Capital value growth improved in Scandinavia and Switzerland in Q1, helped by the easing of virus restrictions and by the improvement in economic activity towards the end of the quarter. The uptick in the pace of Scandinavian industrial capital value growth in particular poses upside risk to our end-year forecast. Looking ahead, the faster pace of vaccination and falls in new virus cases point to a further rebound in economic activity. This will support the property recovery, although the structural headwinds from more online spending and firms adjusting their office space will weigh on retail and office performance.
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