reimv _20100813 - uk spotlight - august 2010

8/9/2019 Reimv _20100813 - UK Spotlight - August 2010

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Country Spotlights

AXA Real Estates European Quarterly Country Review

Quarter 3 August 2010

United

Kingdom


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Country SpotlightsQUARTER 3- 2010


www.axa-realestate.com

Disclaimer: 2010 AXA Real Estate Investment Managers and its Affiliated Companies. All rights reserved. These pages are not

intended as an offer or solicitation, or as the basis for any contract, for the purchase or sale for any fund or instrument. The

information contained in these pages shall not be deemed to constitute advice and should not be relied upon as the basis for a

decision to enter into a transaction or for any investment decision. The analysis and recommendations express the views of AXA

Real Estate Investment Managers. Its application is adapted to each portfolio in order to optimise the management constraints which

are specific. The past performance of securities or other instruments does not guarantee or predict future performance. The

information contained on this page may not be reproduced or circulated without our written authority.

- 2 -

Uni ted K ingdom

Executive summary

Quarterly UK economic growth looks as though as it has reached its peak in Q2 2010

The largest and longest fiscal squeeze since the 2nd World War will hit the consumer in 2011

The surge of large office lettings in London faded in Q2 2010 impacting on take-up levels

Retailers warn of tougher trading conditions ahead. London is expected to be more resilient

The recovery in property values is running out of steam. Anecdotal evidence points to yields

increasing by 25 basis points in some segments in June

Exh ib it 1

UK quarterly GDP components

-4

-3

-2

-1

0

1

2

Q12007

Q22007

Q32007

Q42007

Q12008

Q22008

Q32008

Q42008

Q12009

Q22009

Q32009

Q42009

Q12010

Q22010

Source : Datastream

Note: seasonally adjusted, constant prices

% QoQ

Change in inventories and otherNet Exports

Household consumptionGov expenditureCapital expenditureGDP

Exh ib it 2

UK Discretionary Policy Tightening

0

20

40

60

80

100

120

140

2010-11 2011-12 2012-2013 2013-2014 2014-2015 2015-2016

Source: Oxford Economics

GBPbn

(cumulative)

Inherited

Emergency Budget

Total

Macro economic overview

Provisional Q2 2010 GDP data was much stronger than

expected, with the economy growing by 1.1% over the

quarter the largest quarterly increase since Q1 2006. It

came as no big surprise that output in the manufacturing

sectors rebounded strongly, increasing by 6.6% and 1.6%

respectively. However, it was the sharper than expected

recovery in the service sector that surprised, growing by

0.9% over the quarter after the lacklustre growth in the

previous two quarters. This is now a private sector-led

recovery, with business services and finance leading the

way. Government expenditure is already slowing,

accounting for only 0.2% points of the quarterly economic

growth.

However, economic growth will be less impressive in Q3

2010. The risks of a double dip recession may have

abated for this year, but the latest Purchasing Managers

Index surveys are pointing to a slowdown in growth in both

the service and manufacturing sectors.

The UK faces a tough time ahead, hampered by the poor

state of its public finances with the current public deficit to

reach record highs (113% of GDP1).

1Estimates for 2009-2010 in HM Treasury Budget 2010, June

2010


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intended as an offer or solicitation, or as the basis for any contract, for the purchase or sale for any fund or instrument. The information

contained in these pages shall not be deemed to constitute advice and should not be relied upon as the basis for a decision to enter into

a transaction or for any investment decision. The analysis and recommendations express the views of AXA Real Estate Investment

Managers. Its application is adapted to each portfolio in order to optimise the management constraints which are specific. The past

performance of securities or other instruments does not guarantee or predict future performance. The information contained on this

page may not be reproduced or circulated without our written authority.

- 3 -

United Kingdom(ctd.)

There are signs of a slowdown in

the recovery of consumer

spending. Also one in three employers

plans to reduce staffing levels

over the coming months

The new government has taken steps to address this

mountain of debt, outlining stringent measures in the

emergency budget in June (see Exhibit 2). Official Treasury

forecasts now expect the deficit to fall from GBP149bn this

year to GBP37bn in 2014-2015 in the largest and longest

austerity plan since the Second World War. The more

positive Q2 2010 GDP numbers will also support the

governments decision to address the deficit faster than the

previous government had intended. However, the sheer

scale of the planned readjustment of public finances will not

just be felt in the coming quarters but over the coming

years.

Despite the unemployment rate stabilising at 7.8% over Q2

2010, another rise in unemployment is possible. According

to a recent survey, a third of employers are still planning to

reduce staffing levels2. This will largely be driven by the

public sector and the forecast is for 600,000 public sector

job losses over the next five years. The net employment

index, which measures the difference between the

percentage of employers looking to hire and those

preparing to cut staff, was still very negative for the public

sector at a net balance of -35.

The poorest prospects were in Local Government (net

balance of -74) and Public Administration and Defence (net

balance of -59). This suggests that the improvements in the

private sector might not be enough to offset the

deterioration in job prospects in the public sector. There is

also a risk of a slowdown in private sector employment, with

signs of a summer reduction in hiring in the City3.

Tax increases, such as the VAT increase from 17.5% to

20% in January, and the public sector squeeze will hit the

UK consumer. According to the latest Bank of Englandagents report, there were signs that consumer spending

had already dropped over the second quarter.

2Labour Market Outlook, August 2010, Chartered Institute of

Personnel and Development and KPMG3Hiring Slows - Usual Summer Downturn, Or More Worrying?,

Here is the City, August 10th 2010


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Demand for Central London

offices fell by 40% during Q2 2010

given the sharp decrease in the

number of large deals. This swing was

most marked in the City with only one

deal above 50,000 sq ft

Exh ib it 3

City take-up and availability ratio

0.0

0.5

1.0

1.5

2.0

2.5

Q12008

Q22008

Q32008

Q42008

Q12009

Q22009

Q32009

Q42009

Q12010

Q22010

Source: DTZ Research

m sq ft

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

%

Grade A Grade B Grade C Availability Ratio (RHS)

This, combined with the first signs of a stalling in therecovery in house prices and signs of mortgage credit

tightening, points to a tough time ahead for consumers.

The occupier marketsOffices

Take-up of Central London offices fell by 40%4

over Q2

2010 a weak quarter which was 20% below the long term

trend. This was driven by the surge of large deals in Q1

2010, fading away in Q2 2010. As an example, there was

only one deal signed in Central London in Q2 2010 of over

100,000 sq ft (Shell leasing 187,000 sq ft in the Docklands)

compared to nine in the first quarter. The fall in active

requirements was because of a partial satisfaction of pent

up demand of companies that have been looking for space

for several years before committing this year.

The financial and business services sectors accounted for

28% of take-up in Central London in Q2 2010 (a sharp fall

from 40% in Q1 2010). The manufacturing/energy sectors

share increased to nearly 20% but this was largely

attributable to the Shell deal.

The large deals in Q1 2010 skewed quarterly take-up levels,

and we expect there to be quarterly swings in take-up,

especially in the City. For example, despite take-up in the

City falling by two-thirds over the quarter, there is evidence

already for a stronger third quarter with the stock under

offer in the City alone increasing from 930,000 sq ft to 2.1m

sq ft. This was fuelled by the UBS (700,000 sq ft) and

Bloomberg (500,000 sq ft) deals. There is also an

additional 3m sq ft of structural demand5

in the pipeline for

the City over the next three years (Exhibit 5), which alone

will support three quarters of demand (of long-term averagetake-up).

Encouraging signs have also emerged for smaller deals in

the City, with demand for offices below 25,000 sq ft

4DTZ, PMI, June 2010

5Drivers Jonas Deloitte, City of London, Q2 2010


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Exh ib it 4

West End take-up and availability ratio

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

Q12008

Q22008

Q32008

Q42008

Q12009

Q22009

Q32009

Q42009

Q12010

Q22010

Source: DTZ Research

m sq ft

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

%

Grade A Grade B Grade C Availability Ratio (RHS)

Exh ib it 5

Central London structural demand

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2011f

2012f

2013f

2014f

2015f

2016f

2017f

2018f

2019f

2020f

m sq ft

Source: Drivers Jonas Deloitte

City West End

increasing by 8% quarter-on-quarter. 95% of lettings in theCity since 2004 have been for lot sizes below 25,000 sq ft,

and demand for such sizes is more indicative of underlying

demand than the somewhat erratic larger deals.

In contrast, demand in the West End increased over the

quarter but still remained 15% below the long-term trend.

Two-thirds of take-up (compared to the long term trend of

40%) was for Grade A space as there was a recognition

that availability was becoming more limited, but also

signalling that rental values for this type of stock were likely

to increase. Such a tenants perspective is reinforced by arecord low of 125,000 sq ft of new supply due in the West

End in 2011 (compared to the long term average of 1.2m

sq ft p.a.6).

This has worked through to falls in vacancy in the West

End, as illustrated in Exhibits 4, whilst vacancy rates in the

City stabilised over the quarter given the large increase of

second-hand space (+17%) being released back onto the

market over Q2 2010. Nonetheless, availability of new units

of over 100,000 sq ft has remained tight with only 15

options available in Central London at the end of June(stable over the quarter).Availability is even tighter for units

over 200,000 sq ft, with only one building available on the

market (Central St Giles).

Several developers in the City have been waiting until

rental values exceed GBP55/sq ft/year before committing

to building new schemes. Two such schemes are UBS

agreeing terms at GBP54.50/sq ft/year in Q3 2010, and

signs of the Pinnacle tower starting construction.

Commercial developers in London recorded the fastest

increase in construction activity over the last seven months

across the UK in July7. Even so, developers will still be

restricted by the lack of development finance and still need

to have their scheme pre-leased by at least 50%.

Nonetheless, the limited development pipeline for 2010-

2012 will support further rental growth for offices in the

short term as new supply continues to be absorbed, and

demand recovers.

6CBRE, Central London office report, July 2010

7Savills, Commercial Development Activity, August 2010


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United Kingdom (ctd.)

Exh ib it 6

IPD City and Midtown & West End rental growth

(% quarterly annualised)

-25

-20

-15

-10

-5

0

5

10

Jun-09

Jul-09

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Source: IPD

%

Midtown & West End Offices City Offices

The timing of entry and exit is crucial for developers, with a

potential wave of new supply due to come on stream in2013/2014.

As new supply levels remain constrained, prime headline

rental values in Central London increased by 5% over the

quarter whilst incentives fell from 30 to 24 months rent-free

incentive on a ten year lease in the City, and from 21 to 18

months in the West End.

The regional markets are continuing to lag London,

especially those with high levels of exposure to the public

sector.Anecdotal evidence from brokers indicates that

public sector occupiers in the regions are already reviewing

their space requirements, which may result in space being

bought onto the market, raising void rates in the short term.

Co-location is also on the agenda with 80% of councils

already considering sharing offices with other public bodies

to make efficiency gains8. Only Thames Valley evidenced

an increase in take-up, albeit from a low base with 359,000

sq ft leased in Q2 2010, up from 299,000 sq ft in Q1 2010.

However, this is still 20% below the long term average, and

with the vacancy rate continuing its upward trend to 12.9%,

rental values are not expected to recover in H2 2010.

Retail

The prospects of the fiscal squeeze ahead have not,

apparently, reduced consumer spending. Retail sales grew

by 1.7% in Q2 2010, compared to the 2.5% fall

experienced during the first quarter (albeit dampened by

factors such as the VAT rise and poor weather). On the

other hand, consumer confidence fell to its lowest levels for

almost a year and house prices have started to weaken,

with the RICS reporting the first fall for a year in July. The

outlook for the remainder of the year looks challenging,with the Bank of Englands agents witnessing ...some

signs that consumer spending growth had slowed through

Q2 and recent data from the British Bankers Association

indicating that households saved an even smaller share of

their income in the second quarter.

8Capita Symonds Survey, July 2010


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Exh ib it 7

Like-for-like Retail Sales growth year on year

-2

0

2

4

6

810

12

14

16

October

November

December

January

February

March

May

June

Source: BCG-KPMG

%

UK London

The most high profile retailer administration over Q2 2010

was Faith shoes (78 stores and 120 concessions).Debenhams purchased 115 of the concessions located in

their stores on a sale and leaseback arrangement, with the

CEO reporting that the price paid was not a fortune12

.

Competition for the top prime properties has remained

strong, and focused on London. According to CBRE, high

street rental values were stable over Q2 with Londons

rises balancing out the declines in the North East and

Wales, whilst prime shopping centres and retail warehouse

rental values fell by 0.5% and 1.4% respectively. In terms

of the big box retailers, B&Q are utilising market conditions

to increase their market share in urban areas. They have

just announced13

that they will be trialling a new smaller

format (of below 40,000 sq ft) in 60 locations across the UK

having populations over 40,000 where there is no existing

B&Q within a 20-minute drive time. In particular, they will be

targeting London and market towns, to compete with

smaller Homebase and Focus DIY.

London is still outpacing the rest of the UK, with retail sales

dwarfing the UK average (Exhibit 7). Retail sales in the

West End are on course for a record year and are expected

to exceed GBP6bn in 201014. Chanel signed a lease in Q2

2010 for 25 years on the prime pitch on Bond Street, to

open a 10,000 sq ft flagship store, at a record high rent (for

this sized unit) of more than GBP800 per sq ft/p.a. (zone A).

Apple also opened its largest global store (28,000 sq ft) in

Covent Garden in August. These examples illustrate the

continuing strength of London, especially at the luxury end,

catering for the increased demand of overseas shoppers.

Chinese shoppers, for example, are now the most prevalent

overseas shoppers for luxury goods in London15

, as they

are drawn by the favourable exchange rate and wide

selection of high-end luxury retailers.

12Financial Times, 1st July 201013Reuters, June 21st 201014

New West End Company, June 201015

FDKG survey, June 2010


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United Kingdom(ctd.)Beyond London, regionally dominant shopping centres

continue to do well alongside easily accessible prime retail

parks for their once-a-month large non-food shop.

Hammersons management commented during the H1

2010 results meeting that its retail park gross rental values

had increased by 5.7% during H1 2010 on a like-for-like

basis, largely attributable to asset management initiatives.

They confirmed that rent reviews were being agreed in line

with ERVs, although short-term shopping centre rents were

still being agreed at 20-30% below the previous passing

rent. At the other end of the spectrum, secondary retail

locations that do not offer the full retail experience with a

wide selection of retailers nor offer the ease of accessibility

and parking, continue to suffer.

Colliers have estimated that the average retail vacancy

rate16

in the UK increased from 11.1% in October last year

to 11.4% in June (almost double the pre-recession levels).

This is largely attributable to the continually increasing

levels of voids in secondary and tertiary locations

whereas voids for prime locations are falling and are at

lower levels. Retailers are focusing on a narrower

selection of locations, looking at the best properties in the

strongest trading locations in the UK. This has, in turn,

exacerbated obsolescence of high streets in secondary and

tertiary locations. Consumers are now more likely to visit

larger regional shopping centres that have a wider

selection of retailers and then supplement this with local

convenience shopping. Medium-sized shopping centres in

suburban locations are at particular risk.

Average vacancy rates can also be misleading as

geographical polarisations continue across the UK. For

example, Cardiff is struggling to absorb the second phase

of the 1m sq ft St Davids scheme, and its vacancy rate hasdoubled to 17.1% over the last year.

Oxford Street, on the other hand, only has a void rate of

1%, with London vacancy recently estimated at 4%. In

terms of formats, Local Shopping, a REIT that specialises

in local convenience stores, reported a fall in the overall

16Colliers Midsummer Briefing presentation, June 2010. This

vacancy rate is a measure of the floorspace of vacant units as aproportion of total retail floorspace


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- 1 0 -


Exh ib it 8

Shopping Centres and Retail Park space under

construction

0

5

10

15

20

25

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Source: CBRE

m sq ft

Retail Parks

Out-of-Town SC

Town Centre SC

vacancy rate from 11.9% in March to 11.7% at the end of

July.

Development activity has remained limited, with no major

schemes completed in Q2 2010. 7.9m sq ft of retail space

was categorised as being under construction in June

(Exhibit 8) the lowest levels since 2002. Excluding

Westfield Stratford (1.7m sq ft due to be delivered in 2011),

completions will be staggered from 2013 onwards as the

majority of projects have been delayed or deferred, as

developers wait for the market to improve.

Encouragingly, Land Securities has recently announced

that they would re-start construction this year on the TrinitySquare scheme in Leeds, a 750,000 sq ft scheme located

in the city centre and now due to be delivered in 2013.

Land Securities lifted its traditional pre-let target before

starting from construction to 40% given the challenging

economic environment and, by the end of July, they had

43% of this scheme pre-let with a further 4% in solicitors

hands.

Industrial

Take-up of warehouse units sized above 50,000 sq ft was

8.8m sq ft in Q2 2010, an increase of 14% from the

previous quarter17

. This was above the 7.7m sq ft quarterly

average over the last two years, pointing to a mild recovery

in tenant demand. Good quality second-hand stock is also

in demand, with over half of this take-up completed on

second-hand stock during Q3 2010. However, this has

been more marked in London and the South East18

.

However, new occupier demand has been limited by the

uncertainty of the pace of the economic recovery. Julys

Purchasing Managers Index, the new export order index,

fell to 50.7 (above 50 indicating growth), its lowest level

since August last year. There are concerns that the

weakness of domestic demand in the eurozone combined

with the appreciation of sterling over the last two months

may be adversely impacting export orders19

.

17BNP Paribas Real Estate, June 2010

18CBRE UK Industrial Market Update, June 2010

19Capital Economics UK Data Response, August 5th 2010


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Exh ib it 9

UK industrial take-up

0

2

4

6

8

10

12

14

16

Midlands

London&

South

East

South

West

M27

Region

South

Wales

North

West

Yorkshire

&The

Humber

North

East

Scotland

m sq ft

Source: BNP Paribas Real Estate

Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010

New occupier demand for logistics

space has been limited.

Consolidation and business

rationalisation are driving demand

Exhib i t 10

Number of years of industiral supply at Q1 2010

0

2

4

6

8

10

12

NorthEast

Yorkshire& The

Humber

SouthWales

NorthWest

Scotland London &SouthEast

SouthWest

Midlands M27Region

Source: BNP Paribas Real Estate

Years

Net absorption of logistics space has remained limited as

the market continued to be driven by business

rationalisation.At the prime end of the market, demand is

mainly from occupiers wanting to benefit from the more

attractive lease terms available as well as with the objective

of consolidating supply chains to reduce property costs.

The majority of the second quarters demand was focused

on the London & South East markets (1.8m sq ft) and the

North West (1.6m sq ft). The latter was dominated by large

deals, with two-thirds of lettings being of units over 250,000

sq ft in size including the M&S distribution centre in Stoke-on-Trent, which was developed by ProLogis.

Virtually no speculative development is taking place, with

built-to-suit projects accounting for an increasing share of

lettings including the aforementioned M&S letting.

According to JLL, the proportion of built-to-suit in deals of

units of above 100,000 sq ft increased from 10% to 30% of

take-up during Q2 2010.

Availability, on the other hand, increased by 3% over Q2

2010 to over 140m sq ft. Second-hand space dominates

this availability, accounting for 70% of the vacant space.

This has been exacerbated by the volume of large deals

over 250,000 sq ft, especially in the Midlands and the North

West, which resulted in space returning to the market.

The

widening gap between prime and secondary was

underlined by ProLogis European Fund reporting 96%

occupancy in March (for modern stabilised developments in

the UK) compared to the 15% market vacancy in the UK.

Incentives remained stable, with CBRE reporting 12

months rent free being offered for every five years of a

lease. Rental value falls in Q2 2010 were marginally more

significant for average IPD rental values (-0.5%) than for

prime stock (-0.220

). In both cases, London and the South

East witnessed a stabilisation of rental values first.

20CBRE Q2 2010, UK Rents and Yields Index


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- 1 2 -


Exhib i t 11

Real estate investment activity

The IPD Monthly index reported a slowdown in capital

growth in Q2 2010 (1.9% over the quarter) compared to Q1

2010 (3.9%), emphasising that the UK recovery is slowing.

This was the lowest quarterly growth since the recovery in

property values started in summer last year (see Exhibit

11). Reflecting the role that capitalisation yields continue to

play in value changes, the slowdown is attributable to

yields stabilising, and this is most notable in the industrial

and the retail sectors, where capital growth averaged 1%

and 1.9% respectively over the second quarter (compared

to offices at 2.3%).

The retail ex-London segment was the first segment in the

IPD Monthly Index to report negative capital growth over

the month of June (-0.2%) its first monthly fall since

August 2009. This has been corroborated by broker reports

that yields of high street retail property in the regional

markets had increased by 25 basis points in July. Investors

are cautious about the occupier outlook given the

consumer squeeze ahead, especially in the northern

regions where public sector cuts are expected to be most

marked. Anecdotal evidence in this sector (and to a lesser

extent in the other sectors) of a sharp fall in the number of

bids per property has also started to feed through to market

pricing as buyers are not bidding as aggressively for assets

as they did at the turn of 2009/2010.

Food supermarket transactions have proved to be the

exception in the retail sector, with evidence of keen yields

of 4.0%-4.5% being reported on sale and leaseback deals

on 25 to 30 year leases. Length and strength of income is

driving demand for such transactions and location is not as

strong a differentiator as might be expected. This is

because of the increased appetite for bond-type long

leased income producing properties.

The performance of offices have also been polarised with

capital growth during Q2 2010 for Central London offices

being more than double the All Property average (at 4.2%).

However, offices beyond London are lagging with capital

appreciation of a meagre 1% over the quarter. Recent

broker reportsalready point to prime yields in the regional

All Property (% quarterly annualised)

-30

-20

-10

0

10

20

30

40

May-09

Jun-09

Jul-09

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Jun-10

Source: IPD UK Monthly Index

%

Rental value growth Capital va lue growth


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- 1 3 -


Exhib i t 12

Investment volumes UK

0

1

2

3

4

5

6

7

8

9

2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2

Source: DTZ

GBP bn

Office Retail Industrial Mixed Use Other/Unknown

Exhib i t 13

CBRE All Property capital values

90

95

100

105

110

115120

125

130

Jun-09

Jul-09

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

Jan-10

Feb-10

Mar-10

Apr-10

May-10

Source: UK CBRE Monthly Index

Index of capital values 100= June 2009

Index = 100Low yield properties CBRE Month ly Index

High yield properties

office markets increasing by 25 basis points in June

alone

21

.

This increased caution has yet to impact on deals being

recorded, with an increase of 24% in UK transaction

volumes over Q2 2010 to GBP6.8bn (see Exhibit 12).

Quoted property vehicles were the most active purchaser

type, whilst investments by the public sector/government

fell by 47% quarter-on-quarter.

The largest deal this quarter was Avestus Capital

Partners (formerly Quinlan Private) selling the

Knightsbridge Estate (40 properties located between

Harrods and Harvey Nichols) for GBP600m at anestimated initial yield of 4% to a private Middle Eastern

investor. The second largest was the GBP209m

purchase of the Radial logistics portfolio by London &

Stamford and Anglesea Capital at an 8.75% initial yield.

Finally, the Chinese Estates Group is in exclusive

negotiations to acquire the landmark building Tower 42

for more than GBP300m at an estimated initial yield of

6.6%. London offices remain in high demand and this

deal will add to the GBP2bn transacted in Central London

offices in Q2 2010 alone.

Investors have become increasingly concerned about the

short-term outlook in the market, especially for poorer

secondary stock that may not have yet fully priced in the

risks in the occupational market. As can be seen in

Exhibit 13, the capital growth since August has

disproportionately at the lower yielding/more prime

segment of the market. The values of higher yielding

properties have been stable. This suggests that further

de-pricing has yet to occur at the secondary end of the

market.

21Business Briefing, Cushman & Wakefield, July 2010


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- 1 4 -

Other publ icat ions

Periodic

At a Glance a quarterly overview of the European real estate

markets in the context of an analysis of the European economy

Looking Ahead our quarterly house forecasts, covering the

European economies and the property markets

Real Directions building on our analysis and forecasts, offering

quarterly strategic recommendations and investment themes

Asian Eye and European Eye two publications of five to seven

short research articles on items of topical interest to the industry

Occasional notes

Market Edge dealing with particular market issues in greater depth

Market Mechanics dealing with technical issues of relevance to

the property industry

Contac t

AuthorMonika WardSenior Property AnalystTel: +44 20 7003 1361e-mail:[email protected]

Alan PattersonHead of Research and StrategyTel: +44 20 7003 1372e-mail:

[email protected]

Client mailing list

Nathalie AndroussevitchTel: +33 1 44 45 96 41e-mail:[email protected]

reimv _20100813 - uk spotlight - august 2010

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