Build up not out
by Richard Stutley, CFA
— Debt is a great way to ruin a good investment.
I met with one of our underlying global listed property managers last week and I thought some of the discussion points were worth repeating here. Until such time that we all live in the metaverse, what is happening with physical space remains important, with implications for investors beyond dedicated property buyers.
From a sector perspective, we discussed the supply outlook for industrial/logistics space, following Amazon’s announcement earlier this year that they plan to mothball several new warehouse projects and sublet excess space.
Market Snapshot
- Global equities rose 3.6% last week
- The Federal Reserve Systems’ fourth rate hike this year raised interest rates by 75bps to 2.5%, as forecast
- Brent crude rose 6.6% over the week to $110.01 a barrel
- Gold rose 2.2% to $1765.94 per ounce