Construction PMI (Aug.) and Mergers & Acquisitions (Q2 13)

August’s CIPS/Markit PMI indicated that developers anticipate a pick-up in occupier demand in the next few quarters, while the latest mergers and acquisitions (M&A) data were also encouraging. Our central forecast is that all-property rents will only edge higher this year and next, but the upside risks to that view continue to build.

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