Europe Commercial Property Update

Luxury rental growth to outperform mass market retail

The rebound in prime retail rents is set to wane this year. But we think prime rents on luxury high streets will continue to outperform those of mass markets in the coming years.

7th May 2024 · 3 mins read

UK Commercial Property Rapid Response

S&P Global/ CIPS UK Construction PMI (Apr. 24)

The headline CIPS construction PMI rose for the fifth consecutive month to 53.0 in April, a 14-month high. The rise was driven by improvements to the commercial and civil engineering components...

7th May 2024 · 2 mins read

UK Commercial Property Focus

What office types will emerge strongest?

The revolution in remote work has not been kind to the office sector. But smaller, higher quality offices have performed relatively well over the past couple of years. With fewer workers in the office...

2nd May 2024 · 17 mins read

US Commercial Property Update

San Francisco the poster child for the donut effect

With downtowns generally suffering most from the growth in remote work, the hardest-hit cities such as San Francisco are now seeing this impact other revenue streams too, not least tourism. While...

2nd May 2024 · 4 mins read

Europe Commercial Property Update

Further rises in property yields still on the cards

The weakness in euro-zone investment in Q1 highlights that the pricing correction to date has not been enough to entice investors back to the sector. Lower market interest rates will support the...

2nd May 2024 · 3 mins read

UK Commercial Property Rapid Response

Lending to commercial property (Mar. 24)

30th April 2024 · 1 min read

US Commercial Property Update

Share of remote work key to global office performance

The wide divergence in global office market performance to-date has been driven by significant differences in the return to office and the impact that has had on occupiers’ leasing decisions. US...

29th April 2024 · 5 mins read

US Commercial Property Update

NCREIF Q1 NPI shows more pain to come

While the headline of the Q1 NCREIF NPI data (-0.9% q/q total return) suggests we could be near the end of the price falls, we think this simply stored up bigger falls for the rest of the year. The...

26th April 2024 · 3 mins read

US Commercial Property Update

Q1 RICS survey highlights diverging market views

While overall surveyor sentiment remains negative, the Q1 RICS survey appeared to show a divergence in views between respondents of where in the cycle the market currently is. We think the apparent...

26th April 2024 · 3 mins read

Europe Commercial Property Update

Still-weak sentiment consistent with sluggish recovery

The latest RICS survey suggested that there was a further improvement in occupier and investment demand at the beginning of 2024. However, the big picture was one of a very weak market, reaffirming...

25th April 2024 · 3 mins read

UK Commercial Property Update

Residential rental growth to outperform

The Q1 RICS commercial survey provided further evidence that occupier demand has turned the corner, with demand ticking up in the industrial and office sectors. But with availability still elevated...

25th April 2024 · 3 mins read

UK Commercial Property Chart Pack

UK Commercial Property Chart Pack (Apr. 24)

All-property yields have been broadly stable since the start of the year. Higher-than-expected interest rates mean yields may see a further small rise over the next few months, but we still think they...

24th April 2024 · 1 min read

US Commercial Property Update

Permanent online shift is mixed news for retail

The latest e-commerce statistics suggest that the pandemic has left US online sales on a permanently higher trend. That will be bad news for retail rents generally, though the detailed data also hint...

23rd April 2024 · 4 mins read

Europe Commercial Property Update

Oslo offices to lead the way in Scandinavia

Prime office rent growth in Scandinavia is expected to moderate in the coming years as soft demand and rising supply push up vacancy. But having trailed the other Scandinavian cities in 2023, we think...

23rd April 2024 · 3 mins read

UK Commercial Property Update

Multifamily rents set to outperform

New more granular MSCI data shows that the outperformance of residential property over the past decade was primarily down to student housing. Indeed, only in the past couple of years have multifamily...

22nd April 2024 · 3 mins read