At a recent Knight Frank outlook event, head of research for Asia Pacific Christine Li noted, “the world is lurching into a polycrisis era — a cluster of related global risks with compounding effects.”

But even while Li said March’s banking crisis further cemented this view, she also said “the case for direct real estate remains, as the asset class exhibits a better average unit of return relative to downside risk. Framed by the recent events, this continues to resonate.” Subdued global economic conditions have reduced the appeal of stocks, meaning skittish investors sidelined by uncertainty will limit their equities range in the next few months, she added.

“Real estate, however, is in a better shape to weather the bumps and continues to offer opportunities. Prompted by the pandemic, the fundamental shift in thinking around the uses of different types of real estate has cast alternatives — from assisted living to R&D — in the spotlight,” Li expl