Office rent growth was remarkably strong (3.5% y-o-y) in the first quarter, driven by robust U.S. office leasing activity. Industrial rent growth remained above the trend. Retail rent continued to decline except in Asia Pacific, where growth slowed but stayed positive.
Capital value growth stabilized at 5%, 7% and 1% y-o-y respectively for office, industrial and retail. Compared to a year ago, the most significant change was observed in EMEA where office and retail properties had outperformed in capital appreciation and recently returned to average.