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When the real economy changes, so must its real estate
The growth of e-commerce called for more warehouses than existed in 2011. Thus, real estate investors built warehouses all over the world to meet leasing demand from online retailers that were selling all sorts of goods online. Industrial real estate investors were also rewarded: the global non-levered annual return of industrial properties over the time period 2011–2023 was 11.8% compared to 6.8% for the global commercial real estate market.3
The growth and the outperformance of the…