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MSCI Real Estate Research Snapshot 2020H1

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2 Introduction t the start of the year I suggested that 2020 may prove to be a watershed year in terms of the way investors consider real estate as an asset class. On the face of it, it seems that due to the ongoing COVID-19 pandemic I may have been right, albeit for entirely different reasons. No one could have predicted just how disruptive and broad-based the impact of the COVID-19 pandemic was going to be. However, the ensuing crisis does highlight how real estate is inextricably linked to other financial markets, the broader economy and society around it. These links are at the heart of the emerging trends we identified for 2020. The emerging trends span a broad range of topics, each having the potential to have a profound impact on real estate investing. They all appear more relevant, rather than less so in the context of COVID-19. For instance, the first of the five trends focuses on Climate Risk. Some commentators have raised concerns that climate change may take a back seat whilst society grapples with coronavirus. However, our recent discussions with real estate asset owners and managers suggest increased focus on addressing climate change within their investment decision making processes. This increasing relevance runs right the way through to the fifth trend: Real Estate Doesn't Exist in in a Vacuum. During periods of economic and financial market disruption, the performance of property portfolios have historically come under severe stress. Investors are thirsty for analysis and insight about what risk factors they are exposed to across their multi-asset portfolios and how these are driving their real estate returns as we navigate through this turning point. A W I L L R O B S O N Executive Director, Global Head of Real Estate Solutions Research Welcome to the MSCI Real Estate Research Snapshot: a compendium of the best applied research and thought pieces since the beginning of the year

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