Virus-driven behaviour changes that support a faster online transition will boost industrial demand over the coming years. But we don’t believe the view that higher online spending will cause rents to detach permanently from the underlying strength of the economy. And since we don’t expect to see the sort of supply shortages that plagued the UK market in recent years, and supply capacity is even greater in the euro-zone and the US, any initial post-COVID boost to rents is only expected to be temporary.
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