Our total returns forecasts for 2024 are significantly below consensus, as we predict that value falls will reach double digits for the second consecutive year. Retail stands out as the only sector where we expect positive returns, but distress in the office and multifamily sectors is likely to claim most headlines this year. All that said, we should start to see a gradual recovery in activity later in the year, providing prices correct to the extent that we are forecasting.
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