The sharp drop in retail rents seen during the pandemic coincided with a surge in rents for distribution warehouses and, as a result, the difference between the two is at a record low. That will help physical retail stores compete with online and encourage retailers to invest more in the former. In turn, that will support retail rents, which we forecast will grow by around 2% p.a. over 2025-29, a marked improvement over the previous 17 years.
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