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How prolonged will the downturn in retail rents be?

In the near-term, we think that the ongoing consequences of CVAs and the large share of over-rented property will exacerbate the structural reduction in demand for retail property, causing rental values to fall sharply. But, with consumer demand expected to hold up and retail construction subdued, we think that there is scope for rental values to rebound as early as 2022, sooner than the consensus expects.

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