Altus Newsroom

Real estate markets in parts of Europe are entering a recovery phase, with values now rising for two consecutive quarters after two years of declines, according to Altus Group, Property Week can reveal.

Canada’s troubled office market has almost reached bottom as it shows signs of recovery, says Altus Group. The hard-hit sector appears to have “turned an important corner” while being fuelled by such key factors as limited new construction, positive leasing momentum and tenants’ emerging in-office mandates for employees, Altus reported.

The Building Industry and Land Development Association (BILD) said in its Monday report there were 310 new home sales in December, which was down 46 per cent from December 2023 and 80 per cent below the 10-year average, according to Altus Group, BILD’s source for new home market data.

High interest rates, slumped property valuations and maturing debts across commercial real estate have weakened investors’ appetites. Altus Group reports that as of the third quarter of this year, transaction volumes were at their lowest point since 2013, while the total square footage that traded was at a nearly 15-year trough.

While office values turned positive across Europe between July and September after months of write-downs, rising by 0.5%, UK offices recorded a further drop in values, of 2.6%, according to data from property analysts at Altus Group. Only a handful of London office buildings sold for more than £100m in the first half of 2024.

Altus Group Ltd. says it has closed a deal with tax services and software company Ryan LLC to sell its global property tax business for $700 million. Altus Group chief executive Jim Hannon says the transaction, originally announced last July, accelerates the company's "transformation into a pure-play software, data and analytics platform."