US Commercial Property Update Apartment completions likely to stay strong until 2025 We continue to expect historic highs for apartment completions in 2023-24 even though there are signs some will be deferred. This also means that, although new permits have dropped back amid softer... 18th August 2023 · 3 mins read
US Commercial Property Update How remote work could impact US city revenues On the back of the remote work revolution, US downtowns have seen reduced office-led footfall and rising crime rates. Cities will need to be proactive to drive conversion to alternative use and to... 15th August 2023 · 4 mins read
UK Commercial Property Rapid Response S&P Global/CIPS Construction PMI (Jul 23) The headline CIPS construction PMI resumed its upward trend in July, with the rise to 51.7 more than reversing the drop into contractionary territory in June. 4th August 2023 · 2 mins read
China Economics Update China’s property sector is increasingly state-led The property downturn has left state-owned developers the dominant players in a previously privately-led sector. The state is likely to continue playing a larger role as consolidation continues around... 3rd August 2023 · 3 mins read
US Housing Market Rapid Response Housing Starts (Jun.) Single-family starts fell back from their 11-month high in June, but remained substantially above the average seen in 2023 thus far as homebuilders remained optimistic. However with mortgage rates... 19th July 2023 · 2 mins read
US Housing Market Rapid Response Housing Starts (May.) Single-family starts saw the largest monthly increase in nearly three years in May, suggesting homebuilders have been responding to the recent rises in new home sales. We still expect a mild recession... 20th June 2023 · 2 mins read
US Housing Market Data Response Housing Starts (Apr.) Homebuilders have turned their attention to finishing off the large number of homes under construction rather than starting new ones, keeping single-family starts close to their recent lows in April... 17th May 2023 · 2 mins read
UK Commercial Property Data Response S&P Global/CIPS Construction PMI (Apr.) The April CIPS Construction PMI showed a growing divergence between the housing and commercial sectors, with activity in the latter seeing a gradual recovery while the former declined to a 36-month... 5th May 2023 · 2 mins read
UK Commercial Property Data Response RICS Construction Market Survey (Q1 23) The latest RICS Construction Survey showed an improvement in construction workloads and surveyors’ expectations also brightened. That is in line with other data showing the economy is proving more... 4th May 2023 · 3 mins read
US Housing Market Data Response Housing Starts (Mar.) Single-family starts rose for the second consecutive month in March which adds weight to the view that starts have bottomed out. Building permits and homebuilder confidence also edged higher. But... 18th April 2023 · 2 mins read
US Housing Market Data Response Housing Starts (Feb.) Single-family housing starts continued their weak start to the year in February with a marginal month-on-month increase. While forward looking indicators appear to have turned a corner, homebuilders... 16th March 2023 · 2 mins read
US Commercial Property Update Industrial completions set to fall back from 2024 We expect industrial completions to exceed 3.5% of inventory this year, despite the first quarterly drop in space under construction in Q4 for over two years. But new starts are already slowing and... 9th March 2023 · 3 mins read
UK Commercial Property Data Response S&P Global/CIPS Construction PMI (Feb.) The headline CIPS construction index rebounded back into expansionary territory in February and the forward-looking indicators also showed further improvement. Commercial developers may be taking... 6th March 2023 · 2 mins read
US Housing Market Data Response Housing Starts (Jan.) Single-family housing starts dropped back in January and the permits data add weight to our view that more weakness is to come. We think that starts will edge lower in the coming months, before an... 16th February 2023 · 2 mins read
US Housing Market Outlook Slow recovery in sales and further falls in prices Housing market activity is likely to recover only gradually from its current lows, which means we think 2023 will be the weakest year for sales since 2012. Affordability will remain stretched by past... 10th February 2023 · 18 mins read
