Uncertainty over the scale and impact of US import tariffs has clearly hit investor sentiment in the industrial and logistics sector. Occupiers are also responding to the wider uncertainty in the macro environment; leasing activity has been relatively muted at the beginning of this year, and rental growth is slowing across most major markets. However, the outlook appears a little more encouraging, with some clarity forming over the tariffs following recent trade ‘deals’, which should help to release any pent-up demand, both in occupational and capital markets.

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