31 May 2021

Real Estate: Recovery themes

In this report we focus on consumer-facing sectors as the economy recovers. Understanding trends in consumer behaviour and how they interact with different elements of the real estate universe remains key to positioning investments and favours selected parts of leisure and retail warehousing.

Real Estate-Recovery themes_picture

We expect UK GDP to grow by 6.2% in 2021 and 8.1% in 2022, compared with a consensus expectation of 4.4% and 6.9% respectively. Although above consensus, this view of recovery and growth is widely held. We acknowledge a remaining tail risk relating to virus mutations, further restrictions, and the removal of the furlough scheme in September 2021 which has kept UK unemployment low (4.9% as at February 2021).

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