Upward revisions in the latest survey pushed the IPF Consensus into line with our own view that IPD all-property rental values will stabilise later this year and rise modestly in 2011. Yet, depending on the strength of the Central London office market recovery, there are still potential upside risks to our view. But, given the likelihood of increased regulation in the financial services sector, we are wary of becoming too bullish about the prospects for office and, hence, all-property rental values.
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