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Are we underestimating rental growth in 2018?

Our forecasts for all-property rental growth in 2018 sit towards the top the current consensus. Given our above-consensus economic growth forecasts, we see little scope for much weaker rental growth. But we also see little scope for a notably stronger-than-expected performance in retail or office markets. However, the structural changes sweeping the industrial sector do still offer scope for an upside surprise.

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