A further slowdown in the rate of yield compression suggests that investors are increasingly nervous about pricing at this late stage of the cycle. We expect this to continue, especially given the softer economic environment. Euro-zone office and industrial yields did edge lower, but prime retail yields were flat for the first time since mid-2012. What’s more, retail yields rose in Belgium and Ireland. With rental growth also slowing sharply, all-property capital value growth remains on a downward trend.
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