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RICS Commercial Property Market Survey (Q1)

After a weak end to 2022, surveyors reported that occupier demand was essentially flat in Q1. All sectors saw an improvement and that suggests take-up will pick-up in Q2. That said, rental and capital value expectations were still negative for both the office and retail sectors. That supports our view that rents will decline this year in every sector bar industrial and capital values will see a further modest decline.

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