Back to Abundance
In this paper, we lay out the case for investing in European real estate, particularly relative to US real estate,…
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Hotels in the Age of Hybrid Working
The internet has already changed the lodging sector in meaningful ways. Hotel websites made it easier for customers to transact…
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Even Bits Need a Place to Work: the Rise of the Data Centre
As we’ve discussed before, the office has changed a great deal in the last quarter-century. Our views about that transformation…
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Why You’d Want to Live Here: Spatial Equilibria from the Industrial Revolution to the Information Age
Our 2021 white paper takes up a very basic question: why do people live where they do? We draw on insights from…
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A Tale of Two Classes: Prime Office Supply in London and Paris
Economic historians tell us that the Black Death helped birth the domestic silk industry in Europe. Until the fourteenth century,…
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A Basis for Value
Howard Marks is worried that value investors have lost the plot. In his January 2021 memo, “Something of Value”, he…
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Gateway Cities and the Death of Information Monopolies
The last time Mike visited New York (before Covid-19, of course), he decided to stop somewhere he hadn’t been in…
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A Returning Opportunity in the London Office Market?
A recurring theme when we here at Castleforge attempt to prognosticate over the central London office investment market is that…
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A Future for Offices
“We always overestimate the change that will occur in the next two years and underestimate the change that will occur…
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A Heavy Cost to Bear?
As we have discussed in previous letters, over the past 20 years the UK property industry has seen a substantial…
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Reducing the Carbon Footprint of New Developments
With recent political movements drawing greater attention to the potential impacts of human activity on climate change and governments coming…
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Incentives Matter: A WeWork Update
Our readers will know that we have been covering the WeWork story for a number of years now and that…
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They Don’t Build Them Like They Used To
Over the past 20 years, the UK property industry has seen a substantial rise in construction costs. We believe that…
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What Have We Learned from Clockwise
At Castleforge we foster an environment that encourages continued learning and development of each member of staff. Examples include skill-specific…
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What Does a Serviced Office Correction Look Like?
Within our discussion of serviced offices, it’s important to separate the product offering from the business model. While we believe…
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In Good Company
For those of you who attended our annual meeting, which was held in London on May 9th, you will know…
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Counting Cranes
At our annual meeting Mike discussed at length one of the very simple but powerful metrics we use to understand…
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Watch Your Six, London
On a recent trip to Berlin to meet with the buyer of 160 Aldersgate (a Germany-based fund), Mike and our…
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Incentives Matter
Recently, you might have heard us discuss how we think that leasing agents are significantly less incentivised at the individual…
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Net Absorption, Huh?
We recently read with some amusement and amazement an article in a UK property industry magazine, using research contributed by…
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London Serviced Offices
History never repeats itself exactly, but we often experience echoes of history where the characters are the same, even if…
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U.K. Planning System Pitfalls and Opportunities
Given the substantial attention dedicated to a market update at our recent Annual Meeting, we thought that rather than a…
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Crisis? What Crisis?
Whilst there may be an affordability crisis in relation to the price of housing for sale, there is not the…
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