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Reopening supports gradual property revival

The improvements in all-property rents and capital values continued in May, supporting our view that we are at the start of a slow recovery in property. Looking ahead, with non-essential retail and most of leisure now open, and the final restrictions likely to end next month, we expect a strong economic rebound in H2. This should boost occupier demand and support property values, although this will be tempered by structural headwinds in the office and retail sector.

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