The CBRE monthly index revealed that the industrial sector provided a boost to the overall results, outperforming the other sectors with capital growth of 0.7% in January.

The growth in the industrial sector was strongest in the South East as capital values increased 0.8%, while rental values rose 0.4%.

The industrial sector across the rest of the UK reported capital growth of 0.4% and rental growth of 0.1%.

Capital values in retail were steady in January, supported by shops in the South East (0.3%) and retail warehouses (0%).

The rest of the UK reported capital value falls of -0.1% in both shopping centres and shops.

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Rental values in the retail sector increased 0.1%, while retail warehouse rental values increased 0.2%, as the rest of the UK shops reported a decrease of -0.3%.

The office sector reported an increase of 0.2% in capital values in January, as all markets performed in line with the sector average.

However, rental values fell by -0.1% across the sector, as both central London and offices in the rest of the UK reported a fall of -0.1%.

“It was a typically slow and steady start to the year, although it was unlikely January’s results would exceed December’s impressive results,” said Miles Gibson, head of UK research at CBRE.

“Commercial property surpassed expectations in 2017 with double-digits returns.

“With crunch time for Brexit approaching and a slightly weaker economic outlook, the year ahead will undoubtedly have its fair share of excitement.”