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UBS AG

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Last update May 27, 2019 | Report an error

Nicola Franceschini

Real Estate & Private Markets, Research & Strategy

Finance

UBS, Invesco win Japan's Chikyoren mandates for overseas real estate mgt

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 fund with (...)

Listed

US Lone Star to exit 2nd European listed firm, selling 61% Warsaw GTC stake

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 Warsaw-based (...)

Investment

Real Estate Summary: Opportunity amidst converging returns and shrinking risk premia

In the early months of 2018, economic fundamentals are supportive of another solid year of real estate performance. But monetary conditions are tightening and our central (...)

Investment

US Real Estate - Outlook 2018

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 other? Where (...)

Logistics

Demand for industrial real estate could rise further as manufacturers 're-shore' production

April 30, 2011 – the day after the Royal Wedding. As the UK recovered from the street parties (and a fair few hangovers), Zara's factory workers (...)

Investment

How did the UK market exceed all expectations in 2017, and can we expect more of the same this year?

Taken by surprise If any UK property market forecaster had stood up at the start of the year and predicted that in December we would be (...)

Retail

Are affordability pressures starting to bite in London?

Are business rate hikes in London starting to hurt retailers? The impact of structural change underway in the retail sector has been well documented, in particular, (...)

Investment

A comparison of capital markets dynamics between Italian and Spanish real estate markets

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 are often (...)

Investment

Key questions facing the real estate investment market in 2018

"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 2018 be (...)

Retail

Budget surprise : Chancellor delivers another tax change with potentially major implications for UK Commercial Real Estate

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 headlines (...)

Investment

The case for infrastructure debt

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 drivers are (...)

Investment

European Corporate Debt : Outside the financial sector, levels of indebtedness remain high

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 the financial (...)

Investment

Real Estate Summary - November 2017

Steady demand growth, with Europe and Japan historically strong. Lack of investment and real income growth are notable challenges. Real estate still in demand; prices tightening (...)

Investment

France: social reforms

Sentiment in the European real estate investment market remains strong as investors seek higher yielding property assets relative to other asset classes such as government bonds. (...)

Investment

10 years on from Northern Rock

Have the lessons been learnt? September 2007. Just three months on from the release of the first iPhone queues were forming along UK high streets, but (...)

Investment

Le marché suisse de l’immobilier - S2 2017

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 apporter une (...)

Investment

US Real Estate Summary - September 2017

Occupancy rates flattening, leaving rent growth to power income gains Transaction volume still easing off recent highs. Cap rates should face slight upward pressure by the (...)

Investment

Investir de manière professionnelle dans les placements immobiliers suisses cotés en bourse

Les placements immobiliers suisses cotés en bourse se caractérisent par des rendements réguliers et des distributions intéressantes, générés par les loyers perçus. Il est donc décisif (...)

Investment

Analyse des principaux vecteurs d’agios pour les solutions cotées de placement immobilier indirect en Suisse

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 (VNI ou (...)

Investment

Real Estate Summary - August 2017

Ten years ago, sharp falls in world equity markets presaged the start of the Global Financial Crisis (GFC). Following a long recovery, all the major economies (...)

Hospitality

Japan hotel sector

The Asian hotel boom has been trending in the last few years on the back of strong tourist flows arising from burgeoning middle class economies and (...)

Investment

APAC Real Estate Outlook - 2H 17

Growth in the APAC region has and will continue to be driven by robust domestic demand, including a pickup in private investment, offsetting the negative impact (...)

Investment

US Real Estate Summary - June 2017

Income continues to be the leading driver of US commercial real estate performance, a change that has taken place gradually as the real estate sector transitioned (...)

Investment

The liquidity of real estate investments

As in the wider economy, players in the real estate sector tend to think in terms of cycles. In macroeconomics the discussion is of economic cycles, (...)

Investment

Real Estate Summary - May 2017

There has been a gradual political shift towards populism in recent decades. In Europe, from the 1960s to 2016, the share of the vote garnered by (...)

Housing

Immobilier suisse - T1 2017

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 prix des (...)

Investment

Italian Tax Incentives – April 2017

On 16 February the major of Milan, in conjunction with the Italian Foreign Affairs minister and the Treasury minister, held a press conference announcing that Milan (...)

Investment

Eurozone Real Estate Outlook - 1H 2017

Economic growth in the eurozone remained relatively steady in 2016 and actually ended the year on a strong note despite rising political uncertainties both within the (...)

Investment

US Real Estate Summary - March 2017

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 real estate. (...)

Investment

Monetary Policy – March 2017

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 purchased programme (...)

Investment

Le marché suisse de l’immobilier – 1H17

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. Dans les (...)

Investment

Rebalancing China

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 reveals more (...)

Housing

Swiss Real Estate Focus 2017

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 marché immobilier (...)

Housing

UK Real Estate Market: Can institutional scale rental accommodation help solve the housing crisis?

Behind the political headlines dominated by Brexit developments, there has been a key shift with another highly contentious topic – housing. The rhetoric coming from the (...)

Investment

European Real Estate Market: Italian investors are an emerging force of capital

Due to the low interest rate environment and the increasing volatility of financial markets, appetite for real estate and its capacity to deliver stable income flows (...)

Investment

Global Real Estate Summary - May 2016

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 (or longer) (...)

Investment

Japan's negative interest rate policy: Impact on real estate

The Bank of Japan (BoJ) joined the negative interest rate club earlier this year, following in the footsteps of central banks in Europe – including the (...)

Investment

UK Real Estate Market: Continued rise in stamp duty taxes runs the risk of damaging future investment

It feels like a long time since George Osborne delivered a budget without some form of significant change to the tax structure on UK property investment. (...)

Investment

European Real Estate Market - Brexit: Our expectations

A vote to remain continues to be the more likely outcome and GRE research believes that the likelihood of this has increased marginally after Cameron achieved (...)

Investment

European Real Estate Summary - May 2016

Since the beginning of 2016 global capital and financial markets have been on a roller coaster. On the back of slowing economic growth in Emerging Markets (...)

Investment

UK Real Estate Outlook - 1H 2016

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%, someway below (...)

Investment

Eurozone Real Estate Outlook - 1H 2016

The economic outlook for the eurozone has become increasingly polarized between the relatively positive domestically driven recovery, which drove GDP growth above expectations in 2015, and (...)

Investment

Asia Pacific - Q1 2016

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 to average (...)

Investment

Le marché suisse de l’immobilier - H1 2016

Le creux de la vague semble dépassé et une légère accélération de la croissance est attendue pour 2016. Cette tendance devrait se trouver soutenue par la (...)

Investment

US Real Estate Summary - March 2016

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 a slowdown (...)

Investment

China Real Estate market : Taking stock and looking ahead

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 is looming. (...)

Investment

US Real Estate Market Outlook 2016

As we begin 2016, the US economy will have been in expansion mode for six and a half years. There are many signs of prosperity, including (...)

Investment

Asia Pacific Real Estate Summary - May 2016

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 declining global (...)

Investment

Le marché suisse de l’immobilier

Au cours du premier semestre, la conjoncture suisse a été marquée par un franc fort. Le produit intérieur brut réel de la Suisse a reculé de (...)

Investment

Asia Pacific Quarterly Update – 3Q 2015

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 a sustainable (...)

Investment

2015≠ 2007 - US Commercial Real Estate

It is natural, and often times comfortable, to use historic patterns in order to understand the present and perhaps the future. Currently, investors make comparisons of (...)

Investment

US Commercial Real Estate

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 important to (...)

Investment

UK real estate market

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 1Q15 output (...)

Investment

US real estate market

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 the year, (...)

Retail

Eurozone commercial real estate market

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 a phase (...)

Investment

Real Estate : All you need to know

For institutional investment purposes, real estate usually refers to the commercial sectors of office, retail, industrial (including logistics) and the leased (rather than owner occupied) residential (...)

Investment

European real estate market

Behind the headlines of the crisis in Greece, the eurozone economy has produced some encouraging indicators in 2Q15, which suggests that it is moving into a (...)

Investment

Le marché suisse de l'immobilier

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, la pression (...)

Investment

US real estate market

 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 rate movements (...)

Investment

US real estate market

In our 2014 outlook, we looked for better job and income growth to support consumer spending and for more capital spending, along with stronger residential housing (...)

Investment

Praise the appraisal

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 the most (...)

Investment

Marché immobilier suisse

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 un niveau (...)

Green

Immobilier et durabilité: Un potentiel de rendement à venir

La publication du rapport Brundtland est considérée comme le point de départ des débats internationaux sur la durabilité. Dans cet ouvrage publié en 1987, le concept (...)

Investment

US real estate market

Focus on the income has always been a main theme of our research. It is as important today as ever given that net operating income (NOI) (...)

Office

UK market momentum to accelerate during 2H14

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 1Q and (...)

Investment

US real estate market

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 at this (...)

Green

Real estate and sustainability: investing for returns and the future

Investors and businesses appear to be increasingly incorporating information on environmental, social and governance performance into their occupational and investment underwriting decisions. From an environmental perspective, (...)

Investment

All you need to know - Update 2014

For institutional investment purposes, real estate usually refers to the commercial sectors of office, retail, industrial (including logistics) and the leased (rather than owner occupied) residential (...)

Investment

US real estate market

An unusually frigid and stormy winter likely put downward pressure on the US economy and labor market during the first two months of 2014, resulting in (...)

Investment

Marché immobilier Suisse

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 du PIB (...)

Retail

UK commercial real estate market - H1 2014

In the 2H13 market update, we suggested that there were early signs of the UK economy returning to more sustainable growth. During the second half of (...)

Investment

US real estate market

The transition from 2013 to 2014 saw a softening of growth in US Gross Domestic Product (GDP) and, by some measures, in the labor market. As we (...)

Investment

Travel companion

The economy is growing, capital to real estate is flowing, and property sector fundamentals are improving. The investment outlook is for increasingly stabilizing conditions and sustainable (...)

Investment

US Real Estate Market Outlook 2014

The economy is growing, capital to real estate is flowing, and property sector fundamentals are improving. The investment outlook is for increasingly stabilizing conditions and sustainable (...)

Investment

US real estate market

Two unusual policy moves helped shape US economic and credit market performance during the third quarter: - On September 18, the Federal Reserve (Fed) announced it (...)

Investment

Global Strategy : Calling time on prime? 4Q 2013

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 (Fed) quantitative (...)

Investment

Brighter spots are starting to emerge

In the last outlook paper in 1H13, we suggested there were signs that the UK economy was stabilizing. Since 2Q13 there has been a raft of (...)

Investment

Le marché suisse de l’immobilier

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 plus au (...)

Investment

Asia Pacific Real Estate Market

Rationalization within the office sector will start to dictate rental negotiations although it is likely to be countered by muted development pipelines in Beijing and Shanghai. (...)

Logistics

The US warehouse market : speculative development

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 date. Compelling opportunities (...)

Office

A silver lining for eurozone real estate - Volatile environment in times of quantitative easing - 2H 2013

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 the European (...)

Investment

Real estate - All you need to know

For institutional investment purposes, real estate usually refers to the commercial sectors of office, retail and industrial (including logistics) and the leased (rather than owner occupied) (...)

Investment

The hunt for yield continues - 3Q 2013

Unconventional central bank monetary policy continues to drive asset prices. Although interest rates have ticked up slightly in recent months, the Federal Reserve continues to downplay (...)

Investment

US real estate market

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 introduce some (...)

Investment

The Big Payback, volume 2 - Easier said than done

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 major (...)

Investment

The Big Payback, volume 2 - Easier said than done

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 major (...)

Investment

Time for exploiting yield gap ? 1H 2013

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 save the (...)

Investment

The search for yield : industrial sector fits the bill in 2013 - 1H 2013

The ongoing problems in the eurozone continue to shape investment activity and returns in the real estate sector. This paper considers the merits of investment in (...)

Investment

US real estate market

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 eased as (...)

Investment

Le marché suisse de l’immobilier

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 de ralentissement (...)

Investment

Opportunities in Brazil

This paper considers growth prospects for the Brazilian economy and a risk outlook in the medium term, and it is in this context that we examine (...)

Investment

UK commercial real estate - Q1 2013

The UK economic outlook for 2013 has remained fairly stable since our last update in 2H12, with little change to our (earlier) GDP growth expectations of (...)

Investment

Returning cyclicality growing opportunities

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, which by (...)

Investment

US real estate market

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 made in (...)

Investment

Capturing illiquidity pricing opportunities in the European real estate markets

Since the start of the global financial crisis in 2007, investors have not only become very risk averse, they have also been focusing their attention on (...)

Investment

US Real Estate Market

Improvement in key sectors of the US economy should be sufficient to offset the fiscal drag of a retrenching federal government and a more difficult global (...)

Housing

The real estate market in Switzerland

Homes are already overvalued in several regions, but low interest rates and high immigration are supporting prices. Booming business centers and attractive residential areas have the (...)

Investment

US Real Estate Market Outlook 2013

Earn the growth is the dominant theme arising from our view of the coming year. As suggested through the Base Case of the performance scenarios, modest (...)

Investment

Real estate - Investing in 2013

With the main corners of the global markets vulnerable to ongoing uncertainty and deteriorating economic performance, investors continue to seek safety wherever available. The issues that (...)

Investment

UK commercial real estate market - H2 2012

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 2012 Olympics (...)

Investment

Le marché suisse de l’immobilier

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 sont pas (...)

Investment

Asia Pacific Real Estate Market Outlook 2H 2012

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 income growth (...)