November 2023
All Property annual total return jumped from -13.6% in September to -7.9% in October as the base effects of the sharp upturn of property yields in late 2022 begin to fall out of the figures. Industrial returns are improving more noticeably while offices continue to struggle. Investment activity in the final quarter of 2023 is likely to be weak, given the recent increased geopolitical volatility that has impacted sentiment. But when the switch to monetary loosening to support the economy comes next year there is reason to believe it can and will be more significant than market pricing currently suggests.
