We have long expected commercial property rental values to fall and, in our view, the decline of almost 1.5%y/y in 2008 is just the tip of the iceberg. With GDP set to shrink by 3% this year and by 1% next year, we continue to believe that all-property rental values will decline by at least 20% in total over the next two years. The West End occupier market will be one of the biggest casualties.
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