As we expected, and in contrast to consensus, all-property yields saw no compression in 2025. But stronger-than-expected rental growth means our call for all-property total returns of 6.6% in 2025 will prove a little too pessimistic. That said, our non-consensus call that offices would continue to struggle has been vindicated. Looking ahead to 2026, we think all-property yields will again hold more-or-less steady and rental growth will slow but not collapse. That implies property will see the best total return since 2021 at just over 8% y/y, with retail again outperforming.
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