UK Commercial Property Data Response IHS Markit/CIPS Construction PMI (Jul.) July’s construction PMI figure was slightly disappointing compared with the previous month’s highs. But it continued to point to robust activity and we think any dip is most likely a reflection of... 5th August 2021 · 2 mins read
Europe Commercial Property Update Longer-term prospects poor for Italian offices With demand slowly recovering and supply being pushed back, we no longer expect prime office rental falls in the Italian markets this year. However, the outlook is less encouraging, with a slowdown in... 4th August 2021 · 3 mins read
US Housing Market Update Increase in build-for-rent won’t derail SF rent growth Surging demand for single-family homes has revived institutional investor interest in the single-family rental (SFR) market. With few homes available to buy, interest in build-for-rent (BFR)... 3rd August 2021 · 3 mins read
US Commercial Property Data Response RICS Commercial Market Survey (Q2) Improvements in occupier demand boosted market sentiment in Q2. With over half of surveyors perceiving the property cycle to be in an upturn, prospects for H2 performance look solid. But while we... 29th July 2021 · 2 mins read
UK Commercial Property RICS Commercial Property Market Survey (Q2) Surveyors indicated that both occupier demand and investment enquiries improved in Q2 on the back of stronger industrial activity. Looking ahead, expectations for office and retail values are less... 29th July 2021 · 2 mins read
Europe Commercial Property Update Investment past the worst but still faces uphill struggle The Q2 data showed that pan-European (excl. UK) transactions improved after their Q1 lows. But international travel restrictions, structural shifts in the office and retail sectors and tougher credit... 29th July 2021 · 3 mins read
UK Commercial Property Lending to commercial property (June) As the economic recovery gathers pace, lenders have been less willing to grant further payment holidays to landlords and a rise in repayments probably explains the sharp decline in net lending in June... 29th July 2021 · 2 mins read
US Commercial Property Data Response US Metro Employment (Jun.) Employment growth accelerated in June, helping office-based employment return to pre-pandemic levels in almost a third of metros. But the 3m/3m growth rate in total employment was highest in the... 28th July 2021 · 2 mins read
Europe Commercial Property A primer on European residential property Less favourable demand fundamentals and less scope for yield compression mean that European residential returns are likely to be lower in the coming years than over the previous decade. An analysis of... 27th July 2021 · 17 mins read
US Commercial Property Data Response NCREIF Property Index (Q2 2021) All-property total returns strengthened again in Q2, reflecting improvement in all sectors. Industrial returns set a new quarterly record for the sector, while office and retail returns were again... 27th July 2021 · 3 mins read
US Commercial Property Why we expect a gradual recovery in lending The recent gains in lender sentiment showed the real estate recovery is heading in the right direction. As lenders gain confidence, standards should start to loosen, and industrial and multifamily... 26th July 2021 · 3 mins read
UK Commercial Property Chart Pack Strong momentum not expected to last The acceleration in all-property capital growth in June reflected a sharp fall in yields and strong rental growth. But, even as a fast economic rebound boosts occupier demand in the coming months, we... 23rd July 2021 · 7 mins read
UK Commercial Property Supermarkets highly priced but for good reason The supermarket yield spread to “all-retail” has grown to almost the level it reached in 2009. However, we think there are good reasons for this. Admittedly there are risks ahead for the sector that... 22nd July 2021 · 3 mins read
Europe Commercial Property Update Prime Brussels offices to fare better than most More remote working is pushing all occupiers to reassess their office space, but we think that rental growth for prime offices in Brussels should hold up better than the wider market. 22nd July 2021 · 3 mins read
US Commercial Property When will office vacancy peak in San Francisco? Our forecasts, which cover landlord-held space, point to San Francisco vacancy peaking in 2025 at over 24%. Broker data, which also incorporates sublease vacancy, suggests much of that adjustment has... 21st July 2021 · 3 mins read
Asset Allocation Tempering our optimism We no longer expect equities and corporate bonds to outperform “safe” government bonds by anything like as much as we did a couple of quarters ago, and we continue to forecast that some other “risky”... 21st July 2021 · 25 mins read
