UK Commercial Property Rapid Response S&P Global/ CIPS Construction PMI (Sep.) The decline in the headline CIPS construction PMI from 50.8 in August to 45.0 in September took it below the 50 “no-change” mark for the first time since January. The fall was driven by a plunge in... 5th October 2023 · 2 mins read
US Commercial Property Update Flexible offices unlikely to capitalise on hybrid working IWG’s record revenues in the first half of this year may suggest that flexible offices are the answer for many firms as hybrid working cements itself as the ‘new normal’. However, we don’t think... 4th October 2023 · 5 mins read
UK Commercial Property Update Lower food prices will benefit supermarkets Food price inflation is now falling back, which will help boost supermarket profits. That means the recent underperformance of the supermarket sector relative to all-retail will soon come to an end... 4th October 2023 · 3 mins read
Europe Commercial Property Outlook Decline in values to match GFC; offices fare worst With economic activity weakening, we expect rental growth to continue trending downwards over the next year. At the same time, valuations remain stretched despite property yields continuing to rise at... 4th October 2023 · 36 mins read
US Housing Market Rapid Response Mortgage Applications (Sep. 2023) Rising mortgage rates caused mortgage applications for home purchase to slip to a fresh 28-year low in September. With mortgage rates edging above 7.5% in the last week of the month as Treasury yields... 4th October 2023 · 2 mins read
US Commercial Property Update No support from job growth for Chicago and NYC offices Office-based jobs are on course to underperform total jobs this year for the first time since 2009 and there is a growing risk this could be repeated in 2024, though that is not yet our central... 3rd October 2023 · 4 mins read
UK Housing Market Update Homeownership increasingly unattainable Buying a first home has become increasingly difficult over the past 30 years. A high income is still essential, but other circumstances such as whether the individual is buying as part of a joint... 2nd October 2023 · 4 mins read
Europe Commercial Property Update Fair value estimates confirm scope for yield falls Fair value calculations combine valuation analysis with a forward-looking view of rents. As such, these estimates reinforce our existing view that there is scope for declines in euro-zone yields... 29th September 2023 · 3 mins read
UK Commercial Property Rapid Response Lending to commercial property (Aug. 23) 29th September 2023 · 2 mins read
UK Housing Market Update Spike in housing starts belies weak construction outlook As we anticipated, housing starts in England spiked to their highest level on record in Q2 as builders began work early to avoid having to conform with the Future Homes Standard. More timely monthly... 28th September 2023 · 3 mins read
China Chart Pack China Chart Pack (Sep. 2023) Our China Chart Pack has been updated with the latest data and our analysis of recent developments. China’s economy is regaining some momentum after stalling during the summer. A step up in policy... 28th September 2023 · 1 min read
China Economic Outlook Stimulus to deliver partial recovery China’s economy is regaining some momentum after stalling for a brief period during the summer. A step up in policy support looks set to deliver a modest cyclical recovery but trend growth remains... 27th September 2023 · 17 mins read
US Housing Market Rapid Response Case-Shiller/FHFA House Prices (Jul.) The sixth consecutive rise in house prices in July showed that very tight supply is causing home prices to continue to rise despite sales volumes remaining weak, and suggests a second dip in house... 26th September 2023 · 2 mins read
UK Commercial Property Update Retail sector defies cost-of-living crisis The leisure sector is now feeling the impact of the cost-of-living crisis, with rising vacancy and declining rents. But we don’t think the retail sector will follow in its footsteps. Households are... 26th September 2023 · 3 mins read
Europe Commercial Property Update Softer German office supply won’t stop vacancy rising The weakness in German construction activity has raised questions about whether a slowdown in new office supply could offset the weakness in demand and prevent a rise in vacancy. But we think that on... 26th September 2023 · 3 mins read
