Construction PMI (May), Commercial property lending (Apr.) and Mergers & acquisitions (Q1)

The latest CIPS/Markit construction PMI suggests that commercial property rental values will end 2010 higher than they started it. Given the weak economic outlook, that still seems a little optimistic to us. Elsewhere, today’s data on mergers & acquisitions and property lending support our view that the investment market recovery will peter out over the next 1-2 quarters.

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