The current downturn in the commercial property rental values is not over yet. However, taking the next decade as a whole, our view is that, as has been the case historically, retail rental values will grow at the fastest average rate, perhaps 3%y/y in nominal terms. But in a notable change from the experience since the 1960s, we think that industrial rental values (average growth of around 2.5%y/y over the next decade) could outperform the office sector (circa 2.25%).
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