A favourable occupier market outlook

The outlook for the commercial property market is favourable and the recovery is likely to be extended over the forecast horizon. Yields will play a role by continuing to edge down, but consistent with the favourable prospects for economic growth and job creation, as well as the relatively limited property development pipeline, we expect rental value growth to play an increasingly important role in driving up capital values over the next year or two. We expect property to generate double-digit returns both in 2015 and 2016.