Extended Viewer

Tom Leahy

Tom Leahy

Executive Director, MSCI Research

Tom Leahy leads capital-markets research for commercial real estate in Europe. A regular speaker at industry events, he is the chief author of quarterly reports on European and global market trends. He joined MSCI in 2021 through its acquisition of Real Capital Analytics. Previously, he worked in research at two U.K. property consultancies. He holds a bachelor’s degree from Durham University.

Research and Insights

Articles by Tom Leahy

    Real Assets in Focus: Grappling with Higher Interest Rates

    6 mins read Blog | Feb 8, 2024 | Tom Leahy

    A rapid rise in interest rates globally rocked the commercial-property market in 2023. We chart the impact on pricing and transaction activity, and discuss what could aid a revival in dealmaking.

    2024 Trends to Watch in Real Assets

    8 mins read Blog | Dec 13, 2023 | Will Robson, Alexis Maltin, Jim Costello, David Green-Morgan, Tom Leahy, Benjamin Martin-Henry, Bryan Reid

    After the market dislocation of 2023, investors will be hoping for a calmer 2024 in commercial real estate. We identify five key influences to help investors navigate the challenges and opportunities ahead.  

    Loss Aversion and Property-Market Liquidity

    5 mins read Blog | Sep 20, 2023 | Tom Leahy

    Investors do not like to realize losses. We examine the link between this loss aversion — an observed phenomenon in commercial-property markets — and a drop in liquidity in key markets around the globe. 

    The Price Is Right? Real Estate Merits More Measures

    6 mins read Blog | Jul 4, 2023 | Tom Leahy

    Assertions that there is one “right” measure of pricing for property markets are wide of the mark. We examine an array of data points which shed light on the downturn in prices and liquidity, focusing on the U.K. office market.  

    The Struggles of Sweden's Property Market

    5 mins read Blog | Jun 5, 2023 | Tom Leahy

    Higher lending rates have hobbled commercial-property investment in one of Europe’s larger markets. We use multiple data sets to assess the impact on listed companies and the trading of assets. 

    Returns for European Property Fell to a Record Low

    2 mins read Quick Take | Mar 8, 2023 | Tom Leahy

    Total returns for commercial properties covered by the MSCI Europe Quarterly Property Index reached a new low in the fourth quarter of 2022, surpassing the weakest returns seen during the 2008 global financial crisis.

    The Russia-Ukraine War and the Markets: One Year Later

    Podcast | Feb 23, 2023 | Ashish Lodh, Andy Sparks, Tom Leahy, Elchin Mammadov

    While the direct market impact of Russia’s invasion has lessened over time, there have been longer lasting effects that have exacerbated investor concerns around inflation, rising rates and central bank actions around the globe. We examine the issue through a multi-asset-class lens.

    Global Markets One Year After Russia’s Invasion of Ukraine

    11 mins read Blog | Feb 21, 2023 | Ashish Lodh, Andy Sparks, Tom Leahy, Elchin Mammadov

    Markets have partially recovered since Russia invaded Ukraine, but questions remain about inflation, economic growth and central banks’ actions. Understanding last year’s performance across asset classes, may help with investment decisions in 2023.

    UK Real Estate Returns Slid as Capital Growth Tumbled

    2 mins read Quick Take | Feb 3, 2023 | Tom Leahy

    The MSCI UK Quarterly Property Index posted a quarterly return of -11.9% at the end of 2022, the lowest level since 2008.

    European Commercial Real Estate's Returns Show a Slowdown

    2 mins read Quick Take | Dec 8, 2022 | Tom Leahy

    European commercial real estate’s returns posted their worst performance since the 2008 global financial crisis in the third quarter. The results indicate that a widespread slowdown in Europe’s commercial-property market is underway.

    London and Paris Offices: Green Premium Emerges

    2 mins read Quick Take | Nov 23, 2022 | Tom Leahy

    Analysis of prices paid by investors for offices in London and Paris, Europe’s largest property markets, shows a premium has emerged for buildings that have sustainability ratings such as LEED. 

    Deal Activity for Global Commercial Property Dropped

    2 mins read Quick Take | Nov 8, 2022 | Tom Leahy

    Global trading of commercial property contracted in the third quarter amid rising interest rates and concerns about economic growth. Deal activity fell by almost one-third compared to a year earlier.

    Dorothy Did not Say, ‘There is no Place like the Office’

    Podcast | Aug 25, 2022 | Tom Leahy, Jim Costello

    Investors in commercial real estate are confronting the lingering effects of COVID-19 on what being an "office worker" means. We debate the pros and cons of hybrid work and its impact on companies and investors.

    Deal Activity in Europe Increases in Q1, Led by UK

    1 mins read Quick Take | Apr 28, 2022 | Tom Leahy

    The U.K. regained the top spot in Europe for…