The latest IPF Consensus Survey shows that forecasters have downwardly revised their expectations for 2024, as a downgrade in capital value growth outweighed some improvement in rents. That leaves us above consensus next year, but our view that yields will see no compression over 2024-2027 means we are more pessimistic over the forecast period as a whole. At the sectoral level, we are more downbeat on offices and industrial, while our outlook for retail is more optimistic.
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