15 gennaio 2009


«Key points from the release are:



- Total returns are projected to be weak again in 2009, as the pace of rental fall accelerates



- However, the pace of capital decline will slow substantially in 2009, before total returns recover strongly from 2010 onwards, aided by income returns of over 8%



- Opportunities will emerge from distressed sales over the next six months



- Property yields already stand at exceptionally high levels relative to cash and UK government bonds, and will attract increasing interest from institutional investors as a consequence



- The UK market has repriced much more quickly than continental European markets, with capital values already having fallen by over 40%, and will be the first to recover



- Central London offices are anticipated to underperform over the next five years, with prime retail and industrial outperforming» (CS della Società)