Where do we go? That’s the question paramount on many institutional investors’ minds these days. Oil and related energy costs may have peaked, signalling a potential end to the latest inflation cycle. The economy has been slowing but still appears to remain relatively strong and sustainable. But the massive US federal debt that’s been run up and is now being added to via the funding of recently enacted federal programmes remains a concern.

Within real estate markets, just about everyone agrees the office market has been severely affected by the work-from-home movement that was under way prior to — but accelerated dramatically by — the pandemic. Many employers are finding it difficult to lure workers back to the office. In the long run, this means lower demand for office space, which most investors believe means a huge bifurcation between those properties that will emerge as winners and those that will emerge as losers. Location, of course, will continue to be key, b