Europe Commercial Property Update Investment activity to show further strength in 2022 After a record-breaking 2021, survey evidence points to a strong start to the year for pan-European (excluding UK) investment volumes. With pent-up demand mostly exhausted, we expect transactions to... 11th February 2022 · 3 mins read
Europe Commercial Property Update Global property returns not expected to defy gravity The exceptionally strong rebound in commercial property returns has been clear from the middle of last year. While this came earlier than most expected, we think it reflected special conditions and... 11th February 2022 · 3 mins read
US Housing Market Update Do not conflate real assets with inflation hedges We believe the link between real estate cashflows and inflation to be overplayed, a view that is backed up by the evidence of the last 44 years. But there are exceptions. One of which is low vacancy... 10th February 2022 · 4 mins read
UK Commercial Property Valuation Monitor Valuations worsen as property yields continue to fall Property valuations, compared to bonds and equities, deteriorated for a fourth consecutive quarter in Q4. The spread between the asset classes narrowed as the magnitude of the fall in all-property... 9th February 2022 · 6 mins read
UK Commercial Property Data Response IHS Markit/CIPS Construction PMI (Jan.) In contrast to the decline at the end of last year, the construction PMI rose to its highest level in six months in January. There were also encouraging signs that supply and cost issues have started... 4th February 2022 · 2 mins read
Europe Commercial Property Update Supply to limit Dublin office rental revival The recovery in Dublin offices has lagged the broader economic upturn. While demand is expected to improve in 2022, with a full supply pipeline, it is likely that vacancy will stay at relatively high... 4th February 2022 · 3 mins read
US Commercial Property Update Falling oil prices to weigh on Houston office demand We think that elevated oil prices will help office-based employment in Houston to recover further in the coming months, but the shift to remote working will limit the associated boost to office demand... 3rd February 2022 · 3 mins read
Europe Commercial Property Update Good times over for industrial rents in major ports While the recent improvement in world trade is encouraging for industrial demand in the major port markets, we don’t expect an acceleration in rental growth this year. Supply bottlenecks will still... 3rd February 2022 · 3 mins read
UK Commercial Property Data Response RICS Construction Market Survey (Q4) The latest RICS survey indicated that activity in Q4 and the outlook for the short term were broadly unchanged. The survey also suggested that labour and material shortages will continue to hurt... 3rd February 2022 · 2 mins read
US Commercial Property Data Response US Metro Employment (Dec.) Progress in the labour market has been slow, with employment having recovered to pre-COVID levels in just four of the 30 metros. While Las Vegas and Orlando have seen decent job growth in recent... 2nd February 2022 · 2 mins read
UK Commercial Property Data Response Lending to commercial property (Dec.) A marked jump in lending to standing property resulted in total net lending reaching its highest level in just over 18 months in December. Although this is encouraging, several challenges remain... 1st February 2022 · 2 mins read
Asset Allocation Outlook Higher bond yields more headwind than hurricane Although we expect a further rise in government bond yields to undermine the returns from most “safe” assets, we don’t expect it to be big enough to bring the prices of most “risky” financial assets... 31st January 2022 · 25 mins read
UK Commercial Property Update Has there been a flight to quality in London offices? There is a perception that a shift in workspace preferences brought about by the pandemic has redirected demand towards higher quality office space. But while there is some evidence of a flight to... 28th January 2022 · 3 mins read
Europe Commercial Property Update Pandemic not the only risk to Stockholm property While we think the direct risks to property from the pandemic have reduced, the uncertain impact of structural change and our expectation that interest rates will now be increased from late this year... 28th January 2022 · 3 mins read
US Commercial Property Data Response RICS Commercial Market Survey (Q4) Market sentiment picked up in Q4, driven by widespread improvements in conditions across sectors. Respondents are also becoming more upbeat about the next 12 months, with forecasts for rents and... 27th January 2022 · 2 mins read
UK Commercial Property Data Response RICS Commercial Property Market Survey (Q4) The spread of the Omicron variant took some of the steam out of the property recovery in Q4 2021, but the latest RICS results are consistent with further growth in 2022. They also highlight continued... 27th January 2022 · 2 mins read
