Miranda Cockburn and Charlotte Adolpho, Real Estate Research Analysts, hosted two successful breakfasts this week.
The first was with Chief Economist Simon French, discussing his views on the economic outlook and in particular relating to the real estate sector and capital markets. The audience comprised around 20 CEOs, CFOs and NEDs.
The second was with Stenprop (listed multi-let industrial company) and specialist agents Gerald Eve, providing an update on the multi-let industrial sector for the specialist REIT investors. We had 15 attendees from institutions including Thames River, Clerkenwell, Premier Miton, Bellrock, Nuveen, Abrdn, Aviva, CBRE Clarion, DWS, Baillie Gifford and Heitman. The multi-let industrial sector has experienced rapidly growing occupier demand over the past year as a result of the pandemic causing expansion of warehousing space needed, in particular for internet retailers and logistics occupiers. There is a lack of new supply due to current rent levels not justifying the economics of new development, therefore the sector is experiencing strong rental growth. There has been record levels of investment for distribution warehouses, the investment volumes in multi-let industrial being more muted due to lack of available stock.