The Swiss and Scandinavian economies and their property markets are likely to weather the pandemic better than many others in Western Europe. We expect all-property values in the region to hold steady or see small falls this year. However, even as economic activity returns to normal, the impact of the pandemic will be felt. A faster transition to online shopping will weigh on retail, while it will buoy industrial markets. Meanwhile, more remote working will limit the recovery in office markets, albeit this impact is likely to be smaller than in some other Western European markets. On balance, property returns will be weak over 2021-25 compared to recent years, but industrial will outperform.
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