Office Market Analysis. Gauteng Report
|
|
- Dora Baldwin
- 6 years ago
- Views:
Transcription
1 Office Market Analysis Gauteng Report
2 Contents Highlights 1 Summary 2 Statistics 2 Climate 3 Supply 6 Demand 8 Vacancies 9 Gauteng Rental Rates 10 Prognosis 11
3 Report Highlights P Grade outperforms A and B Grade despite the current economic climate. P Grade vacancies declines by 3,9% to 5% in the previous quarter. Stronger rental growth achieved for P Grade office space is driven by greater efficiency offered with newer and higher quality buildings, offering long term budget and operating cost savings despite higher rentals. Office vacancy rates in Johannesburg declined in to 11,3% from 12,4% in the same quarter last year. Office stock in Johannesburg was expected to increase by more than m² by 2017, and the slow growth in demand suggested the market might be in over-supply in the near future. Office demand is expected to remain flat in Johannesburg in 2016, inline with employment outlook for that period.
4 Report Summary Colliers International South Africa s Office Market Analysis provides a brief overview of the key factors impacting the Gauteng office market and future prognosis for the market. The Analysis focuses specifically on the Johannesburg and Tshwane areas within Gauteng. Gauteng Summary Statistics ,5 11,8 9,8 10,6 8, month outlook 6 month outlook 6 month outlook 6 month outlook 6 month outlook 6 month outlook 6 month outlook ,9 9,8 11,
5 Macro-Economic Climate South Africa s Economic Growth was marked by the massive slump in the Chinese economy that led to a global slump in commodity prices, which negatively impacted South Africa and its mining and resources industry. The South African Reserve Bank has adjusted it's average growth forecast down to 1.5%, implying that South Africa is on the verge of a recession. The South African Reserve Bank (MPC) continues to look at raising interest rates, while many other commodities / currencies driven countries are looking at cutting interest rates to support their growth. This is in line with inflation targeting policy of the Reserve Bank. It s a juggling act between domestic inflation caused by weak currency versus slow growth of a failing economy. Apart from the Rand depreciation the possibility of high increases in electricity tariffs are also a threat in driving inflation higher. Structural impediments include: Constrained electricity supply, Poor education, Poor labor market flexibility, High unemployment, Significant inequality between rich and poor, SARB Growth Forecast 1,5% 1.5% South Africa has entered a stagflationary environment. Normally interest rates should be coming down due to the weak state of the economy, but unfortunately this is not so. Government spending needs to be more subdued, to prevent the country putting itself at risk for further credit rating downgrades. The solution to South Africa s recovery lies in the addressing of the aforementioned structural issues and the short term pain will far outweigh the long term suffering, if these issues are not addressed. There is a positive spin on the general outlook and the potential for the local economy is significant. More than 60% of the population is of working age, and once unemployment and education are successfully resolved, the sky is the limit. The steady but persistent deterioration of South Africa s governance and institutional ineffectiveness, is counteracted by the conservative Fiscal and Monitory policies, and thankfully this prevents South Africa from a further economic ratings down grade. A final positive in the economy has been the narrowing of the trade deficit to 0.9 billion in September. Lower oil prices and the reduction of imports, as a result of the weaker domestic demands eases the pressure on the current account deficits, and may help to underpin the Rand after it fell approximately 25% against the Dollar, in the year to end of. Inflation Inflation has eased to 4.51% on the back of weak oil prices and less demand from the credit sector of the banking services. Food prices look set to climb dramatically on the back of an unprecedented drought sweeping across South Africa s agricultural districts, this will put pressure on inflation going forward. Eskom s expected tariff increases will further drive inflation higher. The Reserve Bank continues to use inflation targeting as its policy to determine the Repo Rate. CPI Inflation 4,51% 4.51%
6 Annual Property Escalations It is key to note that annual commercial property escalations are not necessarily linked to CPI inflation. At quarter-end, commercial property leases were (smoothed) between 8% to 10%, with office properties slightly higher than industrial. Tshwane generally exhibits a higher escalation rate than Johannesburg, Cape Town and Durban. (Tshwane average is closer to 10%) At the time of this Analysis being published, SARB had increased its benchmark repurchase interest rate by 25bps on 23 July, as forecast. Further rate hikes are expected towards year-end and in 2016 on the back of mounting inflationary pressures. It is anticipated that a hike in prime interest rates will affect South Africa s commercial property market. Annual Property Escalations 8-10% The Rand Interest Rates An increase of 25bps is expected in Q4 and Q Prime bank lending rates ended at 9.50%. The depreciation of the Rand, (25% of its value this year), will have a significant effect on long term inflation. The saving grace is that the economic slow down has dampened the effect of currency depreciation on head line CPI. This means that the economy is doing so badly that manufacturers do not stock at higher imported prices unless absolutely necessary. Of course when the economy does start to grow again, the effect of the weak rand will hit us hard % Prime Bank Lending Rates 6.00% SARB Repurchase Interest Rates 25%
7 Foreign Investment The South African listed property funds achieved a 13.25% Rand return in the first 9 months of, while North America achieved 14.48%, Australia 13.1%, Europe 27.92% and Globally a 15.43% return. Currently emerging markets are the most attractive. In particularly currency depreciation prevents major foreign investors from buying into the South Africa s listed property sector Interesting to note that 20% of Growthpoint s assets are held by foreign investors, while 23% of Redefines assets are also held by foreign investors. Foreign direct investors (FDI) flow into South Africa are expected to increase this year after a sharp decline in From US 8.3 billion in 2013 to 5.7 billion in South Africa needs to move away from a traditional reliance on commodities. The economic climate in China and other emerging markets will have a direct influence on FDI flows into South Africa in the next year. Chinese investors might well seek a better return in Africa (South Africa). Rand Return 13.25% Growthpoint 20% Foreign Investor Assets
8 Supply Despite an oversupply, Johannesburg will continue to see new developments of m² going forward. It is noteworthy that most of these developments are in close proximity to the Gautrain stations. Tenant driven supply will become a feature in the next year. Developments Under Construction Approx. Size (m²) Node Developer Discovery Head Office 87,000m² Sandton Growthpoint / Zenprop Sasol 67,000m² Sandton Alchemy Alice Lane Building 3 35,000 Sandton Abland Webber Wentzel 34,500m² Sandton Redefine Anslow Park Phase 2 9,461m² Bryanston Growthpoint The Crossing 4,750m² Bryanston Barrow Culross on Main Extension 2,300m² Bryanston Barrow Rosebank Towers 22,000m² Rosebank Redefine / Abland Oxford and Glenhove 54 22,000m² Rosebank Barrow Glenhove 6,000m² Rosebank Barrow
9 Supply Development Approx. Size (m²) Node Developer Hill on Empire Building A 6,680m² Parktown Abland PWC Head Office 40,000m² Waterfall Business Est Atterbury Schneider Electric 14,000m² Waterfall Business Est Atterbury CTM & Haltie 7,000m² Waterfall Business Est Atterbury Stoneridge Office Park, Building E 3,700m² Modderfontein Abland Hertford Office Building E 3,700m² Midrand Abland Hazeldean Office Park Phase 3 Buildings D & E 6,000m² Tshwane Abland Willows Office Park 4,200m² Tshwane East Abland
10 Demand The general economy is on a downward trajectory and all sectors are affected including office space. Businesses look for efficiency and are sensitive to total cost of occupation. Economic pressure means learning how to do more with less including the square meters in the office space. A continuing feature will be office space that is serviced by public transport, which is a key element in reducing parking expenses and time wasted in traffic, avoiding use of private vehicles. This economic climate causes Landlords and tenants to innovate and experience with new models for occupiers. It also sees long term demand increasing in areas serviced by the Gautrain and other means of public transport.
11 Vacancies National Snapshot As at, the national office vacancy rate as recorded by South African Property Owners Association was 10.6% which is unchanged on the quarter before and a continuation of the broadly sideways trend of the last 5 years. This comes after a promising 60bps improvements in Q2 which was the largest quarter-on-quarter decline since While the vacancy rate is now 1% lower than a year ago, there still isn t a clear downward trend of the last 15 quarters, there were only 6 periods of positive nett take-up. Pressure on profitability is seeing a renewed increase in B Grade stock and vacancies in this sector are likely to reduce over the next 6 months. In square meter terms, an aggregate of m² was let during the past quarter while m² of stock was added to the survey sample - a net take-up of around m². 10.6% NATIONAL VACANCY RATE
12 TSHW JHB Vacancies On a regional level, at quarter end, Johannesburg posted an improved vacancy rate of 11.3%, and Tshwane s rate reduced to 10.6%. VACANCY 11.3% Johannesburg s office market was the biggest driver of the national improvement in the vacancy rate, by contributing 50bps of the overall 60bps decline. Despite an improvement over the last quarter however, Johannesburg still has the highest vacancy rate among the four major national metros. Tshwane however, saw it s office vacancy rate deteriorate slightly by 0.3% over the course of. Tshwane has the second highest office vacancy rate after Johannesburg among the four major national metros. VACANCY 10.6% Rental Rates Grade P Grade A Grade B Q Q Q R85 R115/m² Average R170 R220/m² R170-R220/m² R125 R160/m² Average R125-R160/m² Average R185-R240/m² The latest quarter also saw asking rentals continue its above inflation trend by posting a year-on-year growth of 7.1% - up from 5.1% in Q2. The rise however, is more a product of supply side dynamics than it is demand-driven. recorded a 2.2% quarter on quarter increase in the prime office vacancy rate meaning that current asking rentals are based on a better quality sample than the quarter before. The latest uptick in rental growth needs to be put in context though. On an inflation-adjusted basis, office rentals are down 15% since Q having grown only half the rate of inflation recorded over this period. Average R120- R160/m² Average R95-R115/m² Average R85-R95/m²
13 Market Prognosis Global slowdown in commodity prices and the collapse in the Chinese stock market has characterised the last quarter leading to a general lack of business confidence in South Africa, notably the weak currency will open an opportunity for certain global organisations to relook at South Africa as a value driven destination(for selected business operations eg. Call Centers), the office market will remain flat as tenants seek value and Landlords look to retain those tenants. With Landlords looking to secure longer leases and more favorable rates on offer, it has the effect of creating long term cash flow stability for investors. This is an ideal opportunity to acquire quality assets in preparation for the next economic recovery. Vacancy rates are becoming noticeably polarized between centralized and decentralized nodes. With centralized nodes attracting tenants to the city at the expense of decentralized nodes eg. Greenstone vacancies 26,3%, Morningside vacancies 19,8% (Aveng exit), and Rivonia vacancies 18,5%. Report Sources Abland Alchemy Properties Atterbury Property Holdings Barrow Properties Business Day Live Colliers International South Africa Fin24.com GlobalRates.com Growthpoint Properties Investment Property Databank (IPD) Nedbank Redefine Properties South African Property Owners Association (SAPOA) South African Reserve Bank (SARB) Trading Economics
14 502 offices in 67 countries on 6 continents 1.75 billion in annual revenue 1.7 billion square meters under management 16,300 professionals and staff Michael Inglesby Research and Valuation Department Mobile michael.inglesby@colliers.com Michelle Martin Assistant Researcher Mobile michelle.martin@colliers.com Colliers International Johannesburg 108 Albertyn Avenue Sandton 2146 South Africa Main Fax info.johannesburg@colliers.com Colliers International Cape Town 13th floor, 7 Coen Steytler Avenue Cape Town 8000 South Africa Main Fax About Colliers International Colliers International is a global leader in commercial real estate services, with over 16,300 professionals operating out of more than 502 offices in 67 countries, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world. Disclaimer The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.
Q Office Market Analysis Gauteng Report
Office Market Analysis Gauteng Report Contents Highlights 1 Brexit 2 Summary & Statistics 3 Climate 4 Foreign Investment 6 Listed Property 7 Supply 8 Demand 10 Vacancies & Rental Rates 11 Prognosis 13
More informationQ Office Market Analysis Western Cape
Office Market Analysis Western Cape Contents Highlights 1 Summary & Statistics 2 Climate 3 Foreign Investment 5 Listed Property 6 Supply 7 Demand 9 Vacancies & Rental Rates 10 Prognosis 12 Office Market
More informationQ Office Market Analysis KwaZulu-Natal Report
Office Market Analysis KwaZulu-Natal Report Contents Highlights 1 Summary & Statistics 2 Climate 3 Foreign Investment 5 Listed Property 6 Supply 7 Demand 9 Vacancies & Rental Rates 10 Prognosis 12 Office
More informationQ Office Market Analysis Western Cape
Office Market Analysis Western Cape Contents Highlights 1 Summary & Statistics 2 Climate 3 Foreign Investment 5 Listed Property 6 Supply 7 Demand 9 Vacancies & Rental Rates 10 Prognosis 12 Office Market
More informationOffice Market Analysis
Q1 2015 Accelerating success. Office Market Analysis Western Cape Report Contents Highlights 1 Summary 2 Statistics 2 Climate 3 Supply 5 Demand 8 Vacancies 9 Western Cape Rental Rates 10 Prognosis 11 Report
More informationOffice Market Analysis
Q2 2015 Accelerating success. Office Market Analysis KwaZulu-Natal Report Contents Highlights 1 Summary 2 Statistics 2 Climate 3 Supply 6 Demand 8 Vacancies 9 KwaZulu-Natal Rental Rates 10 Prognosis 11
More informationIndustrial Market Analysis
October 2014 Gauteng Accelerating success. Industrial Market Analysis Contents Highlights 1 Summary 2 Statistics 2 Climate 3 Supply 4 Demand 8 Vacancies 9 Prognosis 11 Industrial Market Analysis October
More informationIndustrial Market Analysis
DEC Industrial Market Analysis Bi-Annual Western Cape & KwaZulu-Natal Contents Bi-Annual Highlights 1 Summary 2 Climate 3 Supply 5 Featured Industrial Developments 7 Demand 8 Vacancies 9 Rental Rates 10
More informationRESEARCH Cap & Discount Rate Report
RESEARCH Cap & Discount Rate Report Key Research Findings The latest SAPOA Cap & Discount Rate Survey indicates that for the six months to May 2017, the All Property discount rate strengthened slightly
More informationFNB PROPERTY MARKET ANALYTICS
1 June 21 FNB MAY HOUSE PRICE INDEX AND PROPERTY ECONOMIC REVIEW - Price growth acceleration continues, with expected peak believed to be nearing MARKET ANALYTICS JOHN LOOS: FNB HOME LOANS STRATEGIST 11-64912
More informationIndicator Watch for the South African Commercial Property Market Cycle
Indicator Watch for the South African Commercial Property Market Cycle April 2017 Cycle Position Summary Recent political events and the downgrading of South Africa s international credit rating have led
More informationresearch Capitalisation & DiscountRate Report compiled by IPD
research Capitalisation & DiscountRate Report compiled by IPD research: Little change as economic uncertainties play out SUMMARY POINTS Valuation metrics has shown little change over the last 6 months
More informationresearch Capitalisation & DiscountRate Report compiled by IPD
research Capitalisation & DiscountRate Report compiled by IPD key findings research: Valuation metrics have shown some improvement for the six months ended November 2014, in line with a slightly firmer
More informationSouth African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 18 January 2018 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank In recent weeks,
More informationWATERFALL BUSINESS ESTATE (WBE) ECONOMIC IMPACT ASSESSMENT
WATERFALL BUSINESS ESTATE (WBE) ECONOMIC IMPACT ASSESSMENT DR DIRK A PRINSLOO & DIRK NICO PRINSLOO August 2013 WBE: Economic Impact Assessment Objectives: To understand the Gauteng economic environment;
More informationSouth African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT 24 January 2017 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the previous meeting of
More informationRESEARCH Industrial Vacancy Report
RESEARCH Industrial Vacancy Report KEY FINDINGS As at December 2016, the national industrial vacancy rate as recorded by IPD was 5.8%. This is up from a revised 2.3% at December 2015 and the highest industrial
More informationHome Loans. Housing review First quarter 2016
Home Loans Contents Economic overview Household sector overview Property sector overview House prices Building costs Land values Affordability of housing Outlook 7 Graphs 9 Statistics 11 Compiled by Jacques
More informationproperty: the opportunities and challenges
property: the opportunities and challenges Paul Duncan Catalyst Fund Managers Catalyst Fund Managers is an authorised Financial Services Provider No.723 review you can t go wrong with property p 700 600
More informationTRADING UPDATE. Sandton 28 March 2018 INVESTEC PROPERTY FUND LIMITED
TRADING UPDATE Sandton 28 March 2018 INVESTEC PROPERTY FUND LIMITED Approved as a REIT by the JSE (Incorporated in the Republic of South Africa) (Registration Number 2008/011366/06) Share code: IPF ISIN:
More informationIndustrial Market Analysis
Industrial Market Analysis Bi-Annual Western Cape & KwaZulu-Natal Contents Highlights 1 Summary 3 Climate 4 Supply 6 Featured Industrial Developments 8 Demand 9 Vacancies 10 Rental Rates 11 Prognosis 13
More informationSouth African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 23 November 2017 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the
More informationSouth African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 24 May 2018 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank In recent weeks,
More informationHome Loans. Housing review Fourth quarter 2016
Home Loans Contents Economic overview 2 Household sector overview 2 Property sector overview House prices Building costs Land values 7 Affordability of housing 7 Outlook 7 Graphs 9 Statistics 11 Compiled
More informationEuropean Investment Bulletin
European Investment Bulletin Spring 2009 Prime yield decompression per sector (yoy) Rents in decline in line with business sentiment 200 CBD offices Warehouses Shopping Centres European average prime office
More informationSouth African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 20 November 2014 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the
More informationSouth African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 19 July 2018 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the previous
More informationForecast and Country Report for South Africa. United Nations Department of Economic and Social Affairs. Plus Economics Advisory (Pty) Ltd
Title Forecast and Country Report for South Africa Brief description This document provides a brief analysis of the South African economy in the first and second quarters of 2015. Furthermore a forecast
More informationRECENT ECONOMIC DEVELOPMENTS IN SOUTH AFRICA
RECENT ECONOMIC DEVELOPMENTS IN SOUTH AFRICA Remarks by Mr AD Mminele, Deputy Governor of the South African Reserve Bank, at the Citigroup Global Issues Seminar, held at the Ritz Carlton Hotel in Istanbul,
More informationMonthly Economic Review
Monthly Economic Review FEBRUARY 2018 Based on January 2018 data releases Bedfordshire Chamber of Commerce Headlines UK GDP growth picked up in Q4, driven by stronger output from the services sector The
More informationRecent developments in the Global and South African economies
Day Month Year Recent developments in the Global and South African economies Presented by: Nico Kelder Senior Economist Industrial Development Corporation of South Africa 2010 Growth, Development and Investment
More information20 June 2017 KEY POINTS
20 June 2017 FNB HOME LOANS: MARKET ANALYTICS AND SCENARIO FORECASTING UNIT JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST 087-328 0151 John.loos@fnb.co.za THEO SWANEPOEL: PROPERTY MARKET ANALYST
More informationMID-TERM REVIEW OF THE 2013 MONETARY POLICY STATEMENT
MID-TERM REVIEW OF THE MONETARY POLICY STATEMENT. INTRODUCTION. The Mid-Term Review (MTR) of the Monetary Policy Statement (MPS) evaluates progress in achieving the percent medium-term inflation objective.
More information1 February 2016 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT. JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST
1 February 2016 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST 087-328 0151 john.loos@fnb.co.za THEO SWANEPOEL: PROPERTY MARKET ANALYST 087-328 0157
More informationPROPERTY INSIGHTS. Market Overview. Subdued economic growth dampen investment sentiments. Citigold Private Client
Citigold Private Client PROPERTY INSIGHTS Malaysia Quarter 2, 2016 Subdued economic growth dampen investment sentiments Market Overview Malaysia s economy grew at a slower pace in Q1 2016 due to slower
More informationState of the property market in quarter 4 of 2008
1 State of the property market in quarter 4 of 2008 The following are the significant findings or conclusions made in this issue of Rode s Report: Capitalization rates could be peaking. Listed yields strengthen
More informationSouth African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Gill Marcus, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 18 September 2014 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Gill Marcus, Governor of the South African Reserve Bank Since the previous
More informationDOMINICAN REPUBLIC. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 DOMINICAN REPUBLIC 1. General trends The economy of the Dominican Republic grew by 7.0% in 2015, compared with 7.3% in 2014. That growth is driven
More informationSchroders Investing in Property During and After a Recession
August 29 For professional investors and advisors only. Not suitable for retail clients. Schroders Investing in Property During and After a Recession Mark Callender Head of Property Research, Schroders
More informationNorthern Ireland Quarterly Sectoral Forecasts
Economic Analysis Northern Ireland Quarterly Sectoral Forecasts 2018 Quarter 1 Northern Ireland Quarterly Sectoral Forecasts Forecast summary For the Northern Ireland economy, the first part of 2018 has
More informationSME Monitor Q aldermore.co.uk
SME Monitor Q1 2014 aldermore.co.uk aldermore.co.uk Contents Executive summary UK economic overview SME inflation index one year review SME cost inflation trends SME business confidence SME credit conditions
More informationView of the month July 2017
View of the month July 2017 Dear investor, What a great way to the end the month! The JSE All Share index closed at a record high on Monday 31 July 2017, ending the day above 55,000 points for the first
More informationTALIS PROPERTY FUND.
TALIS PROPERTY FUND www.talis.properties It doesn t matter if a cat is black or white as long as it catches mice Response by Deng Xiaoping regarding modern economic reforms in China Talis Property Fund
More informationACT Economic Outlook. Tuesday 5 May State Report ACT
Tuesday 5 May 215 ACT Economic Outlook Summary Although the economy of the ACT has diversified over time, it remains heavily influenced by the government sector. The Federal government is the major employer
More informationAREITs Safe as houses?
Schroders AREITs Safe as houses? By David Wanis, Portfolio Manager, Multi Asset and Helen Mason, Credit Research Analyst Real estate is always good as far as I m concerned. Donald Trump We last documented
More informationSouth African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 30 March 2017 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since the previous
More informationConsumer Confidence Survey
Consumer Confidence Survey Quarterly analysis of consumer expectations Second quarter 2016 2014Q1 12 March 2014 Please refer to the glossary on the BER s website for explanations of technical terms. Editor:
More informationEurozone Economic Watch. July 2018
Eurozone Economic Watch July 2018 Eurozone: A shift to more moderate growth with increased downward risks BBVA Research - Eurozone Economic Watch July 2018 / 2 Hard data improved in May but failed to recover
More informationREVIEW PERIOD: MARCH 2018 D O M E S T I C O V E R V I E W. 24 A p r i l b y G l a c i e r R e s e a r c h
ECONOMIC REPORT b y G l a c i e r R e s e a r c h 24 A p r i l 2 0 1 8 REVIEW PERIOD: MARCH 2018 D O M E S T I C O V E R V I E W The South African domestic outlook remains one that is still driven by what
More information18 June 2018 KEY POINTS
18 June 2018 FNB HOME LOANS: MARKET ANALYTICS AND SCENARIO FORECASTING UNIT JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST 087-328 0151 John.loos@fnb.co.za THULANI LUVUNO: STATISTICIAN 087-730 2254
More informationEmerging Markets Equities VALUE COULD EXTEND THE EMERGING MARKETS RALLY
PRICE POINT December 2017 Timely intelligence and analysis for our clients. Emerging Markets Equities VALUE COULD EXTEND THE EMERGING MARKETS RALLY KEY POINTS Emerging markets (EM) equities have extended
More informationHas the China Collapse Finally Arrived?
Has the China Collapse Finally Arrived? January 24, 2019 by Andy Rothman of Matthews Asia China has been on the verge of a hard landing for many years, according to some analysts. Will they finally be
More information1 March 2016 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT. JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST
1 March 2016 MARKET ANALYTICS AND SCENARIO FORECASTING UNIT JOHN LOOS: HOUSEHOLD AND PROPERTY SECTOR STRATEGIST 087-328 0151 john.loos@fnb.co.za THEO SWANEPOEL: PROPERTY MARKET ANALYST 087-328 0157 tswanepoel@fnb.co.za
More informationCyprus. Eurozone rebalancing. EY Eurozone Forecast June Portugal Slovakia Slovenia Spain. Latvia Lithuania Luxembourg Malta Netherlands
EY Forecast June 215 rebalancing recovery Outlook for Renewed external funding to support growth, but is a worry Published in collaboration with Highlights The ending of capital controls and the approval
More informationCOLOMBIA. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 COLOMBIA 1. General trends Real GDP climbed 3.1% in 2015, driven by strong momentum in the finance, commerce and construction sectors, which offset
More informationMARKET OVERVIEW Czech Republic Q1 2017
MARKET OVERVIEW Czech Republic Q1 217 1 Market Overview Q1 217 CZECH REPUBLIC As a reaction to growing inflation, the Czech National Bank released the Czech Koruna / Euro peg that had been in place since
More informationOECD Interim Economic Projections Real GDP 1 Percentage change September 2015 Interim Projections. Outlook
ass Interim Economic Outlook 16 September 2015 Puzzles and uncertainties Global growth prospects have weakened slightly and become less clear in recent months. World trade growth has stagnated and financial
More informationTrade and Industry Strategic Session Nedlac 2016
Overview of the current state of the Economy & the status of the Nine- Point Plan as an intervention tool. Business Response Trade and Industry Strategic Session Nedlac 2016 Overview of State of the Economy
More informationFINLAND. Country Snapshots. Second quarter I Please click on the appropriate sector to view. Economy Offices Retail Industrial.
Country Snapshots Second quarter I 2016 Please click on the appropriate sector to view Economy Offices Retail Industrial About & Contacts Economic Snapshot The Finnish economy maintained a steady momentum
More informationStrengths (+) and weaknesses ( )
Country Report Australia Country Report Marcel Weernink Economic growth in Australia decelerates due to lower mining investments. The outlook depends heavily on demand from China for its commodities and
More informationKwaZulu-Natal Business Barometer
KwaZulu-Natal Business Barometer April 2014 Ex-Joshua Doore building 270 Jabu Ndlovu Street Pietermaritzburg Tel: +27 33 264 2500 Email: info@kznded.gov.za Web: www.kznded.gov.za Treasury House 145 Chief
More informationEconomic Projections For 2014 And 2015
Economic Projections For 2014 And 2015 Article published in the Quarterly Review 2014:3, pp. 77-81 7. ECONOMIC PROJECTIONS FOR 2014 AND 2015 Outlook for the Maltese economy 1 The Bank s latest macroeconomic
More informationNew South Wales Economic Outlook
Wednesday, 3 November 1 New South Wales Economic Outlook Summary The NSW economy has become one of the star-performing States within Australia. While it didn t enjoy as much upside from the mining investment
More informationMEET THE TEAM FOORD ASSET MANAGEMENT
MEET THE TEAM FOORD ASSET MANAGEMENT November 2015 MEET THE TEAM SPEAKERS Welcome Paul Cluer Managing Director Share focus Michael Townshend Portfolio Manager and Resources Analyst Returns and macro environment
More informationThe shape of the pending recovery
Sizwe Nxedlana Research Economics Economist sizwe.nxedlana@fnbcommercial.co.za (011) 352 3276 The shape of the pending recovery Domestic expenditure deteriorated in the second quarter Real expenditure
More informationSA interest rates cut sooner than anticipated
SA interest rates cut sooner than anticipated Interest rates cut by 25 basis points to 6.75% The South African Reserve Bank s (SARB) interest rate decision was not in line with the Reuters consensus, in
More informationPerformance Summary September 2015
Performance Summary September 2015 SA Metropolitan Fire Service Superannuation Scheme Funds SA is responsible for investing the assets of the SA Metropolitan Fire Service Superannuation Scheme. In this
More informationBASE METALS - MONTHLY
June 6, 2011 BASE METALS - MONTHLY Base metal prices ended largely lower on the back of re-emergence of concerns from the Euro-zone, weak economic data and expectation of decline in demand. European debt
More informationOUTLOOK THE CHANGING STRUCTURE OF THE WA ECONOMY ABOUT OUTLOOK
OUTLOOK July 2017 I Chamber of Commerce and Industry of Western Australia (Inc) THE CHANGING STRUCTURE OF THE WA ECONOMY ABOUT OUTLOOK Outlook is CCIWA s biannual analysis of the Western Australian economy.
More informationHONDURAS. 1. General trends
Economic Survey of Latin America and the Caribbean 2016 1 HONDURAS 1. General trends Economic growth in Honduras picked up in 2015, reaching 3.6%, compared with 3.1% in 2014. This performance was mainly
More informationQuarterly Labour Market Report. May 2015
Quarterly Labour Market Report May 2015 MB13090_1228 May 2015 Ministry of Business, Innovation and Employment (MBIE) Hikina Whakatutuki - Lifting to make successful MBIE develops and delivers policy, services,
More informationUK Consensus Forecasts
Research Programme Investment Property Forum UK Consensus Forecasts MAY 2018 COMMISSIONED BY THE IPF RESEARCH PROGRAMME UK Consensus Forecasts This research was funded and commissioned through the IPF
More informationThe fourth quarter of 2017 brought about some positive economic and political
WATCH THIS SPACE Quarterly Newsletter CONTENTS Introduction From the Asset Management Desk WORKING OUR PORTFOLIO HIGH FINANCE FUND SNAPSHOT (as of 31 December 2017) SHARE CODE: TEX (JSE) I TEX:SJ SHARE
More informationAbsolute Return Funds in
Absolute Return Funds in Supplementary Detail The Liberty Absolute return fund aims to produce low risk, inflation-beating returns with limited risk to capital. This was achieved by using two management
More informationWorld Economic outlook
Frontier s Strategy Note: 01/23/2014 World Economic outlook IMF has just released the World Economic Update on the 21st January 2015 and we are displaying the main points here. Even with the sharp oil
More informationSector Rotation: Finding the Market Leaders Written by Deon Botha and Donald Curtayne, Equity Analysts at Fairtree Capital
FUNDS ON FRIDAY b y G l a c i e r R e s e a r c h Sector Rotation: Finding the Market Leaders Written by Deon Botha and Donald Curtayne, Equity Analysts at Fairtree Capital 09 D e c ember 2 0 1 6 V o l
More informationSouth African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Gill Marcus, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 27 March 2014 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Gill Marcus, Governor of the South African Reserve Bank Since the previous
More informationRMB RESEARCH ECONOMICS
RMB RESEARCH ECONOMICS 01 October 2009 FALLING CONSUMER INFLATION HIDES A WORRYING TREND A closer look at the most recent CPI data reveals that all is not as it seems. Indeed, beneath positive headline
More informationWhat's really happening to house prices. November How big is the fall (so far)?
November 2017 David Norman Chief Economist david.norman@aucklandcouncil.govt.nz 021 516 103 What's really happening to house prices Once we account for these seasonal effects, prices have fallen around
More informationTour of Tower Cape Properties
www.towerpropertyfund.co.za Tour of Tower Cape Properties Contents www.towerpropertyfund.co.za Tower Strategy Financial Highlights Operational Highlights Tower at a Glance Management Team Borrowings Valuations
More informationAdvanced Market Analysis for Commercial Real Estate
Ward Center for Real Estate Studies www.ccim.com Advanced Market Analysis for Commercial Real Estate PPT Handout EXCELLENCE SUCCESS SKILL LEADERSHIP CHALLENGE STRENGTH Copyright 2012 by the CCIM Institute
More informationPERU. 1. General trends
Economic Survey of Latin America and the Caribbean 2015 1 PERU 1. General trends Peru s gross domestic product (GDP) grew by 2.4% in 2014, compared with 5.8% in 2013. This slowdown was due mainly to the
More informationEconomic and market snapshot for January 2016
From left to right: Herman van Papendorp (Head of Macro Research and Asset Allocation), Sanisha Packirisamy (Economist) Economic and market snapshot for January 2016 Global economic developments United
More informationEconomic Activity Report
Economic Activity Report FOR THE SCANDINAVIAN COUNTRIES October 2007 New developments since June highlights Some unrest in the financial markets, but it will pass International economy In the spring and
More informationCommercial real estate transaction review: South Africa
March 2015 Commercial real estate transaction review: South Africa Capital Markets research Commercial property investment activity slowed down in 2014. The overriding factor which contributed to reduced
More informationUK Property Market London & South East October 2009
UK Property Market London & South East October 2009 Current Market Conditions The optimism we expressed in our last report dated August 2009 has been confirmed with a return to modest capital growth across
More informationPERU. 1. General trends
Economic Survey of Latin America and the Caribbean 2017 1 PERU 1. General trends Peru s gross domestic product (GDP) grew by 3.9% in 2016, compared with 3.3% the previous year, primarily on higher production
More informationSouth African Reserve Bank STATEMENT OF THE MONETARY POLICY COMMITTEE. Issued by Lesetja Kganyago, Governor of the South African Reserve Bank
South African Reserve Bank PRESS STATEMENT EMBARGO DELIVERY 17 January 2019 STATEMENT OF THE MONETARY POLICY COMMITTEE Issued by Lesetja Kganyago, Governor of the South African Reserve Bank Since November
More informationEurozone. EY Eurozone Forecast March 2015
Eurozone EY Eurozone Forecast March 2015 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Slovakia Slovenia Spain Outlook for Modest
More informationMonthly Economic Review
Monthly Economic Review DECEMBER 2017 Based on November 2017 data releases Bedfordshire Chamber of Commerce Headlines UK GDP growth in Q3 unrevised as business investment and the UK s trade position weakens
More informationFund Management Diary
Fund Management Diary Meeting held on 12 th March 2019 Earnings to weigh on emerging market equities A slowdown in both the United States and Chinese economies will weigh heavily on export growth in the
More informationSUMMARISED CONSOLIDATED RESULTS For the year ended 30 June 2016 STRATEGIC & OPERATIONAL OVERVIEW. Canal Walk (Cape Town, Western Cape)
SUMMARISED CONSOLIDATED RESULTS For the year ended 30 June 2016 STRATEGIC & OPERATIONAL OVERVIEW Canal Walk (Cape Town, Western Cape) 1 STRATEGY & OVERVIEW South African REIT Focused on emerging markets
More informationECONOMIC COMMENTARY. Vehicle Sales. Economics South Africa. Total sales growth continues to points towards a rebound off a low base.
ECONOMIC COMMENTARY Economics South Africa 01 November 2017 Vehicle Sales Total sales growth continues to points towards a rebound off a low base Total new vehicle sales increased to 51 037 units in October,
More informationMonetary Policy Update December 2007
Monetary Policy Update December 7 At its meeting on 8 December, the Executive Board of the Riksbank decided to hold the repo rate unchanged at per cent. During the first half of 8 it is expected that the
More informationThe SunGard Retirement Benefits Scheme Quarterly Investment Monitoring Report to 31 March 2012
Quarterly Investment Monitoring Report to 31 March 2012 Executive Summary Scheme Asset Valuation The SunGard Section's assets increased in value over the quarter to 75,233,620. This is an increase of 5,188,852
More informationLETTER. economic. Canada and the global financial crisis SEPTEMBER bdc.ca
economic LETTER SEPTEMBER Canada and the global financial crisis In the wake of the financial crisis that shook the world in and and triggered a serious global recession, the G-2 countries put forward
More informationMarket Commentary. Q Review. Market & Economic Review Third Quarter 2018
Market Commentary Market & Economic Review Third Quarter 2018 Q2 2018 Review The quarter can be analyzed from the impact of taxes, trade, and Treasuries (Some might add President Trump or Twitter as well).
More informationSlovenia. Eurozone rebalancing. EY Eurozone Forecast June Portugal Slovakia Slovenia Spain. Latvia Lithuania Luxembourg Malta Netherlands
EY Forecast June 215 rebalancing recovery Outlook for Activity to remain solid this year, after growing 2.4% in 214 Published in collaboration with Highlights n GDP grew by 2.4% in 214 and 3% in Q1 215,
More informationInvestment Property Forum UK Consensus Forecasts
Research Programme Investment Property Forum UK Consensus Forecasts SUMMER 2018 COMMISSIONED BY THE IPF RESEARCH PROGRAMME UK Consensus Forecasts This research was funded and commissioned through the IPF
More informationStuttgart Real Estate Market Off to a Good Start in 2015
STUTTGART Office Leasing and Investment Q1 2015 MARKET REPORT Stuttgart Real Estate Market Off to a Good Start in 2015 ALEXANDER RUTSCH Research Analyst Stuttgart Office Space Take-up (in 1,000 sq m) >
More information