Cities with lower retail and higher industrial exposure tended to better though local market conditions also mattered.

Only three countries in the index achieved annualized total returns above 10% over 2020-21. These were Norway, New Zealand and South Korea.

The retail sector was the only major sector to see negative yield impact as NOI yields increased over the year.

2020 saw total returns moderate across all major property types, though some were more affected than others.

Uncertainty in 2020 caused total returns to dip and capital growth to turn negative for only the third time.

Yield compression continued with net operating income yields reaching record lows in most countries.

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