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Destination shopping will return, says this writer. Having had so much change forced upon us by this cursed viral crisis, we can all be forgiven for despairing that things will never again ‘settle down’. And yet they will, albeit at a different kind of normal from what we considered normal before; itself merely the latest in our ever-changing view of normalcy. With this in mind, I will spend a moment reflecting on the fast-moving journey the UK has made in relation to its adoption of... Read More >

Recent Articles:

Industrial/residential is the new office/retail. In 1991, 37% of the UK institutional property market measured by IPD was retail; by 2001 this had risen to over 45%. In 1991, over 47% of that universe was offices; by 2001 this had Read More >

…and we simply don’t care enough. The publication of the 3,949 page Climate Change 2021: The Physical Science Basis Report in early August elicited many different comments from governments, the media and individuals around the world. This Read More >

We take it for granted that we can go to a supermarket and buy all the food we need or get it delivered. However, as we look forward, that may not always be the case. The UK currently imports 40% of all food needs. This is likely to soon Read More >

Overconfidence can be ruinous in real estate and elsewhere. Overconfidence is a cognitive error that we make routinely. It’s the tendency to hold a false assessment of our skills, intellect or talent. Take this article, for example: I Read More >

How to avoid the pitfalls of building down. In early November last year, the residents of Durham Place, London, which looks over Burton Court and the Royal Hospital in Chelsea, had a rude awakening when a house there collapsed, luckily Read More >

“Rain does not fall on one roof alone.” (African proverb) Albeit debating the reasons along ideological lines, the world is getting to grips that climate change is an undeniable fact. Apart from pandemics, the subject is likely to Read More >

Why the retail real estate world should take note. In The Sun Also Rises, Ernest Hemingway famously writes, “‘How did you go bankrupt?’ ‘Two ways. Gradually, then suddenly.’” The quote expertly captures the idea that humans in Read More >

How technology is opening up single-family rentals as an emerging asset class for investors. Today, technology plays an integral role in society, heightened ever more by the global pandemic. Traditionally rooted, the real estate sector is one Read More >

What Blackstone's recent US housing deals tell us. In late June 2021, Blackstone acquired Home Partners of America Inc (HPA), a company owning roughly 17,000 single-family homes across the US, which is as much of a rent escalation play as it Read More >

Is this the digital worlds last frontier? "We are all now connected by the internet, like neurons in a giant brain" –Stephen Hawking Looking at a map depicting global internet user penetration verifies this thought, but also leaves an Read More >

Covid 19’s impact on the Asia Pacific office market has been that buoyant demand leading into the pandemic was quickly stymied as corporate occupiers sought to limit cost exposures and assess their real estate needs. In line with this, vacancy Read More >

Business and art go together like... Well, these days, the proverbial horse and carriage  ndy Warhol, a man who knew whereof he spoke, once observed, “Making money is art and working is art and good business is the best Read More >

Shopping centres and offices are the surprise front-runners in the REIT scene. In the spring edition of The Property Chronicle, I ventured to suggest that, while there is something for everyone in the REIT sector this year, retail property Read More >

It was a surprise to see an ex-pupil on Interpol’s Most Wanted list. I suppose I had assumed that life at a fairly decent sort of school in a fairly decent sort of place would cocoon me from the worst of the criminal element, but here he was, Read More >

When you don’t want to pay top dollar, consider sipping the fruit of your favoured vineyards’ less established plants. We’re back on vaguely familiar territory, I’m afraid (I promise to try and change the record soon). Yet I am, as Read More >

The colonists were at first demanding only equal rights with British citizens, until the events of April 1775. In 1837, the American poet and philosopher Ralph Waldo Emerson published a poem called Concord Hymn, to mark the dedication of an Read More >

Prices are too high, availability too low, and the charging network is a dog’s breakfast. Hold your horses – or just get a bike. Tackling climate change makes fixing the pandemic “look easy”, according to Bill Gates, and change is Read More >

Cryptocurrency is something of a fairy tale, but the real story is one of central banks seeking financial repression by any means possible. Arguably, the best background reading for global finance over the past 30 years was written by the Read More >

In a sector where outdated practices are a matter of life or death, providers need to value their buildings in a way that recognises health technology. If 2020 taught us one thing, it’s that global healthcare capacity is critically low and Read More >

By ignoring the wisdom of those with more experience, we end up repeatedly revisiting the same issues. “History repeats itself over and over again, but most of us have short memories.” – Mike Colter, writing in Origin magazine, Read More >

The UK’s sailed through many a rough patch and come out all the better – so Brexit’s not a worry! But why the hell can’t we win the America’s Cup? After too many years in the City, experience has taught me that stuff happens if Read More >

Local property prices were always a good indicator of UK voting habits – but in the past five years, that’s stopped being true. The last few years have been volatile for UK politics. There have been surprise results in several general Read More >

Many parts of the economy have suffered no ill effects from Covid – the US government should restrain its largesses One year after the emergence of covid as a threat to our daily existence, a peculiar narrative has taken hold whereby the Read More >

Master poker player Achilleas Kallakis used his skills to build a property empire based on fraud and forgery Achilleas Kallakis was still in prison in the summer of 2014, when I wrote to ask if he fancied telling his astonishing tale. The man Read More >

Policy change is creating opportunities and challenges for farmers across the UK  As if the challenges created by our exit from the EU and the pandemic were not enough, the UK farming industry must also come to terms with the Read More >

Offices are starting to strengthen, and reduced supply is making even retail more attractive – as value emerges, it’s time to get back in the game. The UK quoted property sector and indeed much of the direct property market has not had Read More >

On 16 December 2020 the following joint statement was issued by the FBI, the Cybersecurity & Infrastructure Security Agency and the Office of the Director of National Intelligence: “Over the course of the past several days, the FBI, CISA, Read More >

FTSE ST Real Estate Investment Trusts (FTSE ST REIT Index) increased from 826.65 to 859.68 (+3.99%) compared with last month’s update. Currently the Singapore REIT index is still trading with a range between 816 and 874. Yield spread Read More >

Abandoned golf courses are ripe for redevelopment and offer ideal locations for distribution. E-commerce fulfilment does not usually trigger an image of grassy meadows and gently rolling landscapes, but there’s a growing convergence as Read More >

In this very special series of exclusive articles for the Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches partly because, as he freely admits, Norman Read More >

The best can come out of the worst – if we work (in our office) at it! As an architect I need to be an optimist – it is part of my survival kit. That does not make me unaware of the bad – but it does make me look for the good (I am ever Read More >

In this very special series of exclusive articles for the Property Chronicle, Australian property legend Norman Harker reflects on his extraordinary 50-year life in real estate. He will pull no punches partly because, as he freely admits, Norman Read More >

John Fowles was a conflicted novelist whose desire to change the world was at odds with his chosen genre of experimentalism, and whose literary ideals were quashed by his hefty sales figures. Every writer is compelled to write. They must be, Read More >

New retail leasing models and platforms capture the uplift a physical store can bring to online sales. It is no secret that the retail sector has been in decline for some years, largely because the economics of online retailers and their Read More >

CAP subsidies aren’t why farmland prices rose, so removing them won’t reverse that. My favourite Savills Rural Research graph is the one that has tracked land values in the UK since the 1970s. We have data going way back before that too, Read More >

What do investors want right now? Which are their preferred opportunities, and what do you need to know about them? This series sums up what one European investment adviser has gathered from his online meetings, conferences and other Read More >

Consumers won’t turn back from e-commerce now – so what do institutional investors need to know about the logistics property market? The influence of e-commerce on the daily life of many Americans became clear to me when my 92-year-old Read More >

Only in the make-believe world of analytical models can negative nominal interest rates be argued to do any real good. Last October, Andrew Bailey, governor of the Bank of England, ordered UK commercial banks to demonstrate their preparedness Read More >

The pandemic has created as many opportunities as it has removed, and there will be no lasting damage – not even for the young. At the outset of this crisis, there were widespread concerns that the UK residential market would suffer Read More >

Continuing our three-part series on proptech, a look at the innovation gap in real estate. Following our walk down proptech’s memory lane last week, today we will look at the real estate industry’s innovation gap. This in turn will set Read More >

Frank Gehry’s cultural centre in the Bois de Boulogne was born into controversy but is now accepted as a phenomenal piece of architecture whose structural gymnastics defy belief. La Fondation Louis Vuitton, a remarkable building by any Read More >

What can real estate expect in 2021? After rain there is sunshine, as a Dutch saying goes. And if you have as much rain as we do, you know what you are talking about. So, can we expect sunshine to return in 2021, after this very ‘rainy’ Read More >

Each one of these trends is underpinned by a higher weighting afforded to individual needs, preferences and experiences – meaning that real estate developers and landlords can no longer take a cookie-cutter Read More >

Who can resist being provided with a soapbox? The Property Chronicle asked whether, as a partner in a reasonably sized London law firm, I would reveal some of the black arts of solicitors, the most famously egregious being hourly billing and my Read More >

“I’d rather be dumb and antifragile than extremely smart and fragile” – Nassim Taleb, in Antifragile: Things That Gain from Disorder (2012), p4 Looking beyond covid-19 (see our previous article), the future performance of real estate Read More >

The broad-based REIT indexes were relatively flat last week, which was in tandem with the broader based indices.But the biggest talking point has been the two recent activist campaigns launched on Ashford Hospitality Trust (AHT) by Cygnus Read More >

Housing activity – starts and permits – posted strong results in September as the single-family segment made gains across most of the country while multifamily housing appears to be trending flat. Total housing starts rose to a 1.415 million Read More >

US home sales are soaring, and even renters now favour suburban units with ample space for home-working. Should urban landlords be worried? A growing trend in the US housing market is the search for more space, light and air. It is evidenced Read More >

Ordinary valuation methods prove inaccurate when the measures they’re based on are in such a state of flux – it’s time to turn to a different methodology. In ordinary circumstances (anyone remember those halcyon days of steady state Read More >

Industrial and logistics (I&L) REITs in the Pacific Rim played an added-value and strategic role in multi-asset portfolios, according to our new analysis published in the Journal of Property Investment & Finance.  E-commerce is Read More >

Real estate probably isn’t one of the first industries that comes to mind when thinking about climate change – but it should be. Globally, the built environment is responsible for around 40% of energy-related carbon emissions, so getting to Read More >

Housing is needed. Green space is precious. And, after the coronavirus, some offices could be left empty. Anyone currently campaigning against the obvious solution of converting disused office space into housing would surely be Read More >

Summary Xaar is a relatively young and small leading-edge technology business which I bought in mid-2018It’s a good example of how excessive R&D in highly cyclical businesses can produce bad resultsI sold because a 90% increase in Read More >

https://www.ukpublicspending.co.uk/uk_national_deficit_analysis He may be one of only a handful of senior-ranking Ministers in Downing Street to have avoided catching Covid-19 but the pandemic has left the Chancellor of the Exchequer with a Read More >

German financial analysts are forecasting an increase in property foreclosures of at least 20%, and loan defaults of up to €100bn as a consequence of the coronavirus pandemic, once the laws introduced on 23rd March to protect borrowers lose Read More >

This morning there will have been scenes at the Bank of England. Indeed there will have been jostling amongst the staff as they rush to be the one who presents the morning meeting. Whoever grabbed the gig will be facing a Governor who has a wide Read More >

THE CORRELATION between being overweight and being in ICU with Covid-19 is so well known outside of Downing Street, that there is already at least one published Covid Diet.  Like all diets it suggests that you eat plenty of protein, Read More >

In the past 18 years, after a series of spectacular and occasionally failed rocket launches, Elon Musk’s SpaceX has emerged as Silicon Valley’s next colossus, a once in a generation business in the same league as an Amazon, a Google or a Read More >

The coronavirus economic shock has already caused UK house prices to wobble – and they may yet tumble if the narrative worsens. As the virus changes society and the way we live, it will inevitably change the factors that drive the demand and Read More >

If you think about German banking, your first thoughts are likely Deutsche Bank’s history of negative headlines and crashing stock price over the last many years. There is a widely held perception across the financial markets that Germans are Read More >

Last month WeWork surveyed the heads of real estate from 69 global corporations asking how they envisioned the world of work in this new COVID-19 age. Three themes emerged: +  Acceleration of how flex space might be Read More >

In my opinion, culture is probably the single most important thing in business. A good business model can be destroyed by bad management and poor cultural practices. The recent example of Wirecard is a case in point, but there are many Read More >

NOW GDP is the cumulative amount we all earn through the course of 12 months, it is a flow, and must not be confused with the total value of assets across the UK, or our stock of wealth. With these differences in mind let us compare and contrast Read More >

My World: June 2021... This is part of a series of articles where our contributors describe how they think things will look a year from now. Office demand stays level, as flexible working and a move to lower density cancel each other out Read More >

My world: June 2021... This is part of a series of articles where our contributors describe how they think things will look a year from now. Both the offices and residential markets will migrate to the regions, and algorithms will rule our Read More >

My world: June 2021... This is part of a series of articles where our contributors describe how they think things will look a year from now. I see a friend on the way into the New York office building where I have a presentation to an Read More >

There may not be many reasons for optimism about the economic outlook, but one is the relative flexibility of the UK labour market. This should help unemployment to fall back and activity to recover more quickly – provided government gets out Read More >

Proptech evangelists would have you believe that emerging digital technologies can and will be applied imminently to any real estate use, in the process resolving all of the industry’s current inefficiencies overnight. However, as the saying Read More >

Long term interest rates, in real and nominal terms, have fallen continuously since the early 1980s, and yields on commercial real estate have come down with them.  Most recent analysis, suggests that it is real rather than nominal interest Read More >

veryone agrees that people’s life and wellness are more important than GDP figures. But GDP figures are not only the invention of cold-hearted economists with nothing but monetary transactions on their mind. They capture something in the real Read More >

The era of monetary dominance is over. Helicopter money signals investment regime changes ahead.  S&P performance until surpassing -20% threshold, number of trading days It was the avalanche we have long feared. From record Read More >

Cycling to Success As I was growing up, one of the quirky delights of the weekend was listening to Alistair Cooke’s ‘Letter from America.’ I’m sure at the time I barely understood what he was opining on but somehow the combination of Read More >

On November 1, 2005, President George W. Bush held a press conference in which he called for draconian measures and $7.1 billion in spending to stop the spread of H5N1 Avian flu, which was then starting to cause some panic.  “The Read More >


Investor's Notebook

Smart people from around the world share their thoughts

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The Macro View

Recent financial news and how it connects across all asset classes

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Fintech, proptech and what it all means

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A sideways look at the world of wine

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The Architect

Some of the profession's best minds

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Residential Investor

Making money from residential property investment

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The Professor

Analysis and opinion from the academic sphere

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Face to Face

In-depth interviews with leading figures in the real estate/investment world.

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The Headhunter

Recruitment and career moves

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The Analyst

Investment themes and trends

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The Historian

A look back at previous cycles, events, characters

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The Economist

Money, rates and prices

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Political Insider

The inside scoop on Washington, Westminster and Whitehall

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The Agent

Reflections on estate agency, today and in past times

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Alternative assets

Investing in tangible assets

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