UK Commercial Property Update

Market chaos puts upward pressure on UK commercial property yields

With the exception of some industrial assets, commercial property in the UK is not directly impacted by the higher tariffs announced by President Trump and property equities have performed relatively...

9th April 2025 · 4 mins read

UK Commercial Property Rapid Response

S&P Global/ CIPS UK Construction PMI (Mar. 25)

The headline CIPS construction PMI saw a small rise in March to 46.4, from 44.6 in February. But that still left the balance below 50 and consistent with a contracting construction sector.

4th April 2025 · 1 min read

UK Commercial Property Rapid Response

Lending to UK commercial property (Feb. 25)

Net lending to property continued its recent run of strength in February, with total lending of £1.58bn up from £917m in January and the highest monthly figure since May 2020.

31st March 2025 · 1 min read

Europe Commercial Property Outlook

Europe Commercial Property Outlook: Higher interest rates weaken the recovery

Following upward revisions to our forecasts for policy rates and bond yields, we have raised our forecasts for prime property yields in Europe and now expect increases of around 20-25bps by the end of...

27th March 2025 · 28 mins read

Europe Commercial Property Focus

Dutch residential to outperform in the euro-zone

Residential has been the Netherlands’ strongest performing commercial property sector since the GFC, with bumper rent growth a key contributor to that outperformance. Looking ahead, slower wage growth...

24th March 2025 · 18 mins read

UK Commercial Property Chart Pack

UK Commercial Property Chart Pack (Mar. 25)

Gilt yields should fall back this year, but with property looking somewhat overvalued we doubt that will trigger much in the way of yield compression. That means the recovery in all-property returns...

21st March 2025 · 1 min read

US Commercial Property Update

PREA consensus forecasts still well above our US CRE returns

The latest PREA consensus forecasts reveal a downward revision in total returns and capital value changes across most sectors, especially for offices and industrial. However, the consensus remains...

18th March 2025 · 2 mins read

UK Commercial Property Rapid Response

S&P Global/ CIPS UK Construction PMI (Feb. 25)

The headline CIPS construction PMI dropped to 44.6 in February, from 48.1 in January, which was the lowest reading since May 2020.

6th March 2025 · 1 min read

UK Commercial Property Rapid Response

Lending to UK commercial property (Jan. 25)

Net lending to property had a steady start to 2025, with the total of £917mn in January down from £1.28bn in December 2024, but close to the average seen over 2024.

3rd March 2025 · 1 min read

US Commercial Property Chart Pack

US Commercial Property Chart Pack (Q1 2025)

All-property values edged down by 0.1% in Q4 but the magnitude of decline narrowed. Appraisal-based cap rates also fell for the first time since mid-2022. However, we still believe appraisals have...

28th February 2025 · 1 min read

Europe Commercial Property Chart Pack

Europe Commercial Property Chart Pack (Q1 2025)

Euro-zone prime property yields fell slightly in Q4, led by offices and industrial. However, a slowdown in rental gains as vacancy climbed higher meant that capital value growth slowed slightly...

28th February 2025 · 0 mins read

UK Commercial Property Outlook

UK Commercial Property Outlook: Weak economy to weigh on property recovery

The economic outlook has worsened over the past couple of months, which supports our call that the recovery in commercial property will be modest by past standards. Admittedly, interest rates are set...

19th February 2025 · 26 mins read

UK Commercial Property Valuation Monitor

UK Commercial Property Valuation Monitor (Q1 25)

Property valuations worsened in Q4 as alternative asset yields rose and property yields essentially held steady.

13th February 2025 · 1 min read

Europe Commercial Property Update

Euro-zone CRE investment outlook still gloomy

After a strong Q4, a shaky start to 2025 has highlighted the fragility of the recovery in euro-zone commercial real estate investment. We still expect transaction volumes to rise over the remainder of...

11th February 2025 · 5 mins read

UK Commercial Property Update

Will new London office supply run dry from 2027?

The Central London office pipeline looks set to go from feast to famine over the next few years, with a sharp drop in planned completions from 2027. But we doubt new office supply will run dry...

10th February 2025 · 4 mins read