The Insight: Conversations – Credit Picker’s Market with Wayne Dahl, Robert O’Leary, and Mark Jacobs
The Memo by Howard Marks
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Opportunities in the Industrial Sector
The real estate market has faced challenges recently, yet significant disparities exist in performance and liquidity among different sectors and geographical areas. Despite widespread perceptions of difficulty in real estate, the multifamily and industrial sectors exhibit healthy supply-demand fundamentals, remaining above historical averages. In multifamily housing, variations are emerging across markets, warranting a strong focus on risk management. The industrial sector's outperformance can largely be attributed to robust supply-demand dynamics, particularly accelerated by a surge in e-commerce sales during the pandemic and a comprehensive retooling of the global supply chain, effects of which will take years to normalize.
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