Resolution Property announced plans to offload its retail portfolio to fund an aggressive push into the tech and ecommerce sectors.

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The company’s decision to pull out of retail came in the same week that top US property consultant John McMahan told the IPF that ecommerce would have a devastating impact on retail property.

Meanwhile, fear of the Millennium bug was blamed for the poor performance of the central London office market in the final quarter of 1999. A Knight Frank report said the 29% fall in take-up was the result of occupiers putting property decisions on hold in anticipation of possible problems with the phantom Y2K bug.

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