Global commercial property sector is

Simon Rubinsohn

Chief Economist (RICS)

The Q2 2017 RICS Global Commercial Property Monitor shows sentiment in the real estate sector remains generally upbeat in the majority of markets.

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European cities once again continue to lead the way with Berlin, Budapest, Madrid, Amsterdam, Prague and Dublin among the strongest performers. Their prominent position has been helped by the generally positive run of macro news-flow alongside the ongoing quantitative easing programme of the European Central Bank.


Elsewhere, impetus appears to be positive in Australia, with Sydney recording particularly firm expectations for capital value gains, while the readings for Auckland also remain solid.


In Indian cities like Bangalore, NCR, Mumbai, the results remain generally resilient in the face of the ongoing issues around demonetisation, while for Moscow, medium-term indicators continue to strengthen even if the immediate picture looks a little flatter.

America & UK

New York and London were previously strong performers in delivering positive momentum, but both markets now seem to be flatlining, albeit at levels where valuations still appear quite stretched. In the case of the latter, Brexit remains a cloud hanging over the market with 55% of respondents expecting some business relocation away from the UK over the next two years. The biggest beneficiaries of this trend at this stage appear to be Amsterdam and Dublin.

Asia & elsewhere

At the other end of the spectrum, sentiment in some Asian markets, including Singapore and Kuala Lumpur, continues to be a little more downbeat, as it does in other cities including Dubai, Doha, Zurich and Sao Paulo according to the feedback received. In the case of the latter, a tentative recovery has stalled in the face of a renewed bout of political uncertainty.

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