UK commercial property values rise 1.9 pct in Oct-IPD

* UK commercial property rise third straight month

* October rents fall 0.5 pct

LONDON, Nov 13 (Reuters) - British commercial property values rose for a third straight month in October, up 1.9 percent, as the recovery in UK real estate market gathers steam, data showed on Friday.

The Investment Property Databank's (IPD) benchmark index had registered a 1.1 percent rise in September, the largest increase in more than three years, as it rebounds from a 44 percent plunge in values since mid 2007.

The data, used as the basis for UK's property derivatives market, also showed rents, for office, retail and industrial properties fell by 0.5 percent on average last month, against a 0.64 percent decline in September.

The improvement in UK commercial property prices has led to rising concerns in recent weeks that the market's recovery could be short-lived if prices rise too quickly without growth in the economy and rental rates. [ID:nLA705280] (Reporting by Daryl Loo; Editing by Andrew Macdonald) (See www.reutersrealestate.com for the global service for real estate professionals from Reuters)