Europe Data Response Euro-zone GDP (Q1) & German ZEW (May) The provisional Q1 euro-zone GDP figures revealed that the economy has narrowly avoided a technical recession – temporarily. But the region remains worryingly reliant on growth in Germany and a... 15th May 2012 · 1 min read
Europe Commercial Property Update RICS Global Survey too upbeat on Polish and Czech rental values Last week’s Q1 2012 RICS Global Survey revealed a divergence in surveyors’ expectations for commercial property rental growth in Emerging Europe. We agree that the outlook is brightest in Russia and... 10th May 2012 · 1 min read
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 Outlook Recession to act as a drag on occupier markets and rents Over the past few months we have seen little reason to alter in either direction our euro-zone commercial property forecasts. With no resolution in sight to the region’s debt crisis, we think that all... 2nd May 2012 · 1 min read
Growth to disappoint as the euro-zone crisis drags on The euro-zone economy is heading back into recession. And if we are right that the euro-zone is not sustainable in its current form, the downturn will extend into 2013 and eventually encompass all... 30th April 2012 · 1 min read
Europe Data Response Euro-zone EC Survey (Apr.) April’s EC business and consumer survey confirmed the downbeat picture painted by other recent indicators and dashed any lingering hopes that the euro-zone economy may escape a double-dip recession. 26th April 2012 · 1 min read
Europe Economic Outlook Crisis unsolved as growth outlook darkens Hopes that the crisis in the euro-zone had been solved by Greece’s debt restructuring and the ECB’s recent liquidity injections have faded. Despite some signs of resilience in Germany, the economic... 16th April 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 Economics Focus Has the ECB really solved the crisis? The ECB’s latest liquidity operations appear to have averted, or at least delayed, a looming disaster in the euro-zone banking sector. But it would be wrong to think that they have solved the region’s... 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 Economics Update TARGET2 imbalances highlight euro-zone problems The growing imbalances in the euro-zone’s TARGET2 payments system are another indication of the huge underlying problems still facing the currency union. 14th March 2012 · 1 min read
Europe Economics Update Euro-zone Fiscal Monitor (Feb.) For now at least, Portugal, Italy and Ireland all appear to be meeting their budget deficit targets. But the Spanish deficit narrowed by much less than expected in 2011 and further slippage appears... 28th February 2012 · 1 min read
Europe Data Response Euro-zone EC Survey (Feb.) February’s EC business and consumer survey echoed other indicators in pointing to a slight improvement in sentiment in the euro-zone. But there are few signs of the strong economic growth needed to... 28th February 2012 · 1 min read
Europe Commercial Property Chart Pack Yield recovery on the brink of going into reverse The final quarter of 2011 brought the strongest evidence yet that the downward phase in euro-zone commercial property yields has not only come to an end, but has started to go into reverse. Falling... 16th February 2012 · 1 min read
Europe Economics Update Would a second Portuguese bail-out involve PSI? Portugal has made some progress in reining in its huge budget deficit, but it appears inevitable that it will need another rescue package. While there is a good chance that any new deal will not be... 15th February 2012 · 1 min read
Europe Data Response Euro-zone GDP (Q4) The provisional Q4 euro-zone GDP figures confirmed that the economy contracted at the end of last year, albeit by a bit less than had been feared. The 0.3% quarterly fall was slightly better than the... 15th February 2012 · 1 min read
