There are three key headwinds preventing office REITs from trading at or above NAV in M&A deals: cash flow erosion uncertainty, the cost of such deals, and better investment options elsewhere in the CRE sector.

Between 10 and 25% of the total deal volume in Dallas was attributable to new investor entrants.

If COVID is less deadly and less restrictions need to be in place, that is an important shift in thinking.

Capital providers are carefully considering the strength of the borrower and their experience in the office sector.

Also, the share of capital flowing into secondary and tertiary markets has widened considerably.

Average asking rents for warehouses within 5 to 10 miles of ports run between 41% and 63% higher than in outlying areas.

The future will still rely on highly skilled labor to operate complex systems and machinery, alongside robotics—labor that is increasingly more difficult to find.

"Physical facilities are still imperative to invest in, as the expansion of patient access across all health systems will lead to competitive leasing dynamics."