British commercial property values fell 0.3% last month, figures from data provider IPD show.

The fall takes the full-year slide to 4.2%. Total returns from commercial property fell from 8.1% to 2.4%. Shop rentals fell 1.3% for the year. Retail property values fell 6% in 2012 – down by a third since the peak in 2007 and rents have fallen 7% since 2008. Lex, in the Financial Times, says any fall in retail property values would eventually trickle down to the supermarket giants’ balance sheets.

Morrisons, for example, owns £8bn of UK property. Lex notes that shares in Capital Shopping Centres, British Land, Hammerson and Land Securities have escaped the retail carnage but says they cannot be entirely immune, despite protecting themselves by managing their portfolios.