Green Street Advisors

Heard on the Beach: Where the Money Is

While stock picking in the real estate space garners a lion’s share of attention, superior sector allocation offers at least as much potential alpha. The number of investable property sectors has nearly doubled, and non-core sectors now comprise more than half the market. Instead of placing bets based on factors where one is unlikely to consistently outsmart the market (e.g., changes to the economic outlook), Green Street's Sector Allocation framework focuses instead on the long-term risk-adjusted return prospects of each property type. The results have been impressive in both the private and public markets.

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Industrial Supply is the Real Surprise

Green Street’s 2019 U.S. Industrial Outlook outlines our expectations for the industrial sector over the next five years in terms of operating fundamentals and asset values. The report’s most significant takeaway is that the sector’s strong performance and outlook is not only driven by exceptional ecommerce-fueled demand, but also by rising obstacles to development that have driven industrial land values and overall construction costs higher.

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Non-Core Real Estate Dominates: There Are a Lot More than Four Flavors

Green Street’s Mike Kirby explains how non-traditional real estate sectors (e.g., health care, self storage, data centers, etc.) have shown tremendous growth over the past decade, and these non-core property types offer higher prospective returns going forward.

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Relative Valuation in Public and Private Real Estate Markets: Analysis Using Green Street Atlas

The Green Street Atlas grading system allows a systematic way to assess relative growth across markets, submarkets, and zip codes. At today’s pricing, New York office looks 20% overpriced relative to major West Coast markets, and Equity Residential (EQR) and Essex Property Trust (ESS) offer the best long-term growth among the top Apartment REITs. Read More...

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Webinar: Cross-Atlantic Considerations for Real Estate Investors

Chief Investment Officers across the globe are challenged with seeking value in a yield-starved environment. The US and Europe offer some interesting investment opportunities, but there are some risk/return tradeoffs to consider.

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The Transportation Revolution

Prepared for the 2017 ULI Fall Meeting

The coming revolution in transportation will be a game-changer for real estate. Ride-hailing (e.g., Uber) and driverless vehicles will combine to dramatically reduce transportation costs and time. A decline of vehicle ownership could cut parking needs in half within three decades. The 75 billion square feet of parking space to be eliminated is more than the U.S. apartment, office, mall, strip center, and industrial sectors combined. The impact on land values will be broadly deflationary.

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