Commercial market update Winter 2023The Bank of England’s decision to keep the base rate on hold at 5.25% for the second consecutive time in November has raised the prospect that interest rates are at their peak.
Office market update Winter 2023Flight to quality continues. There has never been such a distinct divergence between prime and secondary property, and this is still being driven by companies adjusting to changing working patterns as well as a desire to meet higher net-zero targets.
Industrial market update Winter 2023Slowing rental growth. Robust occupational market conditions amid tight supply are helping to maintain a continued confidence after significant repricing in the sector.
Retail market update Winter 2023Slowing market. Prime high street assets are among the best performing within retail – these assets have stabilised and there is opportunity for future rental growth where values have been rebased.
Commercial market update Autumn 2023Will they? Won’t they? This is the key question around whether the UK’s base rate will exceed 5.75%. There have been enough mixed messages to muddy the waters – inflation data released in June showed that inflation was stuck at 8.7% in May, which prompted forecasts that the base rate would peak at 6.5% from the current rate of 5.25%.
Office market update Autumn 2023UK office vacancy rate continues to climb. Weak demand and strong supply are resulting in an ever-rising vacancy rate for offices across the UK, which has hit 7.7%, up from less than 5% before the pandemic.
Retail market update Autumn 2023The retail environment remains challenging. The rising cost of living, and recent disappointing weather have led to a further tick down in overall sales.
Industrial market update Autumn 2023Vacancy rate remains low. Net absorption of industrial space dipped into negative territory in Q2 2023 for the first time in 11 years as take up fell back to levels last seen before the pandemic.
Commercial market update Q2 2023The UK’s economic mood music has been more upbeat so far this year than many would have anticipated in the wake of the mini-budget last year. This culminated in the IMF, traditionally circumspect about the UK’s economic outlook, confirming in late May that the country would not enter recession this year, contrary to its earlier forecasts.
Office market update Q2 2023Office take-up gained some momentum towards the end of Q1 as employees continue to return to the workplace in greater numbers. But overall demand for office space remains muted compared to historical norms.
Retail market update Q2 2023Retail sales fell back in May after rising slightly in April, according to a survey from the CBI, but the overall outlook is slightly more upbeat than at the beginning of the year as consumer confidence continues to climb and the prospect of lower energy bills is factored in.
Industrial market update Q2 2023Average industrial property yields, according to MSCI, which softened sharply last year remained largely unchanged in Q1 2023, as the market absorbed the new economic landscape in the UK.
UK economic outlook Q2 2023Higher than expected inflation dampens expectations for UK economy. Inflation data was higher than expected in May, which has weighed on business confidence, and has pushed interest rate expectations, and the cost of borrowing, higher.
UK & London lettings market update Q2 2023Rents continue to rise, but the pace of growth is beginning to ease in many regions. Tight levels of supply are still underpinning rental growth.
UK & London sales market update Q2 2023March marked the seventh consecutive month of monthly price falls in house prices across the UK, taking the annual decline to 3.1%.