UK commercial property update and outlook
February 2024
At 0.3%, All Property annual total return eked into positive territory in January 2024 for the first time since October 2022. Negative yield impact continues to offset almost all the positive gains from rental growth and income return, driven by the ongoing outward shift for Offices. Office capital value growth has now fallen behind Industrials by more than 50% over the past four years. However, some office segments have fared better than others as the occupier footprint continues to adjust to the shift to remote working patterns. This month’s Spotlight focusses on Central London.
