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UK Oct commercial property capital values show first monthly rise since Brexit: CBRE
[LONDON] Capital values for commercial properties in the UK saw slight growth in October, the first monthly rise since Britain voted to leave the European Union, real estate firm CBRE said on Tuesday.
UK commercial property capital values rose 0.1 per cent in October, lifted by the industrial sector which grew 0.2 per cent over the month, CBRE said in its monthly UK commercial property index.
Values for the office and retail sectors remained flat, CBRE said in a statement.
Capital value refers to the probable price that would have been paid for a property at the date of valuation.
Several UK asset managers have reopened their commercial property funds, which they suspended amid heightened uncertainty about the illiquid asset class in the wake of Brexit.
"This month's results suggest continuing stability within the market in October," Miles Gibson, head of research at CBRE UK, said. "Occupiers and investors continue to take stock of the current conditions but many sectors remain resilient to Brexit-related uncertainty for now."
Rental values for the UK's commercial property market remained stable in October, with slight increases in the retail and industrial sectors offset by a dip in values for offices, the CBRE said.