I think that general economic and market stability will reverse...

I think that general economic and market stability will reverse some of the overselling, so may be our view is not that different.

The sorts of things I'm watching are:-

* Vacancy rates in key cities - speculative supply and active demand
* Forecast GDP growth (correlated to office rents - 6 mth lag) and CPI growth (correlated to retail rents)
* Property debt liquidity (non-residential)
* Weight of potential investment capital on side lines
* Current yields v historic
* Asking selling rate per sq.m / sq.ft vs replacement cost
* Current unlevered IRR premium over 10 year govt paper

A few of the above are flashing 'green' on the good value scale right now in a number of markets.