The slowing economy and cost-of-living crisis are now having a clear impact on occupier demand, with surveyors reporting the first drop since the start of 2021. That has fed through to rent and capital value expectations, both of which are now negative. Retail remains the worst performing sector, while industrials are still benefiting from a tight market. However, given it is the most overvalued sector, we doubt surveyors’ expectations that it will see further capital value gains will prove correct.
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