We are likely at a historic moment when it comes to allocations to alternative property sectors. Interest runs high, there’s a sudden influx of investment from open-end funds with deep wells of capital, and index providers are expanding their definitions in a way that allows greater flexibility to add alternative exposure. The signs point to rent gains and capital appreciation.

But alternatives also require specialist expertise, certainly to operate, but also for investors to evaluate. Deal size tends to be small. The niche plays are fragmented, difficult to scale. So where should investors direct their attention in search of the best risk-adjusted returns?

The same sectors crop up in conversation with asset managers and institutional investors. Data centres arguably top the list, underpinned as they are by both the secular trend towards digitalisation and a supply/demand imbalance. But student housing, senior housing, self-storage and build-to-rent (BTR) residential