Italy’s exit from recession does not spell end to occupier downturn

The breakdown of Italy’s Q3 GDP data provided some good news for its retail and industrial property markets. However, the full effects of the drop in output over the past 12-18 months have yet to be felt on commercial property rental values. And given our view that the pace of the economic recovery will be lacklustre, we think that Italian rental values will continue to fall across all sectors next year.

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