UK Commercial Property Update

UK industrial investment to remain subdued

The latest investment figures suggest an upturn in industrial activity after a long slump. But given both stretched valuations and continued economic uncertainty, it may be too early to rule out a...

29th January 2025 · 3 mins read

US Housing Market Rapid Response

Case-Shiller/FHFA House Prices (Nov. 2024)

The modest rise in house prices in November adds to the sense that the housing market is experiencing a bit of a slowdown amid weak buyer demand and gradually rising supply. We think this trend has a...

28th January 2025 · 1 min read

US Commercial Property Update

NCREIF Q4 Index - Gap between US CRE appraisals and sales prices to close in 2025

The Q4 data suggest that appraisals are lagging the market correction, with transaction-based cap rates still significantly above those reported in the indices. Our expectation that this gap closes in...

27th January 2025 · 3 mins read

US Housing Market Rapid Response

US New Home Sales (Dec. 2024)

The 3.6% increase in new home sales in December wraps up a solid year for newbuild demand in an otherwise stagnant housing market, with sales up nearly 3% over 2024 as a whole. We expect new home...

27th January 2025 · 2 mins read

US Commercial Property Update

Trump and US CRE: Four key client questions

The first week of the new Trump administration hasn’t thrown up any huge surprises in terms of policy announcements. But there remains considerable uncertainty about the impact of those policies and...

24th January 2025 · 4 mins read

US Housing Market Rapid Response

US: Existing Home Sales (Dec. 2024)

The small rise in existing home sales in December reflects deals that came together in September and October, when mortgage rates hit a nadir of 6.2%, getting across the line. Given the recent selloff...

24th January 2025 · 1 min read

Europe Commercial Property Update

Global real estate can shake off latest bond yield rises

Renewed rises in market interest rates across the UK, US and euro-zone have prompted questions about the implications for real estate. For now, we think the upside risk to property yields is small. We...

23rd January 2025 · 8 mins read

UK Commercial Property Chart Pack

UK Commercial Property Chart Pack (Jan. 25)

The rise in gilt yields since the start of the year will weigh on transactions and put upward pressure on property yields over the next couple of months. But we still think risk-free interest rates...

22nd January 2025 · 1 min read

Europe Commercial Property Update

Downsizing not the only concern for German office demand

The underperformance of the German office-based jobs sector since 2019 has been stark and the weak outlook for the economy suggests a material reversal is unlikely in the next five years. This will...

22nd January 2025 · 3 mins read

US Housing Market Rapid Response

Housing Starts (Dec. 2024)

The large rebound in housing starts and continued resilience of building permits in December provides some support to our forecast that starts will remain solid in the first half of the year. However...

17th January 2025 · 2 mins read

UK Commercial Property Update

Are clouds forming over the UK property investment outlook?

With commercial property capital values stabilising and credit conditions easing, the stage was set for a decent recovery in investment this year. However, the recent rise in gilt yields has cast a...

17th January 2025 · 3 mins read

Canada Economics Update

Housing Watch (Jan. 2025)

The rise in house prices in December builds on November’s gain, providing some support to our view that house prices will rise by a healthy 4% this year. That said, with the sales-to-new listing ratio...

16th January 2025 · 4 mins read

UK Housing Market Update

RICS Residential Market Survey (Dec. 2024)

December’s RICS survey suggests that the relief rally after the Budget may have started to fade at the end of last year and the recent rise in mortgage rates have finally began to weigh on housing...

16th January 2025 · 3 mins read

Australia & New Zealand Chart Pack

ANZ Chart Pack (Jan. 2025)

Our ANZ Chart Pack has been updated with the latest data and our analysis of recent developments. The Antipodean central banks will tread different paths on policy over the forecast horizon. With the...

16th January 2025 · 1 min read

Europe Commercial Property Update

French industrial rent prospects slip down the rankings

Slowing economic growth and rising availability will hold back French industrial rental growth this year, with affordability concerns likely to be an additional drag in Paris. This will leave the...

15th January 2025 · 3 mins read