UK - Office property returns have fallen to their lowest level in 10 years, Jones Lang LaSalle's latest UK Property Index shows.
Quarterly returns to the end of June increased marginally from 0.2% to 0.5% but annual returns stood at 3.3% – their lowest level in 10 years.
And capital growth did not fare much better falling by 4% on an annual basis to June 30, its lowest rate in seven years.
Jones Lang LaSalle blamed continued weak occupier activity and the accelerating decline in rents of 7.5% over the quarter and 13.9% over the year to June 2003.
This is the fastest rate of decline reported for nearly 10 years.
Returns on all UK property improved to 2.5% from 1.8% in the first quarter. But this paled into insignificance when compared with the FTSE All-Share Index which grew by 14.5% in the three months to June 30.
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