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A Requiem or Retrofit for Offices?

Some of modern finance’s most influential figures left the market in 2023, most recently the Berkshire Hathaway founder, Charlie Munger. Perhaps the most meaningful for real estate investors was the death of Sam Zell in May. The pioneering US REIT investor was one of global real estate’s most insightful, influential investors of the last 30 years. He left behind an industry facing considerable uncertainty amid nervousness about debt. The office sector has attracted particular attention, and almost as many obituaries as Munger and Zell.

However, after the heavy selling of 2022 and volatility in 2023, November’s rally suggests some investors believe the worst is over for public real estate.  Public markets often lead private market performance, so the latest rally may portend recovery in the broader property sector, including offices. Indeed, could the performance of office REITs also be a signal to investors that the unrelenting negativity is overdone?

Read the full article here (English only)

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