Chile

Chile

In a broadly neutral statement – and as expected – the Central Bank of Chile (BCCh) kept its policy rate unchanged at 5.0%. The board maintained its data-dependent stance and further reinforced our call for the bank to remain on hold for the foreseeable future.

German Real Estate Monitor

Commerzbank Corporates & Markets
Economic Research
https://research.commerzbank.com

Economic Insight
German Real Estate Monitor

Residential property prises are rising strongly in German cities. We consider which house price indices are worth looking at and which indicators may warn of possible overheating of the market. The property market should continue to revive in the next few years, above all due to low interest rates. Even though a property bubble is less likely in Germany than it was in Spain or Ireland, the ECB’s long-standing expansionary monetary policy, maintained for the sake of the peripheral countries, poses significant long-term risks.

Analyst:
Ulrike Rondorf

For important disclosure information, please see https://research.commerzbank.com/portal/en/site/equity/disclaimer_1/index.jsf

Quiet Start to 2013 for Central London Office Market

Quiet Start to 2013 for Central London Office Market

11 April 2013

Figures released today in Capita Symonds’ ‘Central London Overview Q1 Report’ show that the central London office market got off to a quiet start in 2013.

http://www.capitasymonds.co.uk/news__events/latest_news/quiet_start_to_2013_for_centra.aspx

Business, Lee Iacocca

In the end, all business operations can be reduced to three words: people, products, and profits. People come first. Unless you've got a good team, you can't do much with the other two.

- Lee Iacocca (1924- )

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I constantly ask myself what the most important aspect in business is; Is it strategy, marketing, human resources or skill? Other than that, there are cultural significance, brand power and quality- which are also essential requirements to running a successful business. However, nowadays, I find myself appreciating the importance of human resources more- what do you think?

Poland: MPC dovish on economy and inflation, but in denial that swift rate cuts are needed

Poland: MPC dovish on economy and inflation, but in denial that swift rate cuts are needed
Michal Dybula - Market Economics | 10 Apr 2013 16:06

The MPC left interest rates unchanged, in line with expectations. While the post-meeting statement highlighted the weakness of the economy and major disinflation, the Council made also clear that its upcoming decision will depend on the probability of inflation remaining considerably below the inflation target over the medium-run.

Melbourne Office Vacancies to Surge on Glut, Morgan Stanley Says

Melbourne Office Vacancies to Surge on Glut, Morgan Stanley Says
By Nichola Saminather - Apr 8, 2013

Melbourne’s office vacancy rate will jump to about 11 percent this year from about 8 percent now, as supply outpaces demand, Morgan Stanley said.

http://www.bloomberg.com/news/2013-04-08/melbourne-office-vacancies-to-surge-on-glut-morgan-stanley-says.html

Melbourne office market joins high rise glut

Melbourne office market joins high rise glut

Posted by Unconventional Economist in Australian Property, Featured Article
on April 8, 2013 |

By Leith van Onselen

This blog has spent a lot of time highlighting the looming oversupply of apartments facing Melbourne. Well, it appears that the office market is facing similar conditions, with Morgan Stanley today releasing research pointing to a big ramp-up in office construction and office vacancy rates over the next couple of years:

http://www.macrobusiness.com.au/2013/04/melbourne-office-market-joins-high-rise-glut/

Kidder Mathews: San Francisco Office Market – 1st Quarter 2013

http://news.theregistrysf.com/kidder-mathews-san-francisco-office-market-1st-quarter-2013/

Kidder Mathews: San Francisco Office Market – 1st Quarter 2013
Posted on April 8, 2013 by publisher in News Releases Market Overview

Vacancy: DOWN from 9.5% to 9.2%

Net Absorption: UP 367,259

Average Asking Rental Rates: UP from $38.17 to $39.02

New Office Construction: UP

Notable Lease Transactions

1.101 Spear, Salesforce.com, 228,721 s.f.
2.1455 Market, Square Inc, 85,111 s.f.
3.760 Market, Obvious Corporation, 75,000 s.f.
4.60 Spear St, Rodan+Fields, 62,524 s.f.
5.1 Market, McKenna, Long & Aldridge, 42,288 s.f. (sublease)

2013 | Q1 San Francisco Office Report

http://www.colliers.com/en-us/sanfrancisco/insights

2013 | Q1 San Francisco Office Report >>

After a record setting 2012, San Francisco started 2013 with a strong first quarter. The global economy continued to bounce back and San Francisco remains ahead of the pack as job growth and increased productivity due to technology enhancements have benefitted the office market. The first quarter marked the eleventh consecutive quarter of positive net absorption and vacancy is hovering at 10 percent citywide. Even more encouraging is the 1.2 million square feet of ground up office development currently under construction, driven by the city’s increased employment and leasing volume over the last 24 months.

http://www.colliers.com/en-us/sanfrancisco/insights

Eco Analysis - February German IP expands by 0.5% (H. Amourda)

Eco Analysis - February German IP expands by 0.5% (H. Amourda)

Only a few key economic data were released this Monday. German Industrial production expanded by 0.5% mom in February, while the number for January was revised down markedly. For Q1, growth in industrial production is likely to be around 0, up with Q4, when it fell by 2.6% qoq. Based on a stronger recovery in private consumption, we still expect a robust rebound in GDP in Q1. In the euro area, the April Sentix investor survey fell further from -10.6 in March to -17.3. We now look forward the bulk of European IP data set to be released this week.

Following the stronger than expected factory orders last week, at 2.3% mom, February industrial production surprised on the upside as well. Indeed, the industrial production printed at 0.5% mom (cons: 0.3). Looking at the components, the construction sector contracted by 2.7% mom, possibly affected by poor weather conditions. The Bundesbank report shows some pressures from the energy component which rose from -0.4% mom to 3.9% mom in February, while the manufacturing component increased as well by 0.5% mom from -1.1% mom. Also noteworthy, the January figure was revised down from 0% mom to -0.6% mom. Looking ahead, our scenario remains for a technical rebound in GDP growth in Q1 2013.