Capital values across the UK’s commercial property sectors have largely held out against the challenges of the latest lockdown, inching down by just 0.1% during January.

The latest CBRE monthly index has found that rental values were unchanged at 0%, while total returns stood at 0.4%.

Retail capital values declined by 0.6%, the smallest fall experienced since May 2019. Shops on the high street performed better than the sector average, with capital values falling by just 0.2%.

Rental values in retail marginally dipped by 0.2% in January, reflecting the shallowest decline in 12 months. Total returns were flat at 0% for the month, the first month not to show anything other than negative returns since April last year.

The office sector posted a 0.3% decline in capital values over the month.

Within this, Central London offices performed slightly better with a reduction of only 0.1%. In contrast, capital values for offices in outer London and M25 dropped by 0.7%.

Average office rental values were static at 0% in January, although values in central London inched up by 0.1%. Office total returns were 0.1% for the month.

Although industrial real estate continues to shine, its pace of growth slowed during the month. Capital values rose 0.6%, with industrials in the rest of the UK reporting slightly stronger growth at 0.7%.

Industrial rental values were up 0.1%, while total returns for the month were 1%.

Toby Radcliffe, research analyst at CBRE, said: “Property values have started the new year by moving back into negative territory after a brief period of positive growth in December 2020.

“However, in the context of a third national lockdown, the decreases in value are small. This is especially the case for retail where the fall in capital values was the lowest in the past 19 months. Meanwhile, industrials are off to a slightly subdued, although solid, start to the year.”