All-property total returns strengthened in Q4, broadly as we had expected. And the data continued to point to the importance of sector selection to returns. Perhaps the real surprise was that NCREIF reported the number of transactions to be back to “normal” levels, which could pose even further upside risk to our forecasts if it means that investors are no longer waiting for distress opportunities. Global State of Play, 28th January, 0800 GMT and 1600 GMT In the first of our regular briefings of the year, Group Chief Economist Neil Shearing will lead a discussion about the economic impact of vaccination programmes, another US fiscal stimulus package and fresh lockdowns in China.
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