Real Estate for a changing world

Our Forecast
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FORECASTING : A dedicated team of economists

We recognise that real estate is local and to gain deeper understanding of each market, researchers need to have an in-depth knowledge of the heterogeneous market place. As such our economists are locally based and embedded with the local research professionals.
Our dedicated team of real estate economists cover 40 key real estate markets across Europe. They provide forecasts for key metrics from the fundamentals (supply, demand, vacancy rate and rents) to performance (yields, capital growth and total return) in the mains real estate sectors (Offices, Retail and Logistics). In the office sector they look at both the prime and secondary segments, giving our clients deeper understanding of trends in this important sector.

The final outlook is underpinned by a rigorous methodology of formal econometric modelling and inputs from local professionals to help tune the outcome with real time information. Together with our investment management research teams we develop a risk/return analysis using our forecast to provide our clients with strategic advice based on our acute understanding of the past and emerging future trends in the European real estate markets.
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    February 2025 European Property Market - Outlook H1 2025

    This year will be an inflection point for European real estate markets. The macroeconomic environment remains uncertain and long-term interest rates are likely to remain elevated. This means property returns will be driven by income and investors will have to work harder for them.

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    September 2024 European Property Market - Outlook H2 2024

    After a torrid two years for European commercial real estate (CRE), when annual transaction volumes halved in almost all markets, we are beginning to see the light at the end of the tunnel.

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    February 2024 European Property Market - Outlook H1 2024

    2023 has been an “annus horribilis” for commercial real estate. In fact, the numbers for investment activity across Europe are indeed sobering; activity fell by 51% on average across the market. reaching €133bn, the lowest since 2010. Property values fell by 30% on average across Europe as the cost of debt rose sharply and demand for occupational space fell meaningfully, particularly in the office sector. These challenges may seem daunting but look deeper and there are pockets of opportunities now emerging for investors;

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    October 2023 European Property Market - Outlook H2 2023

    A prolonged reset in the real estate market is continuing to keep the asset class in flux. After the challenges of the pandemic comes the surge in cost of debt that has precipitated a sharp and broad revaluation in the asset class. These are occurring alongside structural changes in occupier demand in almost all the sectors. These challenges may seem daunting, but look deep and there are pockets of opportunity now emerging for investors.

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    February 2023 European Property Market - Outlook H1 2023

    There is resemblance of calm after the storm for the European economy and real estate markets. Following significant repricing in 2022, we expect a smaller scale
    adjustment in yields this year. Moreover, the relative position of the different sectors remains in flux

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    September 2022 European Property Market - Outlook H2 2022

    2022 is shaping up to be a transformative year for real estate markets in Europe. It has been a tough few months in macroeconomic terms, with a slowing economy, high inflation and an elevated cost of debt. The age of abundance – cheap money, labour and energy – appears to be over. Meanwhile, monetary conditions are normalizing, leaving behind the ultra-loose rates that were a legacy of the great financial crises, with implications for real estate values. The near term promises : a price correction that will set a base camp for the next cycle.