What does the rise in transaction-based yields tell us?

One interpretation of recent Propertydata.com figures, which show rising average transaction-based commercial property yields, is that consensus forecasts for capital values to fall by 2% or so this year are too sanguine. Alternatively, however, the data could be a sign that demand for secondary property, rather than falling, is improving. Unfortunately, the volatility of the data means that it is too soon to know which is correct.