The strong performance of Norway’s economy in Q1 raises the question whether our retail rental value forecasts may be a touch gloomy. However, given that international retailers are looking to scale back expansion plans in the face of the euro-zone crisis, consumer spending growth is likely to slow and a significant volume of new space is due to be delivered in 2012/13, we see no reason to revise our forecasts of a 4% overall decline in Norwegian retail rents by the end of 2013.
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