Italian commercial property delivered modest capital depreciation over the first six months of 2010, at -0.3%, as measured by the IPD Italian Bi-Annual Property Index. The re-pricing in Italy’s commercial property markets since the global financial crisis struck has been mild, at just -5.3% over the last two and a half years. Across this period, rents have declined -1.7%, while initial yields have expanded by 30 basis points to 6.2%. For the full Index Statement, please click here. The anticipated recovery in Japanese commercial real estate capital values has so far failed to materialise, the IPD Japan Monthly Indicator shows. The annual rate of capital depreciation troughed in May 2009, at -13.8%, thereafter the pace of write-downs attenuated over the 10 months to March 2010 – almost halving to -7.1%. Over the subsequent three months to June, the rate of declines plateaued, running at an annualised rate of -7.2% by the end of June 2010. For the full Index Statement, please click here.