In our most recent Euro-zone Commercial Property Analyst (Vol. No. 2/2009) we forecast that Greece and Ireland would experience the largest falls in retail rental values. The agents’ latest data support that prediction. Moreover, with both the Greek and Irish economies expected to be weaker than the euro-zone average next year, our forecasts of a 20% to 25% peak-to-trough fall in retail rental values in these markets seems to be on track.