Although the economy partially recovered in Q3, it is still operating well below capacity. Lower employment will weigh on the consumer sector over at least the next year. Office and retail have been the hardest hit sectors, with office sub-leasing availability rising sharply and retail insolvencies mounting. Capital values in both sectors are falling, while apartment values held steady this quarter. Conversely, industrial capital values rose again in Q3 and are up by 3% so far this year.
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