Office: The improved market largely stabilized vacancy and constrained the Grade A rental decline trend to just 0.1% q-o-q in the five core submarkets.
Retail: Market development paused somewhat in Q1, with no new project completions and mall upgrades muted. New store openings, including first stores, were concentrated in the core submarkets.
Capital Market: One impact of the pandemic has been to extend the transaction process, with the result that some deals due to be completed in Q4 were delayed to Q1 2021, and this is the chief reason for the jump in transaction volume in Q1.
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