The outlook for most commercial property sectors was already fragile and this has only been dampened by the second lockdown. Although transactions are set to pick up next year, we think property yields will edge higher and that all-property rents and capital values will decline further. Even as the recovery arrives during 2022, it will be unspectacular, with office and retail performance undermined by ongoing structural change. Only industrial property emerges from the pandemic in better shape, topping the rankings for returns over a five-year horizon.
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