UK Commercial Property Rapid Response

S&P Global/ CIPS Construction PMI (Oct. 24)

After a strong September the headline CIPS construction PMI dropped back to 54.3 in October, although that still points to an expansion of construction activity.

6th November 2024 · 1 min read

US Housing Market Rapid Response

Housing Starts (Sep. 2024)

The small fall in housing starts in September was entirely due to the multi-family segment, whereas single-family starts rose to a five-month high. While starts will probably weaken this month due to...

18th October 2024 · 2 mins read

US Commercial Property Apartment Metros Outlook

Miami apartment market to feel the heat over 2025-28

Apartment markets are turning a corner, and we now expect the sector to outperform over the five year forecast. As new supply drops back from the second half of next year, we expect a mixture of...

1st October 2024 · 7 mins read

Commodities Update

New China stimulus won’t lift commodity demand

While the announcement of new stimulus measures by Chinese officials coincided with increases in many commodity prices, the package does not materially alter the outlook for China’s commodity demand...

25th September 2024 · 2 mins read

Europe Commercial Property Outlook

Industrial to outperform as muted recovery gets underway

After two disappointing years, commercial property values have stabilised. However, the recovery is set to be weak. We think yield falls in the coming years will be small compared to previous...

23rd September 2024 · 28 mins read

US Commercial Property Office Metros Outlook

Houston rockets to the top of the office rankings

Offices are still in for a tough few years, with markets like San Francisco, LA and Seattle likely to come out of the downturn with values down 55% or more from their 2019 peaks. However, there are...

20th September 2024 · 7 mins read

US Housing Market Rapid Response

Housing Starts (Aug. 2024)

The large rise in housing starts in August was due to a rebound in starts in the south, confirming that the July slump was a temporary disruption caused by Hurricane Beryl. The increase in permits...

18th September 2024 · 2 mins read

Europe Commercial Property Update

Office conversion proceeding faster than expected

We have been sceptical of the viability of conversion of excess office space into residential units. But the latest figures indicate that, despite marginal financials, there may have been more...

1st August 2024 · 6 mins read

US Housing Market Rapid Response

US Housing Starts (June 2024)

The rise in housing starts and building permits in June is not as good as it seems at first glance, as it was driven by gains in the volatile multi-family sector, which we think will prove temporary...

17th July 2024 · 2 mins read

US Commercial Property Apartment Metros Outlook

Houston and Chicago top the apartment rankings

Across the 17 metros we cover, most will see higher vacancy over the next year or so due to a surge in completions. Atlanta and Houston will be the key exceptions. There new construction has plummeted...

2nd July 2024 · 6 mins read

US Commercial Property Office Metros Outlook

Southern metros set to outperform

The office sector faces another two years of value falls, led down by Seattle and San Francisco, where cumulative declines will be around 25%-30%. But our latest forecasts highlight the brighter spots...

20th June 2024 · 7 mins read

US Housing Market Rapid Response

US Housing Starts (May 2024)

The drop in housing starts in May is consistent with the recent slowdown in permit issuance, pointing to construction continuing to falter this year.

20th June 2024 · 2 mins read

US Housing Market Rapid Response

US Housing Starts (Apr. 2024)

The modest rebound in housing starts in April confirmed that the slump the month before was a weather-related blip. But the recovery wasn’t as strong as we had anticipated, which potentially casts...

16th May 2024 · 2 mins read

Europe Commercial Property Update

Still-weak sentiment consistent with sluggish recovery

The latest RICS survey suggested that there was a further improvement in occupier and investment demand at the beginning of 2024. However, the big picture was one of a very weak market, reaffirming...

25th April 2024 · 3 mins read

US Housing Market Rapid Response

US Housing Starts (Mar. 2024)

Housing starts weren’t able to build on the strong performance of the previous month in March, falling by the largest monthly amount since April 2020 in the early days of the pandemic. Although some...

16th April 2024 · 2 mins read