Europe Commercial Property Update

Italian industrial upswing has further to run

The Italian industrial market made a strong start to 2024, with prime rent growth outpacing the rest of the euro-zone and beating our own forecasts. Rental gains are still expected to slow going...

9th May 2024 · 3 mins read

UK Housing Market Update

RICS Residential Market Survey (April 2024)

Increasing supply points to softer price growth While sales volumes were robust in April according to the RICS Residential Market Survey, stalling demand and increasing supply suggests that prices...

9th May 2024 · 2 mins read

US Housing Market Rapid Response

US Mortgage Applications (Apr. 2024)

The small rebound in mortgage demand in March proved short-lived, as higher borrowing costs caused home purchase mortgage applications to drop 2.3% m/m in April. But the 10-year Treasury yield’s...

8th May 2024 · 2 mins read

Europe Commercial Property Update

Luxury rental growth to outperform mass market retail

The rebound in prime retail rents is set to wane this year. But we think prime rents on luxury high streets will continue to outperform those of mass markets in the coming years.

7th May 2024 · 3 mins read

UK Commercial Property Rapid Response

S&P Global/ CIPS UK Construction PMI (Apr. 24)

The headline CIPS construction PMI rose for the fifth consecutive month to 53.0 in April, a 14-month high. The rise was driven by improvements to the commercial and civil engineering components...

7th May 2024 · 2 mins read

China Economics Weekly

Developer financing still weak, green loans surge

The continued weakness of credit demand is holding back China's economic recovery. While lending to manufacturers continues to be strong – particularly for those engaged in green technology production...

3rd May 2024 · 7 mins read

UK Commercial Property Focus

What office types will emerge strongest?

The revolution in remote work has not been kind to the office sector. But smaller, higher quality offices have performed relatively well over the past couple of years. With fewer workers in the office...

2nd May 2024 · 17 mins read

US Commercial Property Update

San Francisco the poster child for the donut effect

With downtowns generally suffering most from the growth in remote work, the hardest-hit cities such as San Francisco are now seeing this impact other revenue streams too, not least tourism. While...

2nd May 2024 · 4 mins read

Europe Commercial Property Update

Further rises in property yields still on the cards

The weakness in euro-zone investment in Q1 highlights that the pricing correction to date has not been enough to entice investors back to the sector. Lower market interest rates will support the...

2nd May 2024 · 3 mins read

US Housing Market Rapid Response

US Case-Shiller/FHFA House Prices (Feb. 2024)

The substantial shortage of existing homes for sale fueled a robust 0.4% m/m rise in house prices in February, consistent with our above-consensus call that house price growth will end 2024 at 5% y/y.

30th April 2024 · 2 mins read

China Chart Pack

China Chart Pack (Apr. 24)

China’s economy grew at a healthy pace in the first quarter of 2024. Our China Activity Proxy suggests this was on the back of strong external demand. While fiscal support should continue to keep the...

30th April 2024 · 0 mins read

UK Commercial Property Rapid Response

Lending to commercial property (Mar. 24)

30th April 2024 · 1 min read

China Rapid Response

China Politburo Meeting (Apr. 24)

China’s senior leadership has today signalled further fiscal and monetary support for the economy and renewed efforts to stabilise the housing market. That should help prolong the recent economic...

30th April 2024 · 3 mins read

US Commercial Property Update

Share of remote work key to global office performance

The wide divergence in global office market performance to-date has been driven by significant differences in the return to office and the impact that has had on occupiers’ leasing decisions. US...

29th April 2024 · 5 mins read

US Commercial Property Update

NCREIF Q1 NPI shows more pain to come

While the headline of the Q1 NCREIF NPI data (-0.9% q/q total return) suggests we could be near the end of the price falls, we think this simply stored up bigger falls for the rest of the year. The...

26th April 2024 · 3 mins read