With all of the hype around the potential impact of online retailing on industrial occupier demand, there has been a big shift in the relative pricing of industrial assets. Although rents in the UK have surged, supply-side constraints, rather than demand, appear to be the key driver. With a greater supply potential across the euro-zone, we don’t expect rents there to take-off. In this respect, there is a danger that investors won’t see the rates of rental growth that appear to be priced in.
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