Yield shifts have accounted for the majority of capital value declines so far in this downturn due to the re-pricing of risk, but rental declines are expected to become the main driver of capital value falls throughout 2009, according to CBRE's MarketView report on European Capital Markets for the first quarter of 2009. The EU-27 Prime Yield Indices moved out by 30 basis points (bps) on average in Q1 2009, following sharp increases (40 bps) in the last three months of 2008.
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