Europe Data Response Italian GDP (Q2), Italian & French Industrial Production (Jul.) Q2’s Italian GDP figures confirmed that Italy continued to expand at a pretty healthy pace last quarter. But we think that the recovery may already have run its course and that there is a strong... 10th September 2010 · 1 min read
Europe Commercial Property Update Are Paris retail yields too low? Compared to offices, history suggests that retail property yields in Paris are too low. The weak outlook for consumer spending and the stronger outlook for office rental value growth point to the same... 5th August 2010 · 1 min read
Europe Data Response German Ifo Survey (Jul.) & French Consumer Spending (Jun.) July’s rise in the German Ifo index suggests that the economy is performing very well despite signs of a slowdown in the US and elsewhere. But June’s fall in French consumer spending confirmed that... 23rd July 2010 · 1 min read
Europe Commercial Property Update How sustainable is the recovery in French office rental values? We think that the nascent recovery in French office rental values probably has further to run. Indeed, with business confidence approaching long-run average levels and a risk of undersupply emerging... 23rd June 2010 · 1 min read
Europe Commercial Property Update French and German prospects better than derivatives prices imply Commercial property derivatives pricing may be giving too negative a steer on the outlook for French and German capital values. Indeed, in projecting flat or falling property prices, derivatives... 22nd June 2010 · 1 min read
Europe Commercial Property Update Germany will lag the industrial property recovery in France Despite a stronger recovery in German industrial production, the French industrial property market is performing better than Germany’s. While we suspect that the extent of that relative outperformance... 10th June 2010 · 1 min read
Europe Data Response Italian GDP (Q1), Italian & French Industrial Production (Apr.) Q1’s GDP figures confirmed that, for now at least, Italy is expanding at a reasonably healthy pace. But with signs that the euro-zone fiscal crisis is damaging business and consumer confidence, growth... 10th June 2010 · 1 min read
Europe Data Response German Industrial Production/Trade & French Trade (Apr.) April’s rise in German industrial production provides hope that the recovery in the wider economy is gaining momentum. But with fiscal policy in Germany and elsewhere set to be tightened dramatically... 8th June 2010 · 1 min read
Europe Commercial Property Update Will the resilience of French retail rents last? Although French retail rental values have barely fallen to date, we do not think that their resilience will last. With the economic recovery faltering, and figures released today showing that consumer... 27th May 2010 · 1 min read
Europe Data Response Germany Trade/France & Italy Industrial Production (Mar.) The latest data from the three main economies suggest that the region ended Q1 on a high note. But while the economic recovery may gain momentum in the short term, a prolonged period of fiscal... 10th May 2010 · 1 min read
Europe Data Response German Industrial Production & French Trade (Mar.) March’s surge in German industrial production confirms that the euro-zone’s largest economy is shaking off troubles in the periphery for now. But weather-related weakness earlier this year suggests... 7th May 2010 · 1 min read
Europe Commercial Property Update French office occupier market recovery not yet set in stone March’s fall in service sector sentiment in France suggests that 2009Q4’s sharp rise in take-up is unlikely to be repeated in 2010Q1. Moreover, with underlying demand also still relatively weak, even... 26th March 2010 · 1 min read
Europe Data Response Italian GDP (Q4), Italian & French Industrial Production (Jan.) Q4’s Italian GDP figures were pretty dreadful. With domestic demand still very fragil and a fundamental lack of competitiveness hampering the external sector, Italy looks set to stage a slow and... 10th March 2010 · 1 min read
Europe Commercial Property Update Investors reveal a liquidity preference A closer look at the movement in French commercial property yields supports the idea that liquidity remains a key consideration for investors as office yields have fallen more sharply than retail or... 4th March 2010 · 1 min read
Europe Data Response German Ifo Survey (Feb.) & French Consumer Spending (Jan.) The latest data add to the recent run of bad news. With German Ifo business sentiment falling in February and French consumer spending dropping in January, there is little hope that the euro-zone... 23rd February 2010 · 1 min read
Europe Economics Update Is France next in the markets’ sights? As worries about the public finances spread throughout the euro-zone, France is the latest to edge on to the radar screens. Given a relatively low stock of debt and healthy economic outlook, its... 8th February 2010 · 1 min read
