Page 7 Economic Climate ► History ► 2004-2014: Unprecedented ► Slowing expected ► Listings ► Currently 20+ ► Many recent listings ► Industry consolidation ► Phase-out of PUTs ► Low local growth ► Tenant risk ► Cannibalisation ► Rising interest rates & currency risk ► Rising costs ► Property rates ► Electricity Recent HistoryThreats
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