All-property initial yields rose from 6.19% in November to 6.22% in December. Aside from a temporary blip in October 2010, that was the first rise in yields since June 2009. In turn, capital values fell by 0.1%m/m, the first decline since mid-2009. These shifts are modest. But we expect the pace of yield rises and capital value falls to pick up in the coming months.
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