The pace of recovery will disappoint (Vol 1 2010) The euro-zone seems to have pulled out of recession. Although Ireland and Spain will remain mired in recession, most of the member states will record positive growth in 2010, with Germany, France and... 21st December 2009 · 1 min read
Europe Commercial Property Update Ireland’s property market will remain in doldrums for next few years Ireland’s exit from recession in the third quarter provides less grounds for optimism about the outlook for commercial property than it may initially seem. Although rental value falls in Ireland have... 18th December 2009 · 1 min read
UK Commercial Property Focus Which sector has the best long-term rental value prospects? The current downturn in the commercial property rental values is not over yet. However, taking the next decade as a whole, our view is that, as has been the case historically, retail rental values... 14th December 2009 · 1 min read
Europe Commercial Property Update Italy’s exit from recession does not spell end to occupier downturn The breakdown of Italy’s Q3 GDP data provided some good news for its retail and industrial property markets. However, the full effects of the drop in output over the past 12-18 months have yet to be... 10th December 2009 · 1 min read
Europe Commercial Property Update Depressed activity will prevent rapid rebound in Russian office rents The depressed level of economic activity in Russia is likely to keep the level of occupier demand for office space subdued over the next few years compared to levels recorded prior to the recession... 9th December 2009 · 1 min read
UK Commercial Property Update De Montfort Lending: some encouraging results, but not many Although the media coverage of last week’s De Montfort University study of commercial property lending over the first half of 2009 was relatively negative in tone, there were some more positive... 8th December 2009 · 1 min read
Europe Commercial Property Update Swedish economy continues to grow, but rental correction not over Recent Swedish GDP data confirmed the fragility of its economic recovery. In our view, the modest growth has done little to suggest that Sweden’s commercial property occupier market downturn is... 1st December 2009 · 1 min read
UK Commercial Property Update Further question marks over sustainability of current property rebound Yesterday’s BPF/IPD Annual Lease Review for 2009 showed that leases continue to get shorter and break clauses more common, implying a higher risk of voids for landlords. Although commercial property’s... 26th November 2009 · 1 min read
Europe Commercial Property Update Commercial property outlook rosier for France than Germany Over the next two years we think that the German economy will deliver slightly stronger growth than France. Even so, we think that the downside risks to French rental values are less, while a higher... 25th November 2009 · 1 min read
Europe Commercial Property Update Hungary – weak consumer to weigh on retail property performance Retail property yields and rental values in Hungary have proved surprisingly resilient to date. But if we are right that the outlook for household spending in Hungary is among the weakest in the... 24th November 2009 · 1 min read
Europe Commercial Property Update What do vacancy rates tell us about office rental prospects? At the start of the recession, office vacancy rates across Europe varied hugely. Yet, however tempting it may have been to assume that rental values in markets with the lowest vacancy rates were... 20th November 2009 · 1 min read
Europe Commercial Property Update Retail yield correction in the Netherlands still underway Over the past two years the prime retail yield in Amsterdam has gone from one of the lowest in the euro-zone to one of the highest. Given the relatively weak performance of Dutch retail sales, this... 17th November 2009 · 1 min read
UK Commercial Property Outlook Weak economy to prevent a sustained, strong recovery in capital values (Q4 09) Economic prospects have improved since the previous Analyst, but not sufficiently to warrant a material change to our commercial property forecasts. As a result, over the period 2010-13, we still... 17th November 2009 · 1 min read
UK Commercial Property Update Has the shift to part-time working limited the fall in property demand? Part-time working has become more common during this recession, and may have helped commercial property demand to hold up better than it would have done in a scenario where firms were simply laying... 13th November 2009 · 1 min read
Europe Commercial Property Update Office v industrial rents: why have Italy and Portugal been different? The relatively large falls in industrial rental values in Italy and Portugal appear to stem from poor links to Europe’s primary logistics corridors. With a strong dependence on their domestic economic... 12th November 2009 · 1 min read
Europe Commercial Property Update Office development cut, but not enough to prevent rental declines In response to the recession developers have cancelled new construction projects where possible. Unfortunately the cutbacks made have not prevented office completions from rising this year. Although... 11th November 2009 · 1 min read
