What is the outlook for leisure property returns?

Over the next four to five years, we expect leisure total returns to average about 6% per year. That is lower than the returns we expect in the office and industrial sectors (both 7% per year) and only higher than the retail figure (closer to 5%) because leisure property’s income return is above retail. These poor returns in relative terms in the leisure sector would be a marked change from its history of outperformance and reflect weak prospects for consumer spending on leisure activities.