Some Green Shoots
The modest improvement in the number of shopping centre transactions recorded last month continues. As a consequence, transactions are well up on a year earlier, although this remains off a low base. Similarly, in the three months to November, the volume (sqm) and value of transactions, whilst modest by historical comparison, are up on a year earlier. Cap rates, even though quite erratic on a month-to-month basis, have gravitated around the 6.5% level; around 75 basis points higher than a year ago.