Capital value analysis and forecast
Following headwinds in 2025, the global market enters 2026 on an uncertain footing
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Following headwinds in 2025, the global market enters 2026 on an uncertain footing
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Average European prime CBD office yields move out by 13 bps in response to higher bond yields during Q3 2026
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Stability persists amid elevated borrowing costs and economic uncertainty

Rental growth and yields
Stability persists amid elevated borrowing costs and economic uncertainty
Stronger economies are supporting property income, but renewed rate pressure is keeping the recovery selective, prime-led and regionally uneven.

Market in Minutes: European Investment Nowcast – Q3 2026 preliminary results
Stronger economies are supporting property income, but renewed rate pressure is keeping the recovery selective, prime-led and regionally uneven.
Prime residential prices remained resilient in the first half of 2025, recording positive price growth of 0.7%
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Prime residential capital value growth and forecasts
Prime residential prices remained resilient in the first half of 2025, recording positive price growth of 0.7%
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"Strong leasing activity carries into the new year"
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"Annual leasing volume strengthens as confidence improves across Toronto office market"
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"Overall vacancy increased to 28.4%, rising 750 basis points (bps) year over year. Direct vacancy climbed 780 bps from the prior year to 23.2%, while sublease vacancy edged down by 40 bps year over year to 5.2%."
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"Overall vacancy stands at 27.1%, down 40 basis points (bps) from 27.5% year over year, while available space also declined slightly from 1.5 million square feet (msf) to 1.4 msf over the same period. "
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"Vacancy declined modestly to 31.8%, down 190 basis points (bps) from 33.7% in Q4 2024. Even so, more than a quarter of New York City’s life sciences inventory remains vacant, indicating continued softness in tenant demand."
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"Overall vacancy stands at 7.2%, representing a 110-basis point (bp) increase year-over-year. Direct vacancy remains at 6.5%, unchanged from last quarter and among the highest levels recorded in the market."
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"Overall vacancy increased modestly to 22.2% from 20.4% in Q4 2022, while sublease vacancy rose by 120 basis points (bps) year over year to 3.6% from 2.4%."
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"Overall vacancy increased 61.6% year over year to 28.6%, driven in part by the delivery of more than 3 million square feet of new life sciences space added to the market."
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"Vacancy increased 210 basis points (bps) from Q4 2024 to 24.3%, driven by a rise in direct vacancy to 20.1%. Sublease vacancy edged down to 4.2%, marking its lowest level since Q4 2024. "
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"Overall vacancy stands at 17.5%, up 260 basis points (bps) from last year. Direct vacancy continues to rise as it is currently at 15.8%, up 350 bps since Q4 2024, while sublease vacancy has fallen to its lowest level since 2023."