Yesterday we revised up our economic forecasts. (See various Updates, available to clients on our website, for more details.) Although we still expect growth to remain weak, at the margin, the new forecasts imply a slightly less negative outlook for commercial property rental values. The flipside of (modest) economic recovery, however, is that government bond yields will be higher than we previously thought, potentially dampening any investment market rebound. These two factors may well be offsetting. As such, our commercial property forecasts are unchanged.
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