Retail sales grew by 10.0% y-o-y (3mma) in the 12 months to December 2020.

Leasing deal volumes remained constrained but incentives have risen and net face rents have softened slightly

Consumer confidence has shown a strong recovery from its trough in April, now in positive territory. This has been driven by stronger than expected employment outcomes

Investment activity in 2020 totalled $4.88b, down on the $7.8b recorded in 2019. 

Yields held steady in Q4 for prime CBD, totalling 35bps yield expansion since Q4 2019. Yield expanded just 1bp for regional shopping centres, totalling 256bps since Q4 2019