Europe Data Response German Industrial Production August’s surge in German industrial production was in line with the positive message from business surveys and puts the economy on course for a strong Q3. 9th October 2017 · 1 min read
Europe Data Response Euro-zone Unemployment (Aug.) August’s labour market data won’t deter the ECB from announcing later this month that it will taper its asset purchases next year. But the only gradual recovery in the labour market suggests that the... 2nd October 2017 · 1 min read
Europe Economics Weekly Would Macron’s plan for fiscal union work? Among the wide range of proposals for the EU put forward by French President Emmanuel Macron this week was the introduction of a euro-zone finance minister and a euro-zone budget. In principle, we... 29th September 2017 · 1 min read
Europe Data Response Euro-zone Flash CPI (Sep.) September’s weaker-than-expected euro-zone inflation data won’t stop the ECB from announcing in October its plan to taper its asset purchases next year. But the data suggest that the Bank will proceed... 29th September 2017 · 1 min read
Europe Commercial Property Update How could tighter ECB policy affect property yields? Tighter monetary policy in the UK, US and euro-zone in the next couple of years will undoubtedly cause risk-free rates to rise. However, given that property’s yield spread against risk-free rates is... 21st September 2017 · 1 min read
Asia Economics Weekly No need to worry about Fed and ECB policy normalisation The next stage of monetary policy normalisation in the developed world – balance sheet reduction by the US Fed, and the shift towards QE tapering in the euro-zone – will not have a major impact on... 15th September 2017 · 1 min read
Europe Commercial Property Outlook ECB draws nearer to turning off the stimulus tap European occupier markets have continued to benefit from the strengthening economic environment. Low risk-free rates still provide some limited scope for prime yields to fall. But as government bond... 11th September 2017 · 1 min read
Europe Commercial Property Update Increasing focus on high streets boosts prime rents in Lisbon Retailers in Lisbon are currently benefiting from a number of tailwinds. With occupiers focusing more on high street locations and limited prime vacancy, we have revised up our rental growth forecasts... 1st September 2017 · 1 min read
Europe Commercial Property Update Softer demand isn’t a disaster for German office rents A slowdown in German employment growth is set to take to the edge off office occupier demand growth. But with supply staying tight, prime office rental growth will ease, rather than grind to a halt. 25th August 2017 · 1 min read
Europe Commercial Property Valuation Monitor Industrial sector drops into overvalued territory Small rises in core government bond yields, along with similar-sized falls in equity dividend yields and limited commercial property yield falls mean that property valuations were mostly unchanged... 18th August 2017 · 1 min read
Europe Commercial Property Update Withdrawals to support a tighter Madrid office market Demand for office space in Madrid’s CBD has seen prime rents rise by 5% so far this year. And while completions are on the rise, this is being offset by withdrawals. With the market likely to tighten... 17th August 2017 · 1 min read
Europe Commercial Property Chart Pack Capital value growth hit by limited yield falls Euro-zone investment jumped 31% in Q2 compared to the same period last year. However, there are signs that suggest that the market is cooling, with the quarter recording the weakest decline in prime... 14th August 2017 · 1 min read
Global Economics Update Credit conditions to stay loose even as QE is scaled back Monetary conditions remain highly supportive of economic activity, and should continue to be so in the years ahead. While we expect the Fed to begin winding down its balance sheet in Q4 and the ECB to... 10th August 2017 · 1 min read
Europe Commercial Property Update Vienna retail rents could fall further in real terms Competition from prime shopping centres and questions about affordability mean that prime high street rents in Vienna will struggle to keep pace with inflation over the coming years, leading to... 9th August 2017 · 1 min read
Europe Commercial Property Update Steady first half cloaks the positive truth for Paris offices Office space in Paris’ CBD is in short supply and tenants are having to compete for larger floorplates. This will push prime rental values up at above-inflation rates of 3% and 4% respectively in 2018... 4th August 2017 · 1 min read
Europe Commercial Property Update Investors focus on prime property in Italy With better rental growth prospects for prime property in Italy, compared to secondary, we think that a continued focus by investors on prime assets will see yields edge down over the next 18 months. 2nd August 2017 · 1 min read
