Middle East & North Africa Economics Weekly Egypt-UAE wind farm, Dubai property, Egypt downgrade Egypt’s announcement at COP27 of plans to build one of the largest onshore wind farms is a positive move to increase renewables usage that will improve energy security and support the balance of... 10th November 2022 · 7 mins read
US Commercial Property Update ULI Consensus Forecast (Fall 2022) Consensus forecasts for 2023 have been downgraded pretty sharply since the Spring, but we don’t think they have gone far enough. While the consensus is predicting total returns of nearly 4% next year... 10th November 2022 · 2 mins read
Europe Commercial Property Update Barcelona prime offices to underperform Madrid Spanish office rental values are expected to be harder hit than the euro-zone average as the looming recession weighs on occupier demand and higher interest rates push up yields. However, at a market... 9th November 2022 · 3 mins read
US Housing Market Outlook Sales to slump and prices to fall We expect mortgage rates will hold close to 7% over the remainder of the year, leaving affordability at its worst since 1985. That will lead to another sharp fall in activity. As the economy dips into... 8th November 2022 · 18 mins read
UK Commercial Property Update Global recession seals real estate downturn In line with changes in our global economic view, we have made significant downgrades to our commercial real estate forecasts for the next couple of years. As a result, we now expect a much bigger... 8th November 2022 · 3 mins read
Australia & New Zealand Chart Pack Monetary policy will be loosened next year With inflation surprising to the upside in Q3, the Reserve Bank of Australia was forced to revise up its near-term forecasts for inflation in its latest Statement on Monetary Policy. What’s more, the... 7th November 2022 · 12 mins read
UK Commercial Property Data Response S&P Global/CIPS Construction PMI (Oct.) As was the case last month, an improvement in delivery times and subcontractor availability drove a surprise rise on the headline construction PMI in October. But a slowing economy and higher... 4th November 2022 · 2 mins read
UK Commercial Property Data Response RICS Construction Market Survey (Q3) The latest RICS Construction Survey showed a rise in workloads in Q3, although the gain was small. Looking ahead, a slowing economy and higher financing costs will soon lead to a cut in activity... 3rd November 2022 · 3 mins read
US Commercial Property Data Response US Metro Employment (Sep.) Employment continues to trend higher across the 30 metros, but nearly half remain short of pre-pandemic peaks, including all six major metros. Indeed, with job growth slowing, we don't expect... 2nd November 2022 · 2 mins read
Europe Commercial Property Update What does recession mean for German prime offices? German prime office rental growth is expected to slow sharply next year as the economy experiences the deepest recession in the euro-zone. Even so, we don’t expect rental growth to underperform as the... 2nd November 2022 · 3 mins read
US Housing Market Data Response Mortgage Applications (Oct.) On the back of a rise in mortgage rates to above 7%, home purchase applications took another step down in October. That points to further declines in home sales in the coming months. With mortgage... 2nd November 2022 · 2 mins read
China Chart Pack Xi’s third term starts with COVID quarantines surging On some measures China’s current COVID situation is about as bad as it has ever been. While far fewer infections are being found daily than at the peak of the Omicron wave, new cases are... 1st November 2022 · 11 mins read
UK Housing Market Data Response Nationwide House Prices (Oct.) The jump in mortgage interest rates is now being felt in house prices, with Nationwide reporting the first month-on-month fall since July 2021. House prices are now set to stay on a sustained downward... 1st November 2022 · 2 mins read
US Housing Market Update Small fall in apartment rents as recession bites We expect a small fall in apartment rents next year, as stretched affordability and stagnant employment hit demand while completions surge. But as job growth recovers and the vacancy rate drops back... 31st October 2022 · 3 mins read
UK Commercial Property Data Response Lending to commercial property (Sep.) Net lending to commercial property was positive in September but, looking through the monthly volatility, there is a clear downward trend in lending. With the economy entering a recession and property... 31st October 2022 · 3 mins read
UK Housing Market Outlook Spike in mortgage rates to trigger price correction The jump in market interest rates following the ill-advised “mini” budget has forced quoted mortgage rates up to over 5%, a level not seen since 2009. That will turn the slowdown in demand already... 31st October 2022 · 25 mins read
