We think that 2020 will be the eleventh consecutive year of double-digit total returns for industrial property. However, we also think it will be the last in this cycle, as slower yield falls from 2021 and a lower rate of rental growth keep returns in single digits. Nevertheless, on a three-year basis, industrial will still be the sector to beat, as we expect it to return 9.5% p.a. in 2020-22.
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