Dublin aside, prime commercial property rental values have fallen further in Barcelona and Madrid than in any other major euro-zone city. That seems consistent with the dramatic rise in Spanish unemployment, which jumped by more than 800,000 persons in Q1 alone. However, although there are some grounds to think that the pace of the deterioration might now ease a little, the labour market shake-out in Spain has much further to run. That, in turn, suggests that substantial further falls in rental values can be expected.
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