The commercial property market saw promising signs in January, with the Investment Property Databank (IPD) UK Monthly Property Index revealing a 0.4 per cent increase in total returns throughout the sector last month.
While capital values continued to decline, the figures show that yields are now at their highest point for a year - an indication that the industry is on the road to recovery, albeit a tentative one.
All standard office segments posted positive total returns for the first time in over a year, although capital growth in the West End office and retail markets slowed and the City saw a fall in office values.
"While the New Year has not brought a turnaround in the property market, there are some encouraging signs starting to emerge, with pockets of improvement emerging around the UK," said Phil Tily, IPD UK and Ireland managing director.
"Returns are now at their highest in 12 months, and occupier demand in the office and industrial markets, outside of London, seems to be improving.
"With the pricing so keen for central London assets, there may be more movement amongst investors to seek better value in the regions."
Indeed, as regional values fell, investors could seek cheaper opportunities outside of the capital providing that they are able to find suitable stock.
Although a number of observers have painted a promising picture for the commercial property market throughout the coming year, the emphasis is still on the need to find high quality assets that are more likely to deliver stronger returns.
If the economy starts to make gains and attempts to stimulate growth prove effective then office space could soon be in greater demand, but again much will depend on local activity as well as wider factors.
While there is still a long way ahead in 2013, if January has set the trend then this year could prove far more profitable than the last for investors in the commercial property sector.