KIMC is taking a cautious approach to investment during the pandemic, even for the most coveted asset classes. Industrial has been called the winner of the pandemic—thanks to the increase in online shopping—but even industrial assets require a critical eye during a market downturn, according to KIMC's Jonathan Needell.

"In industrial, we are being very careful. That isn't to say that we aren't looking at deals, but we are being cautious on basis and the tenancy," Needell, president and chief investment officer at KIMC, tells GlobeSt.com.

Tenancy is a key issue for Needell. Many investors are planning to secure ecommerce giants that pay top dollar rents, but this is unrealistic and risky from an investment standpoint. "If you have vacant space, you can't just believe that you are going to get Amazon or FedEx or Walmart. That is a low probability play. So, we are being very careful about what we underwrite in industrial."