Uncertainty was once again the overarching theme at the 2021 Institutional Real Estate Europe editorial board meeting, held virtually between 27 and 29 September and attended by 29 investors representing €589 billion in real estate assets under management and 16 investment managers who manage some €793 billion of real estate among them.

Just as was the case at the postponed 2020 editorial board meeting (held online in February of this year), investors and managers are still coming to grips with the implications of the COVID-19 crisis, which has amplified the cracks in portfolios and sped up the inevitable influence of several megatrends.

Perhaps as expected, it was the office that took precedence during discussions about sectors, with a majority of desk-bound employees in Europe still working from home far more frequently than in the office. This prolonged absence from their former places of work has already resulted in some tenants in major cities looking