Europe Commercial Property Update German occupier outlook weak despite growth in the economy The outlook for the German occupier market remains weak, despite the fact that the economy grew in Q2. We think that the labour market, which has held up well to date, could weaken in the second half... 25th August 2009 · 1 min read
Europe Commercial Property Update Paris further through the office rental value correction Paris has been among those Western European cities which have seen the sharpest declines in office rental values to date. However, we do not think that Paris has suffered disproportionately. Rather... 21st August 2009 · 1 min read
UK Commercial Property Outlook The emerging recovery will gather momentum this year, but will fade during 2010 (Q3 09) Evidence that a revival is underway in the commercial property investment market continues to build. Given that and the upward revisions to our economic growth forecasts for 2010, we have increased... 20th August 2009 · 1 min read
UK Commercial Property Update Investment market activity poised to rise; capital values could stabilise Commercial property transactions now seem to have found a floor, but we doubt that they will suddenly rebound strongly. Even so, it seems more likely than not that market activity levels will improve... 17th August 2009 · 1 min read
Europe Commercial Property Update Car scrappage schemes – a temporary support for occupier demand? Government incentive schemes to boost new car demand have, to date, been very successful. The surge in new car registrations in Europe should support occupier demand for industrial and logistics space... 13th August 2009 · 1 min read
Europe Commercial Property Update Expectation of more job losses points to falling office rents Recession in the European economy is hitting the labour market hard. Recent survey data from the European Commission show that employment intentions in the service sector may be turning a corner, but... 12th August 2009 · 1 min read
UK Commercial Property Update Derivative prices and funds flows: more signs of an improved outlook Commercial property derivatives pricing continues to improve. Moreover, the net outflows from pooled property investment funds, which have characterised the past couple of years, appear to have gone... 7th August 2009 · 1 min read
Europe Commercial Property Update 2009Q2 RICS survey: too gloomy on Poland and Czech Republic? The most recent edition of the RICS global commercial property survey highlights the severe occupier market downturn in emerging Europe. But while we think that the overall sentiment of the survey is... 6th August 2009 · 1 min read
Europe Commercial Property Update Currency depreciation adds to emerging European rental downturn Headline rental values in emerging European commercial property markets have been under downward pressure from both weak occupier demand amid the global economic downturn, and from currency... 4th August 2009 · 1 min read
Europe Commercial Property Update Weak lending to restrain investment market recovery Today’s bank lending survey from the ECB, suggests that there is little imminent prospect of an end to the tightening in credit availability and lending criteria for euro-zone businesses. For property... 29th July 2009 · 1 min read
UK Commercial Property Outlook Yields will peak this year, but rental downturn means capital values are set to fall further (Q2 09) Our economic and commercial property forecasts are broadly unchanged from the previous Analyst. We still expect the recession to run well into next year and for all-property capital values to decline... 28th July 2009 · 1 min read
Europe Commercial Property Update Euro-zone yields stabilise in Q2, but unlikely to have peaked Recent data show yields stabilised in most euro-zone office and retail markets in 2009Q2. While there are reasons to believe this may be the peak for yields, we are sceptical. Investor demand has... 23rd July 2009 · 1 min read
UK Commercial Property Update Shopping centre rental values still set to outperform shops and warehouses Shopping centre rental values are currently underperforming the other main retail sub-sectors, but there remain good reasons why this is unlikely to continue. For example, history suggests that... 22nd July 2009 · 1 min read
Europe Commercial Property Update Romania and Hungary – short-term pain, long-term gain? Property investors’ appetite for emerging European markets is low and is unlikely to recover for the foreseeable future. For now, however, stronger economic fundamentals and relatively low risk of... 21st July 2009 · 1 min read
Europe Commercial Property Focus Euro-zone economic and property risk In the current uncertain environment, any upturn in commercial property investment flows is likely to centre on Europe’s largest, most transparent markets. Yet investors will also be looking for... 16th July 2009 · 1 min read
UK Commercial Property Focus The effect of voids on landlords' income during a downturn The current commercial property occupier market downturn could run for another 12-18 months, and we think that, depending on the sector, rising voids over that period may take up to 5% off a typical... 15th July 2009 · 1 min read
