IPD all-property capital values rose by 0.2% in August, ending a 25-month unbroken run of falls. Retail warehouse capital values, however, troughed in June and have since risen by 1.4% from their floor. Although such differences are small, they do fit with a view that retail warehouse yields rose disproportionately during the correction. The key point, however, is that the case for expecting the outperformance of retail warehouses to be sustained is weak.
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