Occupier demand for commercial property rose further in
December with rental growth firming to 3.6%, up from
2.6% at the start of the year. Rental growth during 2006
has been mostly driven by the office market where rents
have climbed to 6.2%, up from 1.1% in January. Industrial
rental growth was relatively flat in 2006 despite
stronger occupier demand, as rising export orders have
boosted manufacturing activity.