All-property rental growth eased across most markets in 2019, but the slowdown was concentrated in the retail sector. Admittedly, the Swiss markets remain a bright spot as prime retail rents increased in 2019. But there is no denying the retail sector in the Scandinavian markets has so far been hit the hardest, especially when compared to the euro-zone. However, a country-level breakdown paints a more mixed picture. Indeed, while rents fell in Oslo and Copenhagen last year, they have not budged since Q4 2018 in Stockholm. Looking ahead, though, given the prevalence of e-commerce and the slowdown in consumer spending in Sweden and Switzerland, we think that it is just a matter of time before these markets feel the chill from Norway and Denmark.
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