The latest survey-based evidence from the Bank of England and the CBI shows that manufacturers and other firms in the industrial sector are increasingly optimistic about their prospects. At the margin, that can only be good for industrial rental values. However, available floorspace remains high and we think employment will fall this year. As such, we are not convinced that the outlook has improved sufficiently to merit a change to our forecast that IPD industrial rental values will fall by 5% in 2010.
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