Blackstone expects demand to continue to outpace supply and support rent growth in the two asset classes that make up the lion's share of Blackstone's $320 billion real estate portfolio—rental housing and industrial.
"Despite a lot of headwinds, these are two of the best sectors in the entire global economy," Blackstone Group President and COO Jon Gray said, in a Q2 earnings call this week.
Gray said Blackstone expects record-low vacancies in industrial warehouses and tight supply in the housing sector to continue, noting that inflation and the rising cost of debt are rapidly slowing down new construction, which also has been stymied by shortages of labor and building materials.
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