But the retail rebound is now being curtailed by store closures.

“We’re averaging around about 30 to 32 per cent of our stores trading today and that’s reflective in both New South Wales and Victoria,” GPT’s head of retail Chris Barnett said.

Mr Johnston said rent collection fell in July as retailers stopped trading, concerned about the future outlook.

“Fortunately our experience is that foot traffic and retail sales recover quickly when restrictions are lifted. Office leasing activity will also strengthen as businesses return to the CBD office environment,” he said.

Prospective office tenants are looking beyond the restrictions to the expected economic rebound and are negotiating deals, the group’s head of office and logistics Matthew Faddy said.

GPT signed lease deals across 38,000 square metres in its towers for first six months of the year and has another 23,000 square metres under agreements. “Sentiment in the Sydney CBD was positive,” he said.

GPT’s logistics assets - about 23 per cent of its portfolio - recorded a $314.7 million or a 10.6 per cent value uplift. Occupancy in its sheds, a key indicator of demand, was at 96.8 per cent after it negotiated 58,900 square metres of lease deals over the six months from January.

The group is in exclusive due diligence to buy Ascot Capital’s sizeable portfolio of warehouses for a speculated $825 million in a deal that, if completed, will significantly boost its industrial portfolio at a time when e-commerce is booming and the market is giving a premium weighting to the sector.

GPT confirmed the tilt at Ascot Capital in a market statement on Monday, but said there was “no certainty” the transaction for the 26 logistics assets and four offices will be completed despite it beating off several competitors to gain exclusivity.

The group will provide an interim distribution of 13.3¢ per security, an increase of 43 per cent. Its shares were up 4 per cent to $4.85 in mid-afternoon trade.