Before the COVID-19 crisis, investment markets were already in a complex state. On balance, much of the complexity — from unravelling the global financial crisis (GFC) to the twin drivers of subdued global economic growth and low inflation — were net positive for real estate investment. The sector has been a massive beneficiary of global central bank monetary policies that have artificially suppressed interest rates and inflated asset prices through trillions in “printed” money.

After four months of forced economic hibernation, societal lockdowns, staggered reopenings and pandemic relapses, the environment is now even more convoluted. Increased uncertainty may yet prompt asset allocators to re-evaluate some long-held propositions that have supported investment decisions throughout the post-GFC period. Near- and medium-term strategies will be influenced by markets, sectors and strategy type, overlaid by the perceived balance of all uncertainties and outcome probabiliti