选对了，但想知道对industrial的影响，谢谢老师

问题如下：

Considering Hawk’s expectations, which property type within Country B’s real estate market is most likely to undergo the greatest change in expected returns over a specified period?

选项：

A.Industrial B.

Health care

C.Retail malls

解释：

Of the property types listed, retail malls—low productivity has the highest cap rate, making it more sensitive to changes in the economy. With Country B’s central bank focused on slowing down the economy and reducing credit availability overall, more procyclical property types are likely to experience a significant change in expected returns.

E(Rre) = Cap rate + NOI growth rate − %ΔCap rate