The latest IPF Consensus Survey showed a reversal of last quarter’s forecast upgrades, bringing the consensus view more in line with our own. The surge in interest rates thanks to high inflation is behind that downgrade. Indeed, rental growth was revised up this year on the back of strong outturns. At the sector level, we are more upbeat on the retail sector, where yield corrections look to have gone a bit too far, but more pessimistic on the office sector which continues to face significant structural challenges.
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