US Commercial Property Update Falling oil prices to weigh on Houston office demand We think that elevated oil prices will help office-based employment in Houston to recover further in the coming months, but the shift to remote working will limit the associated boost to office demand... 3rd February 2022 · 3 mins read
US Housing Household formation stalls as costs mount After seeing strong gains over most of 2021, household formation stalled in the final quarter. A lack of homes for sale and rent, and the soaring cost of both tenures, is constraining household... 3rd February 2022 · 3 mins read
Europe Commercial Property Update Good times over for industrial rents in major ports While the recent improvement in world trade is encouraging for industrial demand in the major port markets, we don’t expect an acceleration in rental growth this year. Supply bottlenecks will still... 3rd February 2022 · 3 mins read
UK Commercial Property Data Response RICS Construction Market Survey (Q4) The latest RICS survey indicated that activity in Q4 and the outlook for the short term were broadly unchanged. The survey also suggested that labour and material shortages will continue to hurt... 3rd February 2022 · 2 mins read
US Commercial Property Data Response US Metro Employment (Dec.) Progress in the labour market has been slow, with employment having recovered to pre-COVID levels in just four of the 30 metros. While Las Vegas and Orlando have seen decent job growth in recent... 2nd February 2022 · 2 mins read
US Housing Market Data Response Mortgage Applications (Jan.) Mortgage rates rose to a two-year high of 3.78% in the last week of January. As yet that has done little to cool home purchase demand, with applications increasing to a one-year high. But a lot of... 2nd February 2022 · 2 mins read
UK Commercial Property Data Response Lending to commercial property (Dec.) A marked jump in lending to standing property resulted in total net lending reaching its highest level in just over 18 months in December. Although this is encouraging, several challenges remain... 1st February 2022 · 2 mins read
UK Housing Market Data Response Mortgage Lending (Dec.) The tick up in mortgage approvals in December suggested that the dip in housing market activity expected after the stamp duty holiday has already come and gone, and that transactions will stay above... 1st February 2022 · 2 mins read
UK Housing Market Data Response Nationwide House Prices (Jan.) There was no cooling in the housing market at the turn of the year, as the Nationwide house price index recorded its largest January increase for 17 years. We suspect that prices will continue to... 1st February 2022 · 2 mins read
Asset Allocation Outlook Higher bond yields more headwind than hurricane Although we expect a further rise in government bond yields to undermine the returns from most “safe” assets, we don’t expect it to be big enough to bring the prices of most “risky” financial assets... 31st January 2022 · 25 mins read
China Chart Pack A less subdued Lunar New Year Millions of people traditionally travel across China to spend this evening, the eve of Lunar New Year, with their families. The tradition has been severely disrupted by the pandemic. Last year, amid a... 31st January 2022 · 12 mins read
US Housing Market Outlook Home sales and prices to cool as affordability worsens Mortgage rates are on the rise, and we expect the 30-year rate will increase to 4.0% by end-2022 and 4.5% by end-2023. While that only takes mortgage rates back to where they were in early 2019, house... 28th January 2022 · 17 mins read
UK Commercial Property Update Has there been a flight to quality in London offices? There is a perception that a shift in workspace preferences brought about by the pandemic has redirected demand towards higher quality office space. But while there is some evidence of a flight to... 28th January 2022 · 3 mins read
Europe Commercial Property Update Pandemic not the only risk to Stockholm property While we think the direct risks to property from the pandemic have reduced, the uncertain impact of structural change and our expectation that interest rates will now be increased from late this year... 28th January 2022 · 3 mins read
US Commercial Property Data Response RICS Commercial Market Survey (Q4) Market sentiment picked up in Q4, driven by widespread improvements in conditions across sectors. Respondents are also becoming more upbeat about the next 12 months, with forecasts for rents and... 27th January 2022 · 2 mins read
UK Commercial Property Data Response RICS Commercial Property Market Survey (Q4) The spread of the Omicron variant took some of the steam out of the property recovery in Q4 2021, but the latest RICS results are consistent with further growth in 2022. They also highlight continued... 27th January 2022 · 2 mins read
