The downturn in the commercial property market is now entering its second year, with total returns from property hitting an all time low on a rolling 12 month basis. Capital values have continued their slide over the summer months, extending the market's total loss to around 21%.With the double threat of recession and inflation weighing heavily on businesses, rents are continuing to come under pressure. Institutional investors have been net sellers of commercial property this year, with most buyers still holding off for fear of further capital losses. The current level of transactions remains very low.We concluded another successful asset management initiative in Sheffield where we took back the existing occupier's lease and subsequently re-let to Barclays Bank at a rent almost 20% higher. The capital value also increased by over 10%.