US Commercial Property Update

Which apartment markets look most overvalued?

A forward-looking fair value analysis of the 17 apartment metros that we forecast suggests that Phoenix and the Western markets look most overvalued. This insight underpins the changes to our yield...

14th September 2022 · 3 mins read

UK Commercial Property Update

Energy price cap worsens the property outlook

By boosting real disposable incomes, the energy price cap will give some support to commercial rents, particularly in consumer-facing sectors such as leisure and retail. However, that benefit needs to...

14th September 2022 · 3 mins read

US Commercial Property Data Response

Commercial Property Lending (Aug.)

CRE lending saw an even stronger rise in August than in July, with multifamily and other commercial sectors both seeing a large increase in outstanding debt. But there are signs that the rate of...

12th September 2022 · 2 mins read

Europe Commercial Property Update

Renewed weakness ahead for German retail

The rapidly worsening economic backdrop has put the brakes on Germany’s prime retail recovery. After showing strength in the second half of last year, take-up has now slowed in most of the main...

9th September 2022 · 3 mins read

Europe Commercial Property Update

Tide to turn quickly for euro-zone industrial

While euro-zone prime industrial rents surprised on the upside in Q2, investor sentiment also turned more rapidly than we expected. Tight supply will support rents this year, even as economic activity...

6th September 2022 · 3 mins read

Europe Commercial Property Valuation Monitor

All sectors overvalued despite rise in property yields

Despite a rise in property yields, increases in alternative asset yields led to a further deterioration in European property valuations in Q2. (See Chart 1.) While industrial and office valuations...

2nd September 2022 · 6 mins read

Europe Commercial Property Update

Have the prospects for Warsaw industrial changed?

The outlook for industrial demand in Poland has improved dramatically because of the pandemic and the rapid growth of ecommerce. This is set to keep prime industrial rental growth in Warsaw higher...

1st September 2022 · 6 mins read

US Commercial Property Data Response

US Metro Employment (Jul.)

Almost all metros saw further gains in total employment in July, with Dallas continuing to lead, and joined by Houston, Charlotte and Miami as the fastest growers. But office-based employment growth...

31st August 2022 · 3 mins read

Non-Euro Europe Commercial Property Chart Pack

Scandinavia & Switzerland: The property cycle turns

The Nordic and Swiss economies performed relatively well in Q2, while prime rents showed further rises in Scandinavian office and industrial markets. However, the economic outlook has darkened, which...

26th August 2022 · 5 mins read

Non-Euro Europe Commercial Property Chart Pack

Emerging Europe: Yield rises start to weigh on values

Higher interest rates and a weaker economic and property outlook contributed to a rise in all-property yields in Q2. While office and industrial rents still made solid gains, this increase in yields...

25th August 2022 · 5 mins read

US Commercial Property Chart Pack

Recoveries still lagging in the major coastal markets

Q2 data showed a mixed picture across the three sectors. For offices, the northern coastal markets continue to lag, with rent growth turning positive but still weaker than most other markets. Houston...

24th August 2022 · 7 mins read

US Commercial Property Chart Pack

Property yields set to rise in H2

As the economy slowed in Q2 and interest rates rose, investors appear to have become less willing to compete property yields lower and investment volumes look close to turning. While occupier demand...

22nd August 2022 · 10 mins read

Europe Commercial Property Chart Pack

Strong rental rises, but jump in yields weighs on values

While quarterly rental rises surprised on the upside in Q2, property yields also rose sooner than expected. This meant all-property capital values barely grew on the quarter and slowed to around 5% y...

22nd August 2022 · 9 mins read

Canada Economics Update

Housing Watch (Aug.)

Home sales fell further below the pre-pandemic norm in July and pre-construction sales seem to have fallen through the floor, but there is no evidence yet that this is weighing on construction.

17th August 2022 · 4 mins read

US Housing Market Data Response

Housing Starts (Jul.)

Single-family housing starts fell for the fifth consecutive month in July, leaving them down by 25% from their high at the end of 2021. Leading indicators point to a much larger decline in the coming...

16th August 2022 · 2 mins read