Our Thoughts

Market commentary, outlooks and research on Swiss and international real estate. Previews are open to all; full articles are free for registered members.

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Latest thoughts

Paris prime office yield against French and German 10-year government bond yields, 2008–2026

November 2, 2026

France's bond stress is now a Paris real estate problem

French 10-year yields now match prime Paris office yields. Our MRE Score shows pricing across Paris sectors looks tight, and property yields are likely to rise further.

October 20, 2024

2025 Swiss and international real estate outlook: Hello sunshine

2022 and 2023 were difficult years for Swiss and international real estate investments. In 2023, the Swiss real estate market experienced its weakest year since the major real estate crisis in the 1990s.

March 22, 2024

Mission accomplished SNB statement: Immediate implications for the Swiss real estate market

A rate cut after a phase of inflation is tantamount to a mission accomplished statement after a won war.

December 18, 2023

Core indirect real estate investments: Switzerland vs. international

We compare the performance of Swiss and international NAV-based core real estate investments. In recent years, investments in Switzerland have substantially outperformed international ones.

October 6, 2023

Exporeal: Waiting for 2024

This week the Expo, the largest and most important real estate conference in Europe, took place again. Was it the Oktoberfest beer or the community? The mood was lifted for most of the participants.

September 25, 2023

SNB in the “Arthur Burns” Trap? Implications for financing strategies

We have to admit that we misjudged the SNB last week. However, we still believe an interest rate hike would have been necessary. However, we are astonished by the SNB’s reasoning.

June 28, 2023

Fresh impressions on the US real estate investment market

During my recent two-week business trip to the U.S., I had the opportunity to meet with more than 25 real estate investment managers in four major cities along the Pacific and Atlantic coasts.

March 22, 2023

UBSCS and SNB Stabilization Fund: reflections from the past

It is not the aim of this blog to comment on what is happening around the big Swiss banks and the SNB and I leave the political evaluation to others anyway.

March 17, 2023

Personal statement on the SNB’s provision of liquidity to CS

Due to my experience in the executive management of the SNB Stabilization Fund and my long CS past, I was asked to comment on the recent events.

January 9, 2023

Indirect Real Estate Investments in 2023: From Redemption Waves to Value Opportunities

Macro Real Estate AG is a strong advocate of the idea of international diversification in real estate portfolios.

December 22, 2022

Tricky CHF: Appealing Swiss CRE distribution yields from FX perspectives

Real estate investors usually focus on real estate performance, building plans, or architectural beauty. Financial engineering is not considered a core competence and is sometimes even regarded by many as evil.

October 17, 2022

Transition to higher inflation: Our four phase model for property values

We expect the global rise in inflation to be more than just a short-term cyclical phenomenon. Rather, we are in a transition process to structurally higher inflation rates and interest rates.