Occupier demand slowed further in Q2 and although completions were exceptionally weak, vacancy rose in most sectors. As a result, rental values fell in the office, retail and apartments sectors, while industrial rents only nudged higher, with the weakest growth in years. All-property capital values fell by 2% q/q, driven by retail, where 6% was wiped off Q1 values. There are likely to be similar-sized markdowns in Q3.
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