There are grounds to think that the consensus forecasts that IPD all-property rental values will rise by about 1% in 2011 and 2.5% in 2012 are too cautious. First, the recovery in rental values in the mid- 1990s was much stronger than that. Second, over the past two years, the consensus has consistently been too pessimistic about rental value prospects. That said, to our minds, there are three reasons why it remains right to be cautious about the pace of any rental value recovery.
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