{"id":200227,"date":"2023-12-15T10:45:00","date_gmt":"2023-12-15T15:45:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=200227"},"modified":"2023-12-15T12:39:16","modified_gmt":"2023-12-15T17:39:16","slug":"behind-the-markets-looking-at-new-economy-real-estate-in-december-2023","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/contributor-podcasts\/behind-the-markets-looking-at-new-economy-real-estate-in-december-2023\/","title":{"rendered":"Behind the Markets: Looking at New Economy Real Estate in December 2023"},"content":{"rendered":"\n

Click here to listen to podcast<\/a><\/p>\n\n\n\n

We were recently able to speak with Uma Moriarty, Senior Investment Strategist and Global ESG Lead for CenterSquare Investment Management, on Behind the Markets<\/em>. WisdomTree has a relationship with CenterSquare, licensing the CenterSquare New Economy Real Estate Index<\/a> <\/p>\n\n\n\n

A Wall of Maturities Coming in the Real Estate Debt Market<\/strong><\/h2>\n\n\n\n

Let\u2019s face it\u2014since the global financial crisis of 2008\u201309<\/a>, interest rates around the world have been very low, encouraging entities to take out more and more debt at a low cost. Now, a lot of real estate loans are maturing and interest rates are expected to be higher for longer, to use the popular expression. Uma noted that the key is the underlying asset. For example, if the underlying asset is an old office in a secondary or tertiary market, that means there are structural issues and holding that debt may not be beneficial. At the same time, if someone is looking at a multi-family home and the asset is performing, then debt taken out against it may not be as problematic.<\/p>\n\n\n\n

Real Estate for the Modern Economy\u2014Data Centers<\/strong><\/h2>\n\n\n\n

Over time, people are shifting their preferences and behaviors, which is driving the importance of different, newer types of real estate. Data centers are a prime example. Globally, both businesses and individuals are consuming and storing more data than ever before. This trend is being accelerated in 2023 with the proliferation of large language models (LLMs) like GPT-4, LLAMA and, most recently, Gemini.<\/p>\n\n\n\n

Uma discussed the difference between developing and training these models versus running them for live inference calculations. Developing and training can occur in secondary markets where power and land are less expensive. Read \u201csecondary\u201d as meaning \u201cfurther away from major population centers.\u201d When a model is deployed for inference, however, people want using it to feel faster. In technical jargon, this means that you want to minimize latency. One way to do this is to locate the data centers much closer to major population centers. There is only so much space and only so much power in these areas, so the data center REITS that have built platforms with lots of these assets located close to major cities are extremely valuable and becoming more valuable with the Cambrian explosion of AI applications and LLMs.<\/p>\n\n\n\n

Data centers are seeing increased rents, which is notable. Five years ago, the supply coming online was very much aligned with demand, but in today\u2019s world, the demand is ramping up much faster. When you wonder where all those Nvidia GPUs are being deployed, the answer is largely these data centers.<\/p>\n\n\n\n

The day before we had our conversation with Uma, an article was published in the Wall Street Journal<\/em> noting that Blackstone and Digital Realty were teaming up to develop $7 billion in data centers.1<\/sup><\/p>\n\n\n\n

Real Estate for the Modern Economy\u2014E-commerce Logistics Centers<\/strong><\/h2>\n\n\n\n

Uma spoke of Amazon as the gold standard when considering how to set up a supply chain over an extended period of time, which has led to consumers being able to make an order and receive it, in some cases, within roughly two hours. Being able to do this has led to reconceptualizing the supply chain and in many cases thinking of a larger number of smaller industrial spaces. If these spaces can be closer to the end consumers, it makes the largest costs\u2014labor and transportation\u2014lower for companies seeking to provide e-commerce solutions to their customers. Over time, we can start to see the different solutions being invested in today being deployed, be it the potential for drones, autonomous vehicles or other technologies.<\/p>\n\n\n\n

Uma noted that the supply of these smaller industrial spaces closer to customers is in decline, so the pricing of these pieces of real estate has been increasing and CenterSquare sees the potential for this to continue.<\/p>\n\n\n\n

Real Estate or the Modern Economy\u2014Life Sciences<\/strong><\/h2>\n\n\n\n

Uma cited that in the U.S., roughly 10,000 people turn 65 years of age each day. Many societies are getting older and will need more and more health care solutions. Jeremy noted that he and I can work from anywhere and we can record podcast episodes like this from anywhere, but the innovations behind life sciences require very specific real estate.<\/p>\n\n\n\n

During the week that we spoke to Uma, The Economist<\/em> published an article discussing specific life sciences real estate.2<\/sup> We\u2019d also note that one of WisdomTree\u2019s contrarian ideas for 2024 relates to biotechnology, a segment of megatrend investing that has underperformed in recent years, but that may turn.<\/p>\n\n\n\n

While data centers and e-commerce logistics real estate, per Uma\u2019s views, have been seeing decreasing supply, life sciences real estate has been seeing increasing supply. This has led to a bit of a valuation discount in this area of new economy real estate, which could be an opportunity for investors with an expected growth acceleration in demand in the future.<\/p>\n\n\n\n

Real Estate Is Changing\u2014Investments Should Reflect these Shifts<\/strong><\/h2>\n\n\n\n

Real estate has been an asset class for a long time, but our relationship with CenterSquare is meant to provide investors with an option to shift real estate investments more in line with the types of real estate in demand today. For those wanting to learn more, click here<\/a> to listen to the full episode, or listen below.<\/p>\n\n\n\n

—<\/p>\n\n\n\n

Originally Posted December 14, 2023 – Behind the Markets: Looking at New Economy Real Estate in December 2023<\/a><\/p>\n\n\n\n

1<\/sup> Source: Peter Grant, \u201cBlackstone, Digital Realty Team Up to Develop $7 Billion in Data Centers,\u201d Wall Street Journal<\/em>, 12\/7\/23.
2<\/sup> Source: \u201cAmerican Life-Sciences Firms Are Moving Labs Downtown,\u201d The Economist<\/em>, 12\/7\/23.<\/p>\n\n\n\n

Important Risks Related to this Article<\/strong>:<\/p>\n\n\n\n

For current Fund holdings, please click here<\/a>. Holdings are subject to risk and change.<\/p>\n\n\n\n

There are risks associated with investing, including the possible loss of principal. Foreign investing involves special risks, such as risk of loss from currency fluctuation or political or economic uncertainty. Investments in real estate involve additional special risks, such as credit risk, interest rate fluctuations and the effect of varied economic conditions. A Fund focusing on a single country, sector and\/or emphasizing investments in smaller companies may experience greater price volatility. The Fund invests in the securities included in, or representative of, its Index regardless of their investment merit and the Fund does not attempt to outperform its Index or take defensive positions in declining markets. Please read the Fund\u2019s prospectus for specific details regarding the Fund\u2019s risk profile.<\/p>\n","protected":false},"excerpt":{"rendered":"

On a recent episode of the Behind the Markets podcast, Jeremy Schwartz and Christopher Gannatti spoke with Uma Moriarty, Senior Investment Strategist and Global ESG Lead for CenterSquare Investment Management. 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