We now expect West End office rental values to fall by 5%y/y this year, by 15% in 2009 and by a further 5% in 2010. This is in spite of the well-documented absence of a significant pipeline of new floorspace supply in the West End office sub-sector, and is a downgrade from our previous forecasts of flat rents this year and declines of 5% in 2009 and 3% in 2010. This would simply add to the ultimate scale and duration of the continued downturn in overall commercial property prices.
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