Not to bash office — again — and AFIRE's latest compilation of its members' opinion isn't delivered with a mean and disparaging overtone. But in a way it's worse, because it's a cold calculation by people who need to put large sums of money, on the order of $3 trillion AUM, to work profitably.
Overall, the respondents exhibited a lot of uncertainty, "but institutional investors, who benefit from a long-term horizon, see opportunity to realign their portfolios to meet the shift in asset class demands — especially towards the continued need for a greater volume of residential properties in U.S. cities," they wrote.
To start, 24% expect overall real estate allocations to increase globally and 35% expect for them to increase in the U.S., while another 35% think they will stay the same here.
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