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Stewart Cowe

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Looking forward, there are clear signs that the office sector will deliver the strongest total returns over the next few years, led by the London City office market.

Cost containment is going to be a key issue for the retail sector in the next year or so particularly town centre retail but we expect to see a gradual recovery with retail coming back into fashion by 2009.

Over the next few years, we anticipate more modest returns from commercial property which would place the property in its traditional place between fixed interest and equities.

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