UK Commercial Property Data Response CIPS/Markit Construction PMI (Nov.) Commercial property remained the most active part of the construction sector in November, helping to deliver a modest rise in construction output. But whether this apparent optimism about the occupier... 2nd December 2010 · 1 min read
UK Commercial Property Focus Where will the property to bond yield spread go next? We suspect that the next material move in the property to bond yield spread is more likely to be down than up. That move may still be some way off, however, perhaps not even until 2013. But, when it... 30th November 2010 · 1 min read
Europe Commercial Property Update Will a strong krona derail the recovery in Swedish industrial rents? The recent strength of the Swedish krona has not prevented a modest recovery in industrial rents. Yet, further appreciation looks imminent and the growth outlook in Sweden’s key export markets is weak... 29th November 2010 · 1 min read
UK Commercial Property Data Response Lending to commercial property (Oct) Net new lending to commercial property was negative again in October. Low gross lending and borrowers’ focus on repaying existing debt are both likely to have contributed to that weak net figure... 29th November 2010 · 1 min read
Europe Commercial Property Update Will falls in Budapest retail yields be extended any further? Given our fairly downbeat view on Hungary’s consumer sector outlook, the continued above-average performance of the Budapest retail investment market is difficult to rationalise. In our view, the weak... 26th November 2010 · 1 min read
UK Commercial Property Data Response IPF Consensus Forecasts (Nov) Respondents to the Q4 IPF Consensus expect that a 6% gain in all-property capital values this year will give way to a modest fall of 2% next year, driven by higher yields. We also expect prices to... 26th November 2010 · 1 min read
Europe Commercial Property Update When will euro-zone office rental values recover their 2008 highs? Reflecting improvements in economic activity, there have recently been isolated reports of rising prime office rental values in parts of the euro-zone. While the floor for rents is now behind us... 24th November 2010 · 1 min read
UK Commercial Property Chart Pack Fragile economic outlook weighs on investment activity All-property rental values were basically unchanged again in October, with modest rises in Central London office markets balanced by falls elsewhere. A meaningful recovery in rental values, however... 24th November 2010 · 1 min read
UK Commercial Property Data Response RICS Construction Survey (Q3 10) The latest RICS Construction Survey had a distinctly negative tone, with activity in all sub-sectors falling in Q3. Given construction’s key role in the wider recovery to date, the survey thus... 19th November 2010 · 1 min read
Europe Commercial Property Update Falls in Norwegian industrial yields look unsustainable Recent falls in Norwegian industrial yields have been a little surprising given the still fragile fundamentals for industrial occupier demand and rental value growth. As such, we think that the... 18th November 2010 · 1 min read
UK Commercial Property Outlook Sub-trend economic growth to restrain occupier market (Q4 10) Our forecast is that annual IPD all-property total returns will average about 9% over 2011-14. The big picture is that low and broadly stable bond yields will support property prices over the forecast... 16th November 2010 · 1 min read
UK Commercial Property Update Effect on average prices of falls in secondary segment may be muted Transactions activity has cooled recently, with anecdotal evidence suggesting a buyer/seller stand-off in the secondary segment has been a contributing factor. On IPD data, this segment is fairly... 11th November 2010 · 1 min read
Europe Commercial Property Update What are euro-zone real estate equity prices telling us? Recent moves in euro-zone real estate equity prices point to solid near term all-property capital value growth in France, but a period of broad stagnation in Germany, Italy and the Netherlands... 9th November 2010 · 1 min read
UK Commercial Property Update RICS data highlight lingering office occupier market uncertainty Recent RICS data suggest that office rental values across the UK may fall slightly in Q4. We suspect that this will prove too pessimistic. Even so, the data are a timely reminder of the fragility of... 9th November 2010 · 1 min read
Europe Commercial Property Update Should Brussels offices command a higher risk premium? Given the huge economic and political uncertainties facing Belgium, the recent widening in the spread between office yields in Brussels and other cities seems entirely rational. Indeed, we suspect... 8th November 2010 · 1 min read
Europe Commercial Property Update Expectations for European property rental values remain downbeat The latest RICS global property survey points to some signs of life in European commercial property occupier markets. Unfortunately, however, rising tenant demand does not appear to be offsetting new... 4th November 2010 · 1 min read
