If it ain't broke, don't fix it. And real estate in America hasn't broken since the early 1900s. But in the last 10-20 years, real estate as a physical asset has morphed, a trend the pandemic has exacerbated and accelerated.
Thirty years ago, warehouses were the inferior asset class and retail the hottest. Now, no one wants a mall. Because these transformations happened so quickly, investors could not adapt fast enough. As soon as investors started to get burned, it was time to innovate.
What we talked about: