Yields stall in July

The pace of commercial property capital value growth eased again in July. But as the contribution from yield compression continues to fade, that was always to be expected. More encouragingly, there is little sign that the rental recovery is running out of steam. Moreover, we think that the outlook for global growth is less worrying than the current equity market turbulence implies. If we are right, the outlook for the economy and the commercial property market is still pretty bright.