As we tentatively circle the edge of another recession, fund managers and investors who understand operational real estate are going to be ahead of the curve. With leases getting shorter and occupier demands more sophisticated, we must think more operationally about how we manage all assets and their occupiers — from residential to shopping centres, and even offices.

The operational approach has often been restricted to the alternative real estate sectors, such as student accommodation, hotels or retirement living. Investment into these sectors is typically based on research into structural and societal demand drivers, as well as changing customer preferences.

There has been much to learn from investing in operational real estate. From efficient management and maintenance, to marketing and branding, as well as the use of technology to manage and report on building performance. Now, the alternative sectors are not alone in this regard. As they themselves begin to matu