NB’s review of the central London office market for the first quarter of 2009 continues to present a bleak picture but the signs remain that things will begin to stabilise in the second half of the year with recovery in 2010. One significant chink of light is that, although capital values of commercial property continued to fall over the first quarter, the rate of that fall slowed in each successive month. With the decline in capital values registering around 40% since the peak of the market in 2007 a lot of prime commercial property is now looking good value.