Property advisor Jones Lang LaSalle said in a new research report on Thursday that it is now clear rental growth will be weaker in 2008/9, with the extent of the slowdown defined by the impact on occupier demand. The UK commercial property market continues to feel the impact of nervous financial markets against a backdrop of slashed economic growth expectations and interest rate cuts in the US and UK, Jones Lang LaSalle said. UK investment volumes have fallen significantly from over £15bn in the third quarter of 2007, to around £6.5bn recorded by JLL in the first quarter of 2008.
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