Executive Summary

This year the global economy has been defined by uncertainty. Volatility and confusion have combined to convulse financial markets on an almost daily basis. ​

The noise generated from these events has spilled over into real estate and has caused some market participants to pause in an effort to achieve some sort of clarity. ​

But we are clear about where we see potential value and believe we are in the early stages of a potentially generational investing opportunity in real estate. ​

Confidence during times like these comes from focusing on facts that have shown to be true. We know that values have reset significantly over the last three years, which is a widespread phenomenon that has appeared across real estate markets globally. ​

We also know that supply has been constrained, and occupancy rates are high in most property types. Meanwhile, the cost of capital is stabilizing, and debt is plentiful across a diverse array of lenders.​

These are all strong factors in why we believe the time is now to invest despite the uncertainty blurring the picture at the macro level. The question remains though of exactly how to navigate the opportunity at a time of such extreme uncertainty.