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Retail property was the best performing commercial real estate sector in the first quarter of 2012, according to CBRE’s European Valuation Monitor (EVM), which measures capital value movements based on regular valuations of investment portfolios carried out by CBRE across the region.

Overall, capital values across Europe remained broadly stable, registering only a marginal decline of 0.6% on the quarter. Within this, retail proved the most resilient asset class reporting a fall of just 0.2%. Excluding the UK, retail property stood at 0.1% for the quarter and 0.9% year on year.

But investment in European retail real estate did not prove as resilient in the first three months of this year. CBRE estimated in another research report that investment turnover totalled EUR 4.6 bn in Q1 2012, a 64% fall in activity compared with the last quarter of 2011 and less than half of the quarterly average from the last two years of EUR 9.4 bn.

Commenting on values in the retail segment, Andrew Barber, senior director, Valuation & Valuation Services, CBRE, said: 'Retail property has consistently proven to be resilient at a pan-European level, and this quarter marks the tenth time since the peak of the market that it has outperformed the office and industrial asset types.

'Good quality retail property, particularly at the prime end of the market, offers a relatively safe haven compared to the other property asset classes which remain under pressure because of the continuing uncertain economic environment in continental Europe,' he added.