In a Commercial Property Data Response on Monday, we reported on the aggregate balances from the RICS Commercial Market Survey for 2008Q1, which were worryingly downbeat. Now, having had more time to digest the figures, we think the sectoral breakdown, particularly the very poor results for retails, is equally concerning. Indeed, with the economic slowdown that we expect still not really even off the ground, the risks that retail rental values ultimately fall by more than our current forecasts already allow for are surely rising.
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