US Commercial Property Chart Pack Weak Q1, but bigger price falls to come in Q2 The economy has been relatively resilient so far, but with the banking turmoil set to weigh on activity, we continue to expect a recession this year. Slower growth has already translated to softer... 19th May 2023 · 10 mins read
UK Housing Market Chart Pack Signs of stabilisation (May 23) The larger than anticipated rebound in mortgage approvals in March and a slowdown (or even partial reversal) of house price falls suggested that the housing market downturn may have ended much earlier... 19th May 2023 · 10 mins read
Europe Commercial Property Chart Pack Capital value falls slow, but further weakness ahead Capital value falls slowed in Q1 as the surge in euro-zone all-property yields cooled. But, with rent growth decelerating across all sectors, the increase in yields was still enough to drive another 4... 19th May 2023 · 10 mins read
Global Markets Update Debt ceiling debacle threatens renewed turmoil While banking sector strains have become less acute over recent weeks, core money markets remain tense as uncertainty grows around the potential fallout from even a temporary default on US Treasuries... 18th May 2023 · 10 mins read
US Housing Market Data Response Existing Home Sales (Apr.) Existing home sales fell back towards their recent lows in April, not helped by a very tight inventory. The high cost of a new mortgage is acting to discourage homeowners with a low fixed-rate... 18th May 2023 · 2 mins read
Europe Commercial Property Update Consensus office rental view still looks too sanguine May’s IPF Consensus Forecasts highlighted another upgrade to short-term euro-zone office rental expectations. Our figures remain significantly weaker for 2023. From next year, our view is closer to... 17th May 2023 · 3 mins read
US Housing Market Data Response Housing Starts (Apr.) Homebuilders have turned their attention to finishing off the large number of homes under construction rather than starting new ones, keeping single-family starts close to their recent lows in April... 17th May 2023 · 2 mins read
UK Commercial Property Valuation Monitor Property close to fairly valued Following a surge in property yields over the second half of last year, property moved closer to fair value again in Q1. Admittedly, on our measure the all-property score is still sitting in... 17th May 2023 · 7 mins read
Global Economics Update Stabilisation in housing markets likely to be temporary The downturn in the housing market appears to have paused in many countries in recent weeks. However, we doubt that this marks the bottom of the market. With higher interest rates yet to take their... 15th May 2023 · 4 mins read
US Commercial Property Data Response Commercial Property Lending (Apr.) Net commercial real estate (CRE) lending slowed sharply once again in April. Lending against all commercial sectors turned negative for the first time in nearly six years, and with little in the way... 15th May 2023 · 3 mins read
US Commercial Property Update Manufacturing will boom while incentives last The sharp rise in US manufacturing construction over the past two years is likely to continue into the medium term as firms take advantage of favourable government incentives. But as these expire... 12th May 2023 · 4 mins read
Europe Commercial Property Update Sweden's property credit crunch intensifies The recent downgrading of Swedish property company SBB’s credit rating to “junk” and the ensuing market fallout have highlighted financing fragilities in the Swedish property market. But, while SBB is... 11th May 2023 · 4 mins read
UK Commercial Property Update Is industrial still dangerously overvalued? Substantial yield compression over the past two years meant that by the middle of 2022 industrial had become the most overvalued sector since our measure began in 1992. That helps explains the... 11th May 2023 · 3 mins read
Europe Commercial Property Update Brighter outlook for Paris office rents Although recent data suggest that Paris offices had a slow start to the year, we think this weakness will be short-lived. Indeed, with demand prospects looking favourable and new supply set to slow... 10th May 2023 · 3 mins read
US Commercial Property Update Affordability adds downside risk to big 6 apartments We think migration patterns of footloose workers will continue to play the largest role in driving the rental outlook across metros. But rent as a share of income will also have a bearing, weighing on... 9th May 2023 · 4 mins read
