UK Commercial Property Update Industrial sub-sector yield gap more likely to close than widen Data on tenant failure probabilities from the Fidelity Income Risk Monitor (FIRM) may help to explain why distribution warehouse yields are currently lower than standard industrial property. However... 22nd June 2011 · 1 min read
Europe Commercial Property Update Have the downside risks to the French retail market increased? Signs that French consumer spending has fallen sharply over the past couple of months might make our forecast for retail rental values to track sideways this year look too optimistic. Yet, in the... 18th June 2011 · 1 min read
Europe Commercial Property Update Office yields in Vienna offer some near-term upside potential The Viennese office market seems to be suffering from the weakness of cross-border investment activity in Europe. Nevertheless, the economic fundamentals look sound, suggesting that over the next year... 16th June 2011 · 1 min read
UK Commercial Property Data Response Financial and business services sector jobs (Q1) Financial and business services (FBS) sector jobs rose in Q1, but the year-on-year growth rate slumped and is well below the level that, in the past, has been required to deliver a sustained rise in... 16th June 2011 · 1 min read
Europe Commercial Property Update Will Warsaw industrial rents continue to lag behind? The recent underperformance of industrial rental values in Warsaw relative to rest of Emerging Europe appears to stem from the fact that consolidation rather than expansion has been a key driver of... 8th June 2011 · 1 min read
UK Commercial Property Data Response Mergers and Acquisitions Activity (Q1) The rise in the value of mergers and acquisitions (M&A) activity involving UK firms reported in Q1 flatters the underlying picture. The sharp decline in the number of deals concluded implies that a... 7th June 2011 · 1 min read
Europe Commercial Property Update Spanish commercial property investment market not out of the woods The Q1 2011 RICS distressed property monitor points to the largest rises in the number of distressed properties coming onto the market in Q2 in Spain and Ireland. Investment demand in Ireland will not... 6th June 2011 · 1 min read
UK Commercial Property Update Will West End office rents outpace the City this year? The recent data-flow suggests that West End office rental value growth for 2011 as a whole could be considerably higher than the City. That would be in contrast with both our own and the consensus... 2nd June 2011 · 1 min read
Europe Commercial Property Update Copenhagen retail market looking increasingly overpriced Q1’s fall in Danish consumer spending suggests that it may take a little longer for retail rental values in Copenhagen to recover than we previously expected. Given their low level, we cannot rule out... 2nd June 2011 · 1 min read
UK Commercial Property Data Response CIPS/Markit Construction PMI (May) In February, the CIPS/Markit construction PMI hit its highest level since last June, driven primarily by a surge in residential construction activity. However, activity in the commercial property... 2nd June 2011 · 1 min read
UK Commercial Property Data Response Lending to commercial property (Apr) After a modest improvement in Q1 as a whole, net new lending to commercial property was negative again in April. There has been nothing in the anecdotal evidence or data-flow in recent months to alter... 1st June 2011 · 1 min read
UK Commercial Property Data Response IPF Consensus Forecasts (May) On average, respondents to the IPF Consensus still expect all-property capital values to edge lower this year, though the scale of the potential fall has been trimmed. Even so, some forecasters think... 27th May 2011 · 1 min read
Europe Commercial Property Focus How good is the long-run outlook for Turkish property returns? Strong economic growth in Turkey over the next 10 to 15 years should support an above average decline in commercial property yields, as well as reasonably strong rental value growth. Our central view... 26th May 2011 · 1 min read
UK Commercial Property Chart Pack Property market activity and prices remain in a lull All-property rental values remained broadly stable in January, though again this owed much to rises in the City and West End office markets, which offset falls elsewhere. All-property initial yields... 25th May 2011 · 1 min read
Europe Commercial Property Update Has the decline in Moscow all-property yields run its course? On a two or three year view, we would not be surprised to see Moscow all-property yields drop by a further 50-100bps. But over the rest of this year, uncertainty over the outcome of next year’s... 25th May 2011 · 1 min read
Europe Commercial Property Update Will Istanbul be next to join the office rent recovery? Unlike in Warsaw and Moscow, office rents in Prague, Budapest, Bucharest or Istanbul have not risen over the past year. But the latest macroeconomic and occupier market data signal that Istanbul will... 20th May 2011 · 1 min read
