Europe Commercial Property Update German capital values are likely to rise in the near term One of the most striking aspects of Q3’s RICS global property survey was the marked improvement in surveyors’ expectations for German capital values. We find it hard to take issue with the new, more... 3rd November 2010 · 1 min read
UK Commercial Property Data Response RICS Commercial Property Market Survey (Q3) The results of today’s RICS survey were very downbeat. Admittedly, they may have been unduly influenced by the fact that the survey responses were taken prior to the Spending Review announcement, when... 2nd November 2010 · 1 min read
UK Commercial Property Data Response CIPS/Markit Construction PMI (Oct.) Today’s PMI showed that the pace of growth in commercial property construction slowed in October but remained positive. To our minds, however, with economic growth set to slow next year and job losses... 2nd November 2010 · 1 min read
UK Commercial Property Data Response Lending to commercial property (Q3) Net new lending to commercial property was negative again in Q3 but the sector’s share of total loan books remains high. However, anecdotal evidence that lenders may now be starting to take a harder... 29th October 2010 · 1 min read
Europe Commercial Property Update European commercial property investment volumes unlikely to take-off The recovery in European investment volumes appears to have reached a plateau. Unfortunately, yesterday’s ECB Bank Lending Survey, which showed a further net tightening of credit standards to firms... 29th October 2010 · 1 min read
UK Commercial Property Update Outlook for Central London office rents in 2011 now less positive Central London office rents will rise further. However, the revival of the medium-term development pipeline should ease occupiers’ fears about being stuck in unsuitable premises. Together with the... 28th October 2010 · 1 min read
Europe Commercial Property Update Czech occupier demand still under pressure October’s fall in economic sentiment in the Czech Republic suggests that a recovery in occupier demand for commercial property is not yet imminent. Indeed, rental value prospects for office, retail or... 25th October 2010 · 1 min read
UK Commercial Property Chart Pack Rental values remain stable, but strong recovery unlikely (Nov 10) All-property initial yields were flat in September, at about 6.45%. By contrast, bond yields fell and,hence, the property to bond yield spread is now back at around 350bps. With economic uncertainty... 22nd October 2010 · 1 min read
Europe Commercial Property Update Is Paris' office rental recovery running out of steam? We suspect that Q3’s halt to Paris’ prime office rental recovery is a temporary blip on a generally upward trend. Indeed, although service sector sentiment has remained broadly flat for the past few... 21st October 2010 · 1 min read
Europe Commercial Property Update Falls in Dutch retail yields are starting to fizzle out Q3’s sharp slowdown in the pace of Dutch retail yield falls supports our view that there is little value left in the market. Although sound public finances and a solid labour market are positive... 20th October 2010 · 1 min read
UK Commercial Property Update Industrial rental values likely to fall further The dataflow on the industrial sector of the economy generally remains a little patchy but the CBI’s employment intentions balance nevertheless still points to a strong rebound in industrial property... 19th October 2010 · 1 min read
Europe Commercial Property Focus Brussels offices: a safe bet in uncertain times? The experience of the early 2000s was that the Brussels office market prospered in a weak macroeconomic environment. With the euro-zone economy now facing another protracted period of subtrend... 14th October 2010 · 1 min read
UK Commercial Property Focus What is the outlook for leisure property returns? Over the next four to five years, we expect leisure total returns to average about 6% per year. That is lower than the returns we expect in the office and industrial sectors (both 7% per year) and... 14th October 2010 · 1 min read
Europe Commercial Property Update Polish commercial property still offers good value, for now The relatively attractive pricing of the Polish commercial property market compared to markets in the West appears to have driven a surge in investment market activity. Looking ahead, we think that... 13th October 2010 · 1 min read
UK Commercial Property Update Low supply unlikely to lead to surge in shopping centre rents New shopping centre completions are likely to remain low over the next 12 to 15 months. As in the London office markets, this could lead to a spike in prime rents as occupiers compete to secure a... 12th October 2010 · 1 min read
Non-Euro Europe Commercial Property Outlook Yield compression will not extend into 2011 (Q4 10) Commercial property occupier markets in most of non-euro-zone Europe appear to have bottomed out a little earlier than we had previously anticipated. Our forecasts now reflect this. Nevertheless... 6th October 2010 · 1 min read
