The stagnation of commercial property rents over the past two years is similar to the experience of the mid-1990s. But while the earlier episode laid the foundations for a sustained recovery, a repeat of that outcome today seems unlikely. First, the recent stability of all-property rental values has relied to an unhealthy degree on Central London offices. Second, unlike the mid-1990s, the economy shows little sign of embarking on a strong, sustained recovery.
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