According to the latest Jones Lang LaSalle Quarterly Index, the pace of decline in all-property total returns slowed to -6.4% compared to -12.8% in the previous quarter. This translated into annual total returns of -22.4%, the lowest ever on record (since 1978).  The impact of rental decline on capital values intensified with rents falling by -2.8% against -1.6% in Q4 2008. This coupled with rising yields resulted in capital values dropping by -8.2% in Q1 2009 and -27.5% over the last twelve months.