Colliers International forecasts total commercial property returns to slow to a cyclical low of 1.2% in 2019. Income return (4.8%) becomes the only source of growth, as capital growth turns negative (-3.5%, 0.1% residual). This is down from 6.0% in 2018 and 10.2% in 2017. However, we expect total returns growth to recover in 2020 and to remain in mid-single digits over the forecast horizon.