Source: The Orange County Register —
Last week, I wished you all a Merry Christmas. This was my way of adding some levity to decorations appearing in stores the last week of September.
But I then got serious and discussed the chats I’ve had recently with investors, tenants and owner-occupants. If you tuned in, interesting challenges were disclosed. If you missed the column, below is a quick recap of what I’m hearing from investors.
Our industrial market crossed a pivotal point in the middle of 2020. For the first time I can remember, the occupant premium disappeared and investors started paying more for offerings than those who bought them to house businesses.
Deep pools of capital, a rabid appetite for return in a stable asset class and skimpy supply caused pricing to hit a crescendo in May of 2022. With all the world happenings – inflation, recession, global strife, and rising interest rates – investors, especially institutional investors, have hit pause.
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