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LONDON-A slowdown in the office market helped drag down rental growth in the Scottish commercial property during the first quarter of 2003, according to Insignia Richard Ellis. All property rental growth declined to -0.1%, but sustained capital growth meant that the total return on Scottish property remained strong at 9.3%.

IRE’s Scottish Quarterly Index showed that it was the office market that suffered during the quarter, with rental growth rates tumbling 0.23% to -0.2%. But this is still considerably more healthy than the UK average, where rental growth now is now running at -8.7%.

Many of Scotland’s prime retail pitches are currently oversupplied with available units, which means that rental growth has stalled at 0%, below the UK average of 2.3%. And rental growth in the industrial sector is also declining, down from 2.2% to 0.5% over the past six months.

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