Europe Commercial Property Update Will industrial outperformance in Prague last? We are not convinced that rental growth in the Prague industrial market will continue to outperform offices and retail. Indeed, the likelihood of a slowdown in external demand, together with the weak... 9th March 2011 · 1 min read
UK Commercial Property Update How much weight should we put on real estate equity price rally? There is not an automatic link between real estate equity prices and price changes in the physical property market. However, while the prospect of a faltering economic recovery this year still... 8th March 2011 · 1 min read
Europe Commercial Property Update Will the underperformance of French retail rental values last? Relatively low levels of sentiment among French consumers and retailers alike seems to have prevented the French retail market from undergoing as strong a rental recovery as in some other markets... 3rd March 2011 · 1 min read
UK Commercial Property Data Response CIPS/Markit Construction PMI (Feb) 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 March 2011 · 1 min read
UK Commercial Property Data Response Commercial Property Lending (Jan) and Mergers & Acquisitions (Q4) Net new lending to commercial property was negative for the tenth month in a row in January and the sector’s share of outstanding bank debt continued to edge lower. We expect this process to remain... 1st March 2011 · 1 min read
UK Commercial Property Chart Pack Sentiment and investment activity take a knock 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... 28th February 2011 · 1 min read
UK Commercial Property Data Response IPF Consensus Forecasts (Feb) 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... 25th February 2011 · 1 min read
Europe Commercial Property Update High vacancy rates will stunt euro-zone office rental value growth It now seems clear that prime rental values in most euro-zone office markets are either at a floor, or have entered a recovery phase. But with weak prospects for occupier demand and high vacancy rates... 24th February 2011 · 1 min read
UK Commercial Property Update What does the rise in transaction-based yields tell us? One interpretation of recent Propertydata.com figures, which show rising average transaction-based commercial property yields, is that consensus forecasts for capital values to fall by 2% or so this... 22nd February 2011 · 1 min read
Europe Commercial Property Update Hungarian and Romanian commercial property markets to lag behind The latest RICS global survey presents a more optimistic outlook for capital value growth in Hungary and Romania than our current forecasts imply. But we think that surveyors may be overstating the... 21st February 2011 · 1 min read
UK Commercial Property Outlook Prime and non-prime price divergence to continue Driven by the non-prime segment, our forecast is that IPD all-property capital values will edge down by about 2% this year. But they will start to rise again in 2012 as rental values gradually... 16th February 2011 · 1 min read
Europe Commercial Property Update Q4 2010 RICS global survey: too gloomy on the Netherlands? There are certainly some reasons to suggest that the prospects for rental value and capital value growth in the Netherlands are weaker than in most euro-zone markets. However, we think that latest... 15th February 2011 · 1 min read
UK Commercial Property Data Response RICS Commercial Property Market Survey (Q4) The latest RICS data contained few surprises. Most importantly, they tend to indicate that the downturn in average rental values is now at an end. However, they also square with our view that any rise... 15th February 2011 · 1 min read
UK Commercial Property Update Are current rental value expectations too downbeat? There are grounds to think that the consensus forecasts that IPD all-property rental values will rise by about 1% in 2011 and 2.5% in 2012 are too cautious. First, the recovery in rental values in the... 11th February 2011 · 1 min read
Europe Commercial Property Focus Investment case for the Italian retail market remains weak Italy’s historic position as one of the euro-zone’s most expensive retail markets might suggest that the recent stability of Italian retail yields, while yields in other euro-zone markets have fallen... 8th February 2011 · 1 min read
UK Commercial Property Focus Are lenders really set to abandon delay and pray policies? It seems almost certain that over the coming quarters lenders will become less willing to extend maturing loans and will also increase the pressure on borrowers to sell property and repay non... 7th February 2011 · 1 min read
