, which tend to be more reliant on discretionary spending than other retail property types... 22nd April 2022 · 3 mins read
Europe Commercial Property Update There is still likely to be a reckoning for offices We think the recent upturn in office market performance is largely down to the one-off release of pent-up demand and remain downbeat about future prospects. With occupancy still languishing and remote... 21st April 2022 · 6 mins read
US Commercial Property Update Winning and losing office metros from hybrid work Structural changes to working patterns and the resultant shifts in office demand will vary by industry and job type. Occupations like life and physical sciences are likely to see a low adoption of... 13th April 2022 · 4 mins read
US Commercial Property Update Introducing our new metro employment forecasts Our new metro employment forecasts point to underperformance by the six major metros in the next five years, both in terms of total and office-type employment. In contrast, Austin, Dallas and Phoenix... 3rd March 2022 · 4 mins read
Europe Commercial Property Update Global property returns not expected to defy gravity The exceptionally strong rebound in commercial property returns has been clear from the middle of last year. While this came earlier than most expected, we think it reflected special conditions and... 11th February 2022 · 3 mins read
US Housing Market Update Do not conflate real assets with inflation hedges We believe the link between real estate cashflows and inflation to be overplayed, a view that is backed up by the evidence of the last 44 years. But there are exceptions. One of which is low vacancy... 10th February 2022 · 4 mins read
US Commercial Property Update Falling oil prices to weigh on Houston office demand We think that elevated oil prices will help office-based employment in Houston to recover further in the coming months, but the shift to remote working will limit the associated boost to office demand... 3rd February 2022 · 3 mins read
US Housing Household formation stalls as costs mount After seeing strong gains over most of 2021, household formation stalled in the final quarter. A lack of homes for sale and rent, and the soaring cost of both tenures, is constraining household... 3rd February 2022 · 3 mins read
US Commercial Property Update Surging incentives reveal weakness in the office market Office incentives packages rose to unprecedented levels in 2021, which supports our view that market conditions are weaker than asking rents suggest. Given our expectation that vacancy will remain... 19th January 2022 · 3 mins read
Europe Commercial Property Update Estimating the carbon transition risk to property values Real estate potentially has a significant role to play in helping achieve ambitious climate targets. We have estimated the size of the risks in the transition to net zero for the commercial property... 14th January 2022 · 4 mins read
US Commercial Property Update Comparing office occupancy changes across US metros Combining the change in leased space with the rise in sublease availability gives a more complete picture of the change in demand across office metros since the onset of the pandemic. This gives a... 11th January 2022 · 3 mins read
