Operator

Thank you for standing by, and welcome to the Argosy Property Limited FY '26 Annual Results Webcast.

[Operator Instructions]

I would now like to hand the conference over to Mr. Peter Mence, CEO. Please go ahead.

Peter Mence
Chief Executive Officer

Thank you. Good morning, and thanks for joining us for the annual results presentation. It's fair to say that the year has not been without its challenges. We came back from a Christmas break, reasonably positive, and then we ended up with a war and Iran and the return of nonproductive imported inflation and the effects of this are going to be with us for some time. The portfolio has actually performed reasonably well. What we're seeing though in the market is that conversion rates have pushed out by over a month. Uncertainty does reign across the leasing market. And the flip of that is that the retention rate is up to a decade-long high because people are more likely to stay in the premise they're in.

The green part of the portfolio is performing really well. We do expect to see continued growth in demand, particularly in the industrial space. And the surprise performer at the present in terms of inquiry levels is really the office area. We're getting relatively better inquiry there. Industrially, no surprise, relatively less so. And with retail, large-format retail, principally for us, that's Albany. It's very much a site-specific issue. The rich getting richer, the better location is doing better. And