This note looks at the outlook for unlisted office, retail and industrial property.

The key points are as follows:

– Since peaking in late 2007, unlisted commercial property prices have fallen by around 20% as a result of the fallout from the global financial crisis.

– However, commercial property values appear to be at, or close to, a bottom as upward pressure on yields is fading and demands/supply fundamentals are improving.

– Just as share markets led commercial property returns on the way down they will likely do so on the way up. We therefore expect property values to start improving next year.

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