Rising retail yields cause capital values to fall

The marginal increase in rental values in November was not enough to prevent capital values from falling on an annual basis. Indeed, the impact of rising yields, particularly in the retail sector, caused all-property capital values to fall by 2.9% y/y. As uncertainty is set to linger next year, we expect that all-property yields will rise again in 2020, driving further declines in capital values.

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