Already a subscriber? Login
Equity Research Analyst Real Estate Sector
Equity Research Analyst Real Estate Sector
Amid a growing trend for private capital to buy into listed real estate, Spain's REIT/SOCIMI Arima has won a €60m subscription offer from Canada's (...)
UBS and Invesco are the two firms selected so far for overseas real estate asset management by Japan's Chikyoren, the nation's second largest public pension (...)
In its second exit from a listed European property group in six months, Texas-based opportunity fund group Lone Star is to sell its entire 61% holding (...)
In the early months of 2018, economic fundamentals are supportive of another solid year of real estate performance. But monetary conditions are tightening and (...)
US commercial real estate continues to produce income-driven returns as we transition into a new year. How are the sectors performing relative to each (...)
April 30, 2011 – the day after the Royal Wedding. As the UK recovered from the street parties (and a fair few hangovers), Zara's (...)
Taken by surprise If any UK property market forecaster had stood up at the start of the year and predicted that in December we (...)
Are business rate hikes in London starting to hurt retailers? The impact of structural change underway in the retail sector has been well documented, (...)
The last real estate capital market cycle is impacting on the structural characteristics of Italian and Spanish markets. Italian and Spanish commercial real estate markets (...)
"In 2018 we expect a year of stability: limited opportunity for further yield compression but not yet a sizeable decrease in capital values." 1. Will (...)
The proposed changes to Capital Gains Tax may have far-reaching consequences for the UK property industry. With changes to first time buyer stamp duty grabbing (...)
The infrastructure market has evolved from a bank-dominated market less than 10 years ago, to one with a growing institutional investor presence. The fundamental (...)
NFC debt as a share of GDP rose sharply before the crisis and has kept growing in all of Europe's major economies. The story of (...)
Steady demand growth, with Europe and Japan historically strong. Lack of investment and real income growth are notable challenges. Real estate still in demand; (...)
Sentiment in the European real estate investment market remains strong as investors seek higher yielding property assets relative to other asset classes such as (...)
Have the lessons been learnt? September 2007. Just three months on from the release of the first iPhone queues were forming along UK high (...)
L’économie suisse n’a pas atteint son rythme de croisière lors du premier semestre 2017. La croissance devait s’accélérer au cours du second semestre et (...)
Occupancy rates flattening, leaving rent growth to power income gains Transaction volume still easing off recent highs. Cap rates should face slight upward pressure (...)
Les placements immobiliers suisses cotés en bourse se caractérisent par des rendements réguliers et des distributions intéressantes, générés par les loyers perçus. Il est (...)
Dans le cas de fonds immobiliers cotés, il existe en règle générale un différentiel entre le cours du marché et la valeur nette d’inventaire (...)
Ten years ago, sharp falls in world equity markets presaged the start of the Global Financial Crisis (GFC). Following a long recovery, all the (...)
The Asian hotel boom has been trending in the last few years on the back of strong tourist flows arising from burgeoning middle class (...)
Growth in the APAC region has and will continue to be driven by robust domestic demand, including a pickup in private investment, offsetting the (...)
Income continues to be the leading driver of US commercial real estate performance, a change that has taken place gradually as the real estate (...)
As in the wider economy, players in the real estate sector tend to think in terms of cycles. In macroeconomics the discussion is of (...)
There has been a gradual political shift towards populism in recent decades. In Europe, from the 1960s to 2016, the share of the vote (...)
Au 1er trimestre 2017, l'UBS Swiss Real Estate Bubble Index a légèrement augmenté pour s'établir à 1,39 dans la zone de risque. La hausse des (...)
On 16 February the major of Milan, in conjunction with the Italian Foreign Affairs minister and the Treasury minister, held a press conference announcing (...)
Economic growth in the eurozone remained relatively steady in 2016 and actually ended the year on a strong note despite rising political uncertainties both (...)
US economic growth generally trended in a range of 1.5% and 2.5% since 2010, which has been enough growth to support positive demand for (...)
As at the end of February 2017, the European Central Bank (ECB) had purchased monetary assets of ca. EUR1.7 trillion under its extended asset (...)
En 2016, l’économie suisse s’est développée sur des bases solides. Les signaux d’une reprise forte sur le marché du travail ont néanmoins fait défaut. (...)
Much has been touted about China rebalancing into a consumer-based economy, and indeed, a quick search of the terms "China consumption" on the internet (...)
Peu de catégories de placement en Suisse ont été aussi rentables que la pierre ces dix dernières années. Mais l’air qui souffle sur notre (...)
Behind the political headlines dominated by Brexit developments, there has been a key shift with another highly contentious topic – housing. The rhetoric coming (...)
Due to the low interest rate environment and the increasing volatility of financial markets, appetite for real estate and its capacity to deliver stable (...)
The global economy is relatively healthy, despite the fact that in most major economies domestic demand is expanding at a rate below its 10-year (...)
The Bank of Japan (BoJ) joined the negative interest rate club earlier this year, following in the footsteps of central banks in Europe – (...)
It feels like a long time since George Osborne delivered a budget without some form of significant change to the tax structure on UK (...)
A vote to remain continues to be the more likely outcome and GRE research believes that the likelihood of this has increased marginally after (...)
Since the beginning of 2016 global capital and financial markets have been on a roller coaster. On the back of slowing economic growth in (...)
Expectations for UK economic growth have undergone some fairly significant downward revisions over the past six months. GDP for 2015 came in at 2.2%, (...)
The economic outlook for the eurozone has become increasingly polarized between the relatively positive domestically driven recovery, which drove GDP growth above expectations in (...)
Near-term macro conditions are set to remain challenging in the Asia Pacific (APAC) region relative to historical growth rates. Headline GDP growth is expected (...)
Le creux de la vague semble dépassé et une légère accélération de la croissance est attendue pour 2016. Cette tendance devrait se trouver soutenue (...)
The US labor market averaged a gain of 235,000 jobs per month during the six months ended February 2016, which was a relief after (...)
There are numerous existing narratives on China's economy, most offering views on where it is headed, and whether a soft or a hard landing (...)
As we begin 2016, the US economy will have been in expansion mode for six and a half years. There are many signs of (...)
Macro conditions have generally stabilized across APAC relative to January's low point, which was characterized by elevated financial market volatility, falling commodity prices and (...)
Au cours du premier semestre, la conjoncture suisse a été marquée par un franc fort. Le produit intérieur brut réel de la Suisse a (...)
The near-term outlook for the Asia Pacific (APAC) region is set to remain sluggish over the next 12-18 months as China gradually moves towards (...)
It is natural, and often times comfortable, to use historic patterns in order to understand the present and perhaps the future. Currently, investors make (...)
US institutional real estate pricing, as measured by stabilized properties in the NFI-ODCE1, is below levels seen pre-GFC (4.9% vs 5.5%). However, it is (...)
In general terms for 1H15, the UK economy has continued its positive trajectory with 2Q15 GDP growth figures of 0.7% following a surprisingly weak (...)
Commercial real estate continues to enjoy positive momentum, further supported by re-acceleration in economic growth during the second quarter 2015. After a weak start to (...)
Behind the headlines of the crisis in Greece, the eurozone's economy has produced some encouraging indicators in 2Q15, suggesting that it is moving into (...)
For institutional investment purposes, real estate usually refers to the commercial sectors of office, retail, industrial (including logistics) and the leased (rather than owner (...)
Behind the headlines of the crisis in Greece, the eurozone economy has produced some encouraging indicators in 2Q15, which suggests that it is moving (...)
Jusqu'à présenten 2015, l'économie suisse a été marquée par la suppression du taux plancher. Le marché du travail a fait preuve de robustesse. Néanmoins, (...)
As 2015 begins, the US economy is approaching self-sustaining expansion. Economic momentum should be positive, supporting commercial real estate income growth even as interest (...)
In our 2014 outlook, we looked for better job and income growth to support consumer spending and for more capital spending, along with stronger (...)
Analysts face obstacles when applying financial statistics—often used to describe public equity investments—to private institutional real estate positions. For example, in order to generate (...)
La faible conjoncture européenne affecte également de plus en plus la croissance économique suisse. Le niveau des taux d’intérêt a une nouvelle fois atteint (...)
La publication du rapport Brundtland est considérée comme le point de départ des débats internationaux sur la durabilité. Dans cet ouvrage publié en 1987, (...)
Focus on the income has always been a main theme of our research. It is as important today as ever given that net operating (...)
The UK outlook strengthened further during 1H14. The economy continued to expand at a strong pace with quarterly GDP rising by 0.8% in both (...)
During the second quarter 2014, commercial real estate performance reflected underlying positive trends in the economy and labor markets. Upward pressure on prices is expected (...)
Investors and businesses appear to be increasingly incorporating information on environmental, social and governance performance into their occupational and investment underwriting decisions. From an (...)
For institutional investment purposes, real estate usually refers to the commercial sectors of office, retail, industrial (including logistics) and the leased (rather than owner (...)
An unusually frigid and stormy winter likely put downward pressure on the US economy and labor market during the first two months of 2014, (...)
En 2013, outre la conjoncture nationale robuste, citons également l’accélération de l’économie d’exportation, qui a donné lieu une multiplication par deux de la croissance (...)
In the 2H13 market update, we suggested that there were early signs of the UK economy returning to more sustainable growth. During the second (...)
The transition from 2013 to 2014 saw a softening of growth in US Gross Domestic Product (GDP) and, by some measures, in the labor (...)
The economy is growing, capital to real estate is flowing, and property sector fundamentals are improving. The investment outlook is for increasingly stabilizing conditions (...)
The economy is growing, capital to real estate is flowing, and property sector fundamentals are improving. The investment outlook is for increasingly stabilizing conditions (...)
Two unusual policy moves helped shape US economic and credit market performance during the third quarter: - On September 18, the Federal Reserve (Fed) (...)
Amid growing signs of stronger growth for both the US and global economy, investors are anticipating an eventual tapering of the US Federal Reserve's (...)
In the last outlook paper in 1H13, we suggested there were signs that the UK economy was stabilizing. Since 2Q13 there has been a (...)
La pression à la hausse devrait s’essouffler sur le marché suisse des placements immobiliers. Le rendement sur le revenu se trouve de plus en (...)
Rationalization within the office sector will start to dictate rental negotiations although it is likely to be countered by muted development pipelines in Beijing (...)
Improvement should continue in the US warehouse marketdespite a slowly accelerating recovery. Availability remains above the long-term average; rent growth has been minimal to (...)
Since the beginning of the global financial crisis, capital markets have reacted sensitively to comments by central banks on (future) monetary policies. As president of (...)
For institutional investment purposes, real estate usually refers to the commercial sectors of office, retail and industrial (including logistics) and the leased (rather than (...)
Unconventional central bank monetary policy continues to drive asset prices. Although interest rates have ticked up slightly in recent months, the Federal Reserve continues (...)
Despite the tempered pace of economic growth, broad-based gradual improvement is causing the Federal Reserve (Fed) to consider phasing out Quantitative Easing. Changing interest rates (...)
The debt burden facing the commercial real estate industry since the beginning of the crisis five years ago is very much alive. None of (...)
The debt burden facing the commercial real estate industry since the beginning of the crisis five years ago is very much alive. None of (...)
The European Central Bank’s (ECB) president Mario Draghi’s pledge at the July 2012 Global Investment Conference in London, to “do whatever it takes to (...)
The ongoing problems in the eurozone continue to shape investment activity and returns in the real estate sector. This paper considers the merits of (...)
In the first quarter, US economic growth rebounded from the near zero rate delivered in the fourth quarter. Fears that the fragile expansion could falter (...)
Les taux d’intérêt bas et l'immigration devraient persister dans un avenir proche et contribuer ainsi à maintenir le niveau des prix. Dans un contexte (...)
This paper considers growth prospects for the Brazilian economy and a risk outlook in the medium term, and it is in this context that (...)
The UK economic outlook for 2013 has remained fairly stable since our last update in 2H12, with little change to our (earlier) GDP growth (...)
An important real estate theme that has developed since the aftermath of the recent financial turmoil is the rapid growth of APAC’s invested stock, (...)
In the final few months of 2012, political uncertainty depressed business and consumer confidence despite a pick-up in hiring and consumption. Some progress was (...)
Since the start of the global financial crisis in 2007, investors have not only become very risk averse, they have also been focusing their (...)
Improvement in key sectors of the US economy should be sufficient to offset the fiscal drag of a retrenching federal government and a more (...)
Homes are already overvalued in several regions, but low interest rates and high immigration are supporting prices. Booming business centers and attractive residential areas (...)
Earn the growth is the dominant theme arising from our view of the coming year. As suggested through the Base Case of the performance (...)
With the main corners of the global markets vulnerable to ongoing uncertainty and deteriorating economic performance, investors continue to seek safety wherever available. The (...)
The past six months have proved difficult for the UK, particularly in 2Q12 when the economy contracted by 0.7%. The success of the London (...)
La Suisse devrait conserver son statut d’havre de paix dans les deux prochaines années. Faute d’autres possibilités d’investissement, de nouvelles augmentations de valeur ne (...)
The Beijing office market remained the clear outperformer by a notable margin as year-to-date rental increase reached circa 20%, according to DTZ. The strong (...)