US Commercial Property Apartment Metros Outlook Houston climbs to the top of the apartment rankings We expect a surge in completions and a slowdown in employment growth to push vacancy higher in most of our 17 metros over the next year or so. Atlanta and Houston are two key exceptions to this rule... 4th April 2024 · 7 mins read
China Economics Weekly Policy support a temporary prop to construction Local government financing vehicles are ramping up land purchases to build more public housing, while developers are being given more financing to accelerate work on unfinished projects. This may... 22nd March 2024 · 4 mins read
US Housing Market Rapid Response US Housing Starts (Feb. 2024) The strong rebound in housing starts last month confirmed January’s slump was a weather-related blip. Although we expected starts to bounce back, February’s data were even stronger than we had... 19th March 2024 · 2 mins read
UK Commercial Property Rapid Response S&P Global/ CIPS Construction PMI (Feb. 24) The headline CIPS construction PMI rose to 49.7 in February, just under the no change level. The rise was driven by the housing component, with commercial activity edging back a touch. As interest... 6th March 2024 · 2 mins read
US Housing Market Update Single and multi-family construction on different paths Following the huge fall in multi-family starts in January, we suspect the apartment sector will continue to be a drag on new development this year. But construction of single-family dwellings will... 19th February 2024 · 3 mins read
US Housing Market Rapid Response Housing Starts (Jan. 2024) Housing starts fell by the largest amount since April 2020 in January, led by a huge drop in multi-family starts. We suspect the multi-family sector will continue to be a drag on new development this... 16th February 2024 · 3 mins read
UK Commercial Property Rapid Response S&P Global/ CIPS Construction PMI (Jan.) The rise in the headline CIPS construction PMI from 46.8 in December to 48.8 in January was driven by improvements in both the housing and commercial readings. (See Chart 1.) While we doubt commercial... 6th February 2024 · 2 mins read
US Housing Market Update Are rents really falling? We think the recent divergence between the BLS measure of apartment rents and other sources is due to reliability issues with the former, which we expect will be revised higher in future releases... 31st January 2024 · 3 mins read
US Housing Market Rapid Response Housing Starts (Dec. 2023) Housing starts fell last month reversing almost half of November’s huge weather-driven 11% m/m increase, but remained stronger than they were in the summer. The fall on the month was something of a... 18th January 2024 · 2 mins read
UK Housing Market Update Approaching a turning point in construction Note: Following the publication of government statistics on housing construction in Q3 2023 today, we are sending clients a revised version of this Update first published on 11 January. Barring Q2... 11th January 2024 · 3 mins read
US Commercial Property Apartment Metros Outlook Austin and Miami tumble down the apartment rankings We expect apartment markets to perform poorly over the next two years, with all our 17 metros seeing capital values lower at the end of 2025 than they are now. However, there will be substantial... 2nd January 2024 · 7 mins read
US Commercial Property Update Where will new apartment supply fall fastest? We expect the sharpest fall in apartment completions in 2025-26 in Boston, Denver, NYC and Seattle. Those cities will also be joined by Sunbelt markets where oversupply is already denting rents... 28th December 2023 · 3 mins read
US Housing Market Rapid Response Housing Starts (Nov. 2023) The extreme lack of existing inventory on the market continued to support newbuild demand and construction activity in November, as single-family starts jumped to an 18-month high. The rise is at odds... 19th December 2023 · 3 mins read
UK Commercial Property Update Takeaways from our Property in 2024 roundtables This week, we held a series of property roundtable discussions with clients in our London office as part of our World in 2024 series. In this Update, we outline our thoughts on the most interesting... 14th December 2023 · 4 mins read
UK Housing Market Outlook Prices to bottom out, but activity will remain soft Surprisingly resilient demand, high inflation, and limited supply mean a severe drop in house prices will be avoided. With the peak in mortgage rates now behind us and the labour market in good shape... 21st November 2023 · 17 mins read
US Housing Market Rapid Response Housing Starts (Oct. 2023) With homebuilders encouraged by the recent surge in buyers entering the new homes market due to a lack of existing inventory, housing starts and permits edged slightly higher in October. 17th November 2023 · 2 mins read
