As Irish rock band U2 begins a new world tour to celebrate the 30th anniversary of the 1987 release of its landmark The Joshua Tree album, it’s interesting to reflect on how real estate markets have evolved over that period and on current market conditions. A U2 theme of “upswing with uncertainty” seems remarkably timely in the world of real estate. The possibility a synchronised global economic upswing may be emerging in the near term should help support real estate fundamentals. But that upswing is accompanied by considerable economic-policy, political and geopolitical uncertainty. Consequently, the plausible range of possible outcomes is uncomfortably wide.

What does it mean for real estate? Conditions of “upswing with uncertainty” place emphasis on identifying investment strategy and execution ideas that seek to take advantage of real estate’s income and growth potential under a reasoned base-case “upswing outlook”. But they shou