Long before the COVID-19 crisis, the manner in which we live, work and play was already shifting in meaningful ways. Driven by demographics, technology and evolving preferences over the past decade, the built environment has also evolved, and continues to do so. As a result of these changing demand patterns, alternative property types have arisen and today represent what we believe to be an increasingly important component of the future real estate market. Assets such as data centers, cell towers, single-family rentals, life sciences labs and cold-storage facilities are poised to benefit from secular tailwinds. Yet, these properties often require more sophisticated management platforms, with a heavier focus on specialized development, operations, and human capital. In response, the REIT market has embraced these complexities at a pace that is years ahead of traditional “core” private real estate strategies, thus becoming the optimal gateway for investors to access the alternatives in an efficient manner.