Capital depreciation in UK commercial property ended the first quarter at a pace consistent with declines seen in the first two months of 2009, at -3.1% in March, according to the IPD UK Monthly Index. The compounded capital movement over the first quarter was thus -8.9%, according to the Index, which while a significant attenuation from the decline of the final three months of 2008, at -15.0%, is still much steeper than the decline over the same three-month period last year, at -4.7%. The all property peak-to-trough decline in UK commercial property now stands at -41.4%.
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