Thinking through central banks' next moves

Europe Commercial Property Chart Pack (Q4 2025)

The Q4 2025 chart pack shows European commercial property valuations holding steady in the third quarter, supported by lower equity dividend yields despite higher government bond yields.

UK Commercial Property Outlook: Stable yields mean steady returns

With yields expected to hold broadly stable, Capital Economics sees UK commercial property delivering steady income led returns. Retail is positioned as the top performing sector on a strong income return.

UK Commercial Property Outlook: Property recovery faces numerous headwinds

Capital Economics expects UK all-property total returns to average only 7.5 percent per annum over 2025-29, a weak recovery by past standards. Rental growth continues to surprise on the upside while capital value recovery loses momentum.

US Commercial Property Outlook: More capital value falls to come in all sectors this year

Capital Economics expects further capital value declines across all US sectors during the year, with valuations looking stretched and forecasts running below the PREA and ULI consensus.

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