UK commercial property update and outlook
After an initial delay showing up in the figures this summer, the repricing in commercial property valuations in the final months of the year continues apace. All Property annual total return turned negative in November, to -3.4%. Participants in the direct investment market suggest that the pricing correction is at or near its trough, with potential buying opportunities in 2023. However, the significant shift in the commercial property investment market will now dovetail into a recession in the real economy and present further risks and uncertainties for occupier markets.