Nearly four in 10 propco directors expect commercial real estate asset values to fall between 5 percent to 10 percent in 2020, according to a recent survey by consultant Duff & Phelps.

The firm, which has surveyed senior directors from private and publicly listed property companies in the US and Europe, has also found that 31 percent of respondents predict a fall in valuations of more than 10 percent as a result of the COVID-19 crisis. Unsuprisingly, investors expect the sharpest drops in value to take place in the retail and hotel sectors, with most investors expecting retail property values to decrease between 10 percent and 40 percent over the next 12 months.

More than a third of respondents believe the industrial and logistics sector will emerge the strongest from the current crisis, driven by an increase in online shopping brought on by the pandemic. This will also, says Duff & Phelps, lead to a growing emphasis on last-mile logistics facilities (see page