In a period of slow economic growth but stabilising inflation and earnings growth, we expect the residential sector to see the strongest rental growth globally, with industrial close behind thanks to support from the structural driver of online retail growth. But due to relatively high income returns and steady yields, retail will outperform the other sectors over 2025-29 on a total returns basis, leapfrogging even residential. Office and industrial will underperform due to structural challenges and stretched valuations respectively.
Alongside this publication, clients can also view our newly expanded Global Property Returns & Valuations dashboard, which now incorporates cross-sector comparisons within and between regions.
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