Next Season's Meager Harvest In Commercial Real Estate
Next Season’s Meager Harvest In Commercial Real Estate by Michael Aked, Jim Masturzo – Research Affiliates I made hay while the sun shone. My work sold. Now, if the harvest is over And the world cold, Give me the bonus of laughter As I lose hold. — “The Last Laugh” by John Betjeman Key Points Investing when prices are low and reinvesting to maintain (and upgrade) value are both necessary requisites for successful property investment. Changing fundamentals, such as new construction spend and the vacancy rate, also impact commercial property investments’ real return. Over the last 5 years, US commercial...