The COVID-19 outbreak has hit certain sectors of the commercial real estate industry hard. For example, it has weighed on hotel occupancy, caused uncertainty for office buildings, and impacted the retail industry. These sectors all started rebounding earlier this year as vaccines began pushing back against the pandemic — that was, until the delta variant caused cases to spike. However, while delta is affecting some real estate sectors, it can’t touch others. Here’s a look at three real estate investment trusts (REITs) that will thrive even if the delta variant wave persists.
A red-hot real estate market
Demand for industrial real estate is stronger than it has ever been. That’s benefitting leading industrial REITs Prologis (NYSE: PLD). CEO Hamid Moghadam stated in the company’s second-quarter press release: “Demand for logistics space is robust and diverse, and operating conditions remain the healthiest in our 38-year history. Vacancies in our markets are at all-time lows, contributing to record rent growth and valuation increases.”
Instead of hurting demand for industrial real estate, delta is likely helping. That’s because it’s causing additional supply chain disruptions and acceleration in the adoption of e-commerce, contributing to even more demand for warehouse space. Those demand catalysts are helping drive robust rental growth rates, which will likely continue for years to come.
It’s also driving demand for industrial real estate by investors, which is propelling asset values higher. These factors should enable Prologis to continue producing strong total returns even if delta weighs on economic growth.
Robust demand for these properties
The pandemic has changed the way people think about housing. An increasing number of people want the flexibility of renting with the size and privacy offered by single-family homes. That’s driving demand for single-family rental (SFR) properties, benefitting Invitation Homes (NYSE: INVH), the largest residential REIT focused on the sector.
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