Reports that the correction to the overpriced commercial property market has now started with capital values declining 3% in Q3 and 2% in Q4. Also reports that that year-on-year capital growth has turned negative, at -0.3% per annum in October. The rate of All Property rental growth increased in Q3 reaching 4.7% per annum, compared with 4.5% per annum in Q2 and 3.3% per annum one year ago. This is largely due to the central London office market, where the rate of growth has risen to 18% per annum, compared with 16.5% per annum in Q2 and 8.3% per annum a year ago. Considers the central London market to have peaked, and expects rental growth in 2008 to fall below 10% per annum. Predicts that despite increased economic growth since Q3, there will be an economic slowdown in 2008, but not a recession. Expects the slowdown to be limited and that property occupier demand will not be greatly affected.