UK - The CB Hillier Parker All Property Average Yield survey was static at 7.2% over the third quarter.
This follows three consecutive quarterly reductions since the end of last year.
Overall yields for the last quarter fell in the retail warehouse sector and rose for central London and south-east offices. High street shop and industrial yields were both static.
CB Hillier Parker head of investment Greg Nicholson said: “At a sector level there is a significant degree of polarisation.
“Retail, particularly out-of-town, remains the flavour of the month and yields have fallen for a fourth consecutive quarter as a result.
“By contrast, central London and south-east office yields increased quite sharply this quarter with investors increasingly concerned about the full extent and duration of the rental value decline in these markets.”
Nicholson said that investors would be more selective in their choice of property in 2003 and predicted that buildings let to blue-chip covenants with 15 years and upwards remaining on the lease would continue to command “keen” yields.
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